Sir,

If assessee is individual salaried person having salry less than 300000/- P.A.

He also having short term capital gain from share market by trading in to share market online more in intra day .

Now qyery is

The total intra day transactions sale amt total is more tha 40 Lacs in a financial year but profit is between 50000 - 150000 in year.
i.e. he is doing transactions in numbers of times so his sale total increases more than 40 lacs.

then can U tell me assessee is liable for Tax audtit.

hi............

This is venkat doing 3 rd year of articleship in a medium size audit firm. I wanted to get terminated from my articleship.

I heard that the rules of termination are changed ( Introduced strict rules). Can any one help me in this regard.

What is Undisclosed Reserve included in TierII capital? All reserves are disclosed then how can TierII capital is calculated?

The assessee does not maintain a detailed stock record. however monthly stock statement is given to bank for maintaining CC limit. The stock declared to bank is very high as compared to the actual stock (the stock declared is very high to maintain high CC level)....in such a case while auditing the books can we adopt an altogether different valuation than what is given to the bank? as mentioned earlier no stock records are maintained by the dealer....only record available w.r.t. stock is the statement given to the bank...can we entirely ignore that statement?

Respected Experts

I wanna do audit of a company and this will be my first audit. So I need your guidance in this regard.

1. Could you please guide me as to what I should study to prepare myself for the purpose of audit?

2. What are the common areas of audit of a company in general?

3. Is there any article or file on this site which can be of use for me?

Please help.

Thanks

M/s XYZ PVT LTD. AS INCORPORATED IN 1980. COMPANY FILED INCOME TAX AND ROC RETURNS UPTO 1991. THE OPERATIONS OF THE COMPANY CEASED FROM 1991-92. THE ACCOUNTS WERE NOT AUDITED AND NO RECEORDS ARE AVAILABLE FOR LAST 15 YEARS. THE EXISTIG DREICTORS ARE INTERESTED TO START THE OPERATIONS AFTER DUE COMPLIANCES. HOW AN AUDITOR SHOULD PROCEED? SHOULD THE AUDITOR TAKE THE OPENING BALANCES AS OF 01.04.2008 DULY CERTIFIED BY THE DIRECTORS AND SHOULD IGNORE THE AUDIT OF EARLIER YEARS?

I need information regarding NPA accounts, when a/c becomes NPA.
And also i have doubt regarding small accounts i.e., regarding personal loan which amount would not exceeds Rs. 50000 which was become NPA since last two years but bank has recently classified as NPA?
What is auditor duty in this regard?
Please reply fast.........

Hi all,
Pls guide me for treatment if unpaid bonus and its carry forward clause

What are the requirements of formation of Audit Committee in Limited Comapy and also give the criteria for formation of Managerial Remuneration Committee.

can i put ca logo in my letter head after becoming a c.a