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

Query is regarding accounting & taxation of a partnership firm, the details of which are as under:

1. Prop. firm was started by Mr. X from
Oct 2010.

2. On 10-1-2011, Mr. Y joined the firm
with 50% Sharing as partner and the
status of the firm changed from Prop.
to Partnership Firm.


So the query is now:
1. How the accounting will be done?
2. How the taxation will be done?

Does need to prepare separate accounts for the period Oct 2010 to 10-1-2011 & 11-1-2011 to 31-3-2011???

Please provide detailed information regarding the matter.

Thanks

I am doing audit of a manufacturing company and have following issue in it:

"Clo. balance of Cenvat Cr. is not matching with the Cenvat Cr. as per excise records"

On discussion with the client, there is some possible mistake in Excise Return and claiming books of account is correct.

My query is that:
1. What figure to take as final for audit purpose.

2. Does i need to qualify the Audit Report stating specifically that Cenvat Cr. A/c not matching with Excise Records??????

I have mentioned in the notes to the accounts that "balance of statutory are subject to confirmation"

3. What extra precaution needs to take care in this matter?


Please guide in details as soon as possible.

Thanks in advance

Please suggest the treatment of Professional Tax paid w.r.t Income Tax:

Professional Tax of FY 2009-10 Rs 2500/- & FY 2010-11 Rs 2500/- paid both on Aug. 2011.

My query regarding this is "whether the professional Tax of FY 2009-10 which is paid on Aug 2011 will be allowed as deduction in the Income Tax Return of FY 2010-11/ AY 2011-12?????

Pls reply soon

thanks

Dear Sir,

Pls. tell me defination of management audit & share issue of premium with example.

rejards

Ajay Dubey

frist read this line

It is poosible to declare lower income than deemed income & the fowllowing cosequences are applicable

1.Tax payer will have to maintain books of account as per sec 44AA

2.The taxpayer will have to get his books of account audited u/s 44AB(irrespctive of turnover )if his TOTAL income exceeds exemption limit .

i have doubt that for section 44ab turnover is nt a matter to look for it is the TOTAL INCOME. which we hv see n which means income after deduction under chapter VI-A

Pls tell me........