My Question is about the applicability of CARO:-

- Is Share Premium the part of Reserve & Surplus??

Our client being a company is in development stage. It has not started commerical operation till 31st Mar,10. During the year 2009-10 company has done one trial run sale more than Rs. 40 L.

they are capitalising all the expenses under the head " Expenditure during development phase". the above trial run sale will be deducted from the exp. during development phase, because it not a commerical sale. Hence it will be not shown in profit & loss account.

My querry is whether this sale will be considered as Sale.Turnover or Gross receipt as per section 44 AB of income tax act for tax audit purpose.

In other words will tax audit be applicable to our company.

The exchange rate fluctuation in relation to foreign currency loan for projects under construction to the extent interest cost adjustment is capitalised and the treatment of excess over interest cost differential is given as per AS-11.

My query is that if the company gets benifit of exchange rate fluctuation in relation to foreign currency loan for projects under consturction should reduce the cost or credited to profit and loss account. Schedule VI does not allow decapitalistion of CWIP or assets under consturction. Please expiain the above.

WHAT IS CAPITAL ADEQUACY NORMS IN CASE OF BANKS?CAN ANYONE TELL ME IN SHORT ABOUT IT????

WHAT ARE THE NBFC'S? GIVE ME EXAMPLE'S OF ANY INDIAN NBFC'S???AND ALSO TELL ME INDIAN MUTUAL BENEFIT FINANCIAL COMPANY,MUTUAL BENEFIT COMPANY,AND MISCELLANEOUS NON-BANKIBING COMPANY NAMES?

Sir i had done tax audit of a firm of F/Y 2008-09. Now due to some excise related problem, i want to reverse claim of depreciation. Can i do so? Can i change balance sheet and audit reort? only want to add a note in audit report.
Please revert.
Thanks

is cooperate body n body corporate r one n the same thing or der is difference between them n last company is body corporate or corporate body

An Individual Proprietorship concern covered under tax audit during year 2009-10 engaged in Electrcal contract works.
Also the proprietor is a director of a Private Limited Company in which he is having Shares of Rs.1300000/- & getting Remuneration of Rs.700000/- from this company. Further business transactions are also made during the year under audit & showing of Rs.3572152/- as Debtor in B/S of Concern from the said company.

What's disclouseres to be made in audit report from audit point of view as well as tax point of view.

I HAVE SOLD GODOWN ON DEC2009 OF RS. 3000000, STCG OF RS. 1494020, OWNERSHIP IS NOT TRANSFER TILL 31-03-2010, ( SALE AGREEMENT MADE ON 30-04-2010)

whether STCG TAXABLE IN A.Y. 2010-11 OR 2011-12 , HOW I WILL RECOGNISE STCG IN BOOKS OF ACCOUNT AS ON 31-03-2010

Respected Sir,

If you have Soft Copy (in MS-Word or MS-Excel)of Audit Report under bombay Public Trust Act, 1965, plese provide me.

Regards