If there are three partners, Two are contributing their capital in the partnersip, however third one is providing the services and taking his salary. IS third is entitled to profit/loss.

Hi I am siva
I wish to know that, a person doing two difference business having turnover of Rs.2850000 and Rs.3545800 respectively. Whether Tax Audit is applicable.

If a person having professional income as well as business income and aggregate turnover is above 60lakhs, which come under Tax Audit.

whether car can be purchased in name of partner in case of partnership firm.reply with reason

hi,
There is a client having debtor by name (say Raju) since more than 3 years and during audit,the auditor has sent a letter to the said debtor and the same is confirmed by him.
a) In the given case can auditor still show the amount as debtors in the B/S irrespective of the fact that the balance is confirmed by the debtor?(because the amount is due for > 3years and governed by limitation Act)

In case of PARTNERSHIP FIRM, how to calculate the NP Ratio in Clase 32 of 3CD Report????

Whether NP to be consider without deducting the Interest on partners Capital A/c & Remuneration to partners?

or after deducting it?

Please reply with suitable guidance note/rule.

Very thanks in advance

During the financial year 2010 - 2011 , one partnership firm have purchased the plots / land for development of residential and commercial complexes.the amount required for purchase of plots/ land was fully contributed by the partners as their capital, as at 31/03/2011 and is more than 60 lacs, there is no other activity during the year.the plots/ land is shown as stock in hand for development.
whether Tax Audit U/S 44 AB will be applicable for the financial year 2010-11

A person is disqualified from being appointed as auditor of a company if he was disqualified from being appointed as aduitor of its holding or subsidary or the subisidary of that comapny's holding company......is the disqualification mentioned u/s.226 of companies act.

Now it is apparent that if a person is disqualified from being appointed as auditor of a company, he is also disqualified from being appointed as auditor of that comapnies subsidary, but for the subsidary of its subsidary.

For example...... A is subsidary of B. C is subsidary of A.Now if a person was disqualied from being appointed as auditor of B.Then he is also disqualified from bein appointed as auditor of A but not C.

Am i correct???????????????

Pls help:

Mr.X is a director of a company. the company has 2 directors (himself and his wife). its a fake company and has a cash balance of rs. 35 lakhs. also has a balance in loan (liability)in his name of rs. 50 lakhs. His personal a/c has a negative cash balane of rs. 20 lakhs.

can he transfer cash from company to his personal a/c?

what else he can do?

pls suggest some opinion?

Can anyone provide me with detail info regarding Tax Audit.. Also i wanna know which sections to refer while doing that...
And if possible please give me a checklist of it...

if a private limited company receives the invoices pertaining to expenses of previous year in current year; will it be allowable in the current year or is it disallowed and reported in 3cd report