An educational school registered as society received fees Of Rs 15 Lacs during the FY 2008-09.
It has surplus of Rs 1.20 lacs after accounting of expenses(i.e Fees-Expenses)

Above mentioned society wants to take tax benefit u/s 10(23C)(iiiab) .
1.As its income is less than Rs 1.50(below Exemption Limit) even then it requires to get its accounts audited and file IT Return ?

2.Whether audit depends upon the receipts of fees ?
Please give views.

A Director of XYZ Ltd. went on Foreign Tour for business Purpose and following expenses were incurred on that tour.

Hotel Stay Charges (on 21.05.08) USD 2000
Telephone Exp. (on 22.05.08) USD 50
Taxi Hire Charges (---D0---) USD 150
Shopping Bill (---DO---) USD 750
Amusement Park Bill(on 23.05.08) USD 250

Total USD 3200

a) What Accounting entry will be passed for the above expenses?

b) What exchange rate will be used for translation of USD 3200 into INR?

c) Whether Shopping Bill and Amusement Park Bill will be allowed as expenses to XYZ Ltd. or not?

d) Whether expenses mentioned in (c) above are Director's personal expenses?
If yes then which expense head will be debited for those expenses.

we are comm. agent & as so we receive comm on sale.

(for sale/pur it is 40 lacs for a/c to be audited).

what is the limit for "a/c to be audited" in our case?

Hi Friends,
I m Brijesh Gandhi doing my aricleship at Bansi S. Mehta & Co.

Will u please guide me for the following :
1) How to stop punching of Back dated entry in tally?
2) How the AUDIT TRAIL features help our audit and how to use this features?
3) What are the steps to reach the audit trail in tally?
4) After reaching at Audit trail window there is one button for acceptance, for what purpose this button use?
5) In audit trail window only 1st 1000 entries available to check, so how can proceed to after 1000 entry?

please i need your valuable assistance.
please guid me.

thankyou.

If a company organised a tour for the children of staff members than expenses (including travelling,lodging & borading exp.)incurred on such tour should debited in "staff & labour welfare expenses" or not and FBT is chargeble on such type of expenses.please give answer urgently

Whether rate of depreciation sholuld be charged as continous plant and machinery...?????


Actually my question is whether all the Asset used in hotel industry should be classified as Continous Plant and Machinery(According to Companies Act) and rate of depreciation should be charged as 5.28% or the dep. should be given of as per shift allowance.

this query arised because according to companies act an asset can be only classfied as continous assets if it is designed and required to be operated

I am Currently engaged in the Audit of a Public limited Company. After Inspection of purchase vouchers, i have seen that old excise Rates @10%/14% are charged by A dealer even if invoice are Raised after Excise Rates are Reduced(24.02.2009) to 8%.
Dealer says that he has purchased these goods before 24th February 2009 therefore he has charged Excise @14%/10%.
In these Scenario Company are Paying excess Excise Duty.
Company can Claim Excess Excise Duty paid as CENVAT CREDIT but Working Capital Requirement of the Company is Increased.

Does the dealer response regarding Excess Ex. Duty is Correct. Please tell me Reasons in this Case.

I am Currently engaged in the Audit of a Public limited Company. After Inspection of purchase vouchers, i have seen that old excise Rates @10%/14% are charged by A dealer even if invoice are Raised after Excise Rates are Reduced(24.02.2009) to 8%.
Dealer says that he has purchased these goods before 24th February 2009 therefore he has charged Excise @14%/10%.
In these Scenario Company are Paying excess Excise Duty.
Company can Claim Excess Excise Duty paid as CENVAT CREDIT but Working Capital Requirement of the Company is Increased.

Does the dealer response regarding Excess Ex. Duty is Correct. Please tell me Reasons in this Case.

HELLO,
CAN ANY ONE TELL ME THE KEY POINTS THAT I KEEP UNDER CONSIDERATION WHILE PERFORMING EXPORT SALE VOUCHING.

My client is very upset with his former statutory auditor of Private limited co. He wants me to appoint his auditor during this financial year. So tell me the way of change of statutory auditor of the co. Present statutory auditor does not file his form 23 in ROC (checked from mca site).
Now we dont have time to call EGM also. Is taking resignation from him is the only simple way out without tension