My Client received an order from court according to which he will receive interest of Rs. Approx 1Cr.(order was Under Interest on delayed payments to small scale and ancillary industrial under takings act, 1993.)
The order was received on june 2010,
1. HOW SHOULD WE DISCLOSE IT IN BALANCE SHEET OF 2009. ( AS CASE WAS 90% IN FAVOIRABLE CONDITION ON THAT DATE).
2.IF ASSESSEE CONSIDER IT INCOME OF 2009 THAN HOW SHOULD WE QUALIFY THE REPORT.

Whether a private company accept application money even if results amounts to more than authorised capital.

hoW MaNy Types of audit is required for the manufactring companies?e.g.ISO audit

What is the exchange rate to be adopted for while accounting the purchase of imported rawmaterial and the date of exchange rate to be adopted....please reply immediately

Company is paying commission to non resident. In order to avoid TDS on that they are making direct payment to that person. ie Expense A/C Dr
To Bank A/C
Is it right to have this practice, company is voilating which section and what is consequences of this voilation???????????

can some one help me how to go through to the subject auditing .Its very difficult

Hi all,

I wanted to ask about interest calculation for MSMED parties.

I am working on client and they have received MSMED confirmation from its creditors. Now the client is arguing that they wont be providing for interest for the earlier period when they didnt knw that the creditor was registered under MSMED. They are ready to provide for interest on late payment after the date on which they have received confirmation.

I am a bit confused from when interest should be provided for?

Thanks!

Hi
Respected Members

Can any one Solve my following problem?

1. 1st year inventory turnover ratio is 12%
2. 2nd year inventory turnover ratio is 13%
3. 3rd year inventory turnover ratio is 11%

Can any one solve my problem like what above ratio want to say year wise?

OR

Whether inventory ratio should be high or low year wise for good business carried on?

Hi

I have small doubt in applicability of CARO. Company has obtained a cash credit of Rs.45L during the year.

In verifying CARO applicability, whether the cash credit can be treated as loan for checking the loan outstanding exceeds 25L in the FY clause?

Kindly help me in this regard with relevant supportings.

Thanks in advance

While Verifying TDS Deduction, we need to check whether EC & SHEC Has been deducted or not bu as per new ammendment issued on 28/8/2009 EC & SHEC Shall not be deducted in FY 2009-10 But what if deducted prev to this Date & What if not deducted previous to this date