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........

Sir,

When a client declares income less than that amount specified in Sec 44AD and Sec 44AE he is subject to tax audit u/s 44AB. Whether this audit u/s 44AB is included in the tax audit limit of 45 specified by the council guidelines?

Dear experts

Please clarify "what is the sense of Tax Audit due date with reference to due date of filling ITR U/s 139 as even after passing the due date auditor may sign the Audit Report back dated and file the ITR before the end of the assessment year i.e before 31st march 2011"??????

This procedure is adopting my many Auditors which is killing the quality, dignity of the CA profession.

Why there is no restriction on the Auditor to submit information about the Tax Audit conducted upto 30th Sept, 2011 so that they cant sigh the Audit Report back dated thereafter.

Please explain me the implication of the above matter in detail with suggestion.

Very thanks in advance

Pease suggest whether interest paid for late payment of Excise Duty & Land Lease premium to State Govt. will be disallowed under IT Act.

Whether such Intt. payment require to report in 3CD??? If yes then in which clause it will fall????

Please reply soon

Very Good evening

Dear Friends and Experts

Wish to know the implication of delay in filling I.T.R after the due date mentioned u/s 139 under the various scenario:

1. Assessee covered under tax audit u/s
44AB/ 44AD and not filled ITR upto 30th
Sept, 2011.

2. Assessee not covered under tax audit
u/s 44AB/ 44AD and not filled ITR upto
30th Sept, 2011.


Thanks in advance for clarification

Dear Experts

What will be the treatment of FBT of past lying in the Balance sheet in Advance???

Thanks in advance for resolving query