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20 November 2020 at 11:20

Income Tax Audit

A Pvt Ltd Company has issued Redeemable Debentures during the year

Whether this transaction is required to be reported under clause 31 (* Particulars of each loan or deposit in an amount exceeding the limit specified in section 269SS taken or accepted during the previous year ) of form 3CD ?

Kindly reply


19 November 2020 at 20:19

Applicability of tax audit

My turnover is 1.70 cr., & my total receipts and payments are below 5% of total receipts & payments Whether Tax Audit Is applicable ??


For the year 2018 the Closing balance of Fixed assets are not matching with Opening balance of Fixed asset year 2019. Similarly balance in Accumulated depreciation account balance are also not tallying.
What are steps to take to resolve this issue?


11 November 2020 at 15:30

STOCK IN TRADE IN FORM 3CD

I have a confusion in relation to "Stock-in-trade" in Form 3CD. I have 2 figures relating to Finished Goods and Traded Goods. So shud i just add these two and report there, since my client is engaged in Manufacturing and Trading activities or shud i only report the stock of Traded Goods?? i am confused...

thanks and regards


Kindly suggest the taxability of ULIP SURRENDER VALUE AFTER LOCK IN PERIOD OF 5 YEARS.
For example.....
One time premium paid of Rs.150000/- on 24.10.2013
Surrender value after lock in period of 5 years is Rs.177000/- on 19.02.2019
What is the taxable amount?


06 November 2020 at 12:04

Gst audit

IN GSTR-9 TABLE NO 9 HAVE LATE FEES AND INTEREST. WHEN GSTR-9C IS FILING THE TABLE NO 9Q IS ONLY TAKEN THE FIGURE OF TABLE 9A , 9B, 9C OF GSTR-9 AUTOMATICALLY. WHEN I PUT THE FIGURE OF LATE FEES AND INTEREST IN GSTR-9C IT SHOWS UNRECONCILE.

SO WHAT IS THE CORRECT PROCEDURE TO FILL THE TABLE 9 OF GSTR-9C , IS WE HAVE TO PUT THE FIGURE OF LATE FEES AND INTEREST IN TABLE 9L AND 9M OF GSTR-9C FROM GSTR-9 OR NOT.
PLEASE HELP ME.


03 November 2020 at 18:07

Trust Audit - Contribution

Whether a school trust is liable for contribution to administrative fund or not??

(As per section 58 govt. "may" exempt educational institution from contribution. But no relevant ciruclar/notification found which clearly states that a school trust imparting education exclusively is exempt from contribution to administration fund)


02 November 2020 at 15:25

15 Months Audit for First time

Private Limited Company Incorporated on 23/01/2019 but till 31.3.2020 there is no turnover means NIL Sales. So can we do audit of 15 months (1.1.2019 to 31.3.2020)
and Prepare Statutory audit report for 15 Months ? if yes then any additional disclosure required in audit report?


02 November 2020 at 13:42

Internal Financial control applicability

My company is holding of subsidiary public company. All other conditions are satisfied. Whether only for this reason, will IFC be applicable?


02 November 2020 at 13:07

Internal Financial control applicability

My company is holding of subsidiary public company. All other conditions are satisfied. Whether only for this reason, will IFC be applicable