Dear Sir,

I qualified as CA in May11. I applied for
membership in july and for COP in august,11.

Now my status on members' search is showing
not holding COP and when I called bombay office today, they told my COP is activated from 25-8-11 i.e. on the date of submisstion of COP application with draft.

I wish to sign audit report.

Can I sign the same in My Individual Capacity with my membership number?

Institute people have called that My letter regarding COP will be received soon.

Please suggest.

Dear Experts

I am in delima in deciding what to do in case of a assessee whose turnover is abt. 20 Lacs & asked me to do Tax Audit U/s 44AB.

On verification of the books of accounts it is found that number of times cash purchase was done above Rs 20,000 thereby resulting in contravention of Sec. 40A(3).

My query is that:
"is it possible that i conduct the tax audit u/s 44AB mentioning the details of Sec. 40A(3)contravention in 3CD report AND FILE THE IT RETURN UNDER PRESUMPTIVE TAXATION SCHEME U/S 44AD so that contravention of 40A(3) would not be applicable to him"

The purpose the client wish to get accounts audited is to get bank loan as bankers asking him for audit report.


Please suggest is it possible to do or suggest some other alternate solution.....

Very thanks in advance for solving the delima.....


Regards

I have read in theory of audit that,

while auditing Work in Progress, the Auditor may advise his client that where possible the Work in Progress should be reduced the minimum before the closing date of financial year.

why, is its so ??

Please let me know,
is it necessary to disclose, the balance of chq in hand ( received from debtors) along with cash and bank balance, in the financial statement the last day of the accounting year.

And, in what respect it would affect, the financial statement materially on non disclosure ?

Experts' opinion please.

Thank you.

Dear Experts

I am in delima in deciding what to do in case of a assessee whose turnover is abt. 20 Lacs & asked me to do Tax Audit U/s 44AB.

On verification of the books of accounts it is found that number of times cash purchase was done above Rs 20,000 thereby resulting in contravention of Sec. 40A(3).

My query is that:
"is it possible that i conduct the tax audit u/s 44AB mentioning the details of Sec. 40A(3)contravention in 3CD report AND FILE THE IT RETURN UNDER PRESUMPTIVE TAXATION SCHEME U/S 44AD so that contravention of 40A(3) would not be applicable to him"

The purpose the client wish to get accounts audited is to get bank loan as bankers asking him for audit report.


Please suggest is it possible to do or suggest some other alternate solution.....

Very thanks in advance for solving the delime.....


Regards

if a CA person has enter into a merger with other CA,, then that CA can do audit in his own name....The total no of audit will remain to 45 only..

Can any one kindly suggest me about presentation in theory papers in PCC examination...

Can we use points to describe the answer or it should be in a single paragraph.

Dear Experts

"Does Turnover include the INCENTIVE/ UPFRONT SCHEME GOODS?????

Please reply with reference to Sec. 44AD (Presumptive Taxation).

Please calculate the Tax liability w.r.t given below example presuming assessee wish to opt Sec. 44AD

1. Sales Rs. 15.10 Lacs
2. Incentives & upfront Goods recd. Rs.
1.40 Lacs (Not included in above Sales)

So basically the question is "whether 8% will be calculate on Rs. 15.10 Lacs or on Rs. 16.50 Lacs i.e 15.10 + 1.40 Lacs"???

If it is to be calculate only on Rs. 15.10 Lacs, then what will be the treatment of Rs. 1.40 Lacs????? Can we claim expenditure from that Income????

Pls reply soon

Thanking you

We have created a school under the Educational Society last year and collected fees from school around Rs.5 Lakhs, and the book of acconts shows net loss of Rs.50000/- . I want to know whether we need to get our accounts audited or we can file the return without audit and please let me know which ITR should be used.

Thanks

Dear Experts

"Does Turnover include the INCENTIVE/ UPFRONT SCHEME GOODS?????

Please reply with reference to Sec. 44AD (Presumptive Taxation).

Please calculate the Tax liability w.r.t given below example presuming assessee wish to opt Sec. 44AD

1. Sales Rs 15.10 Lacs
2. Incentives & upfront Goods recd. Rs
1.40 Lacs (Not included in above Sales)

So basically the question is "whether 8% will be calculate on Rs 15.10 Lacs or on Rs 16.50 Lacs i.e 15.10 + 1.40 Lacs"???

If it is to be calculate only on Rs 15.10 Lacs, then what will be the treatment of Rs 1.40 Lacs????? Can we claim expenditure from that Income????

Pls reply soon

Thanking you