Where any buyer fails to make payment of the amount to the supplier, as required under section 15, the buyer shall, notwithstanding anything contained in any agreement between the buyer and the supplier or in any law for the time being in force, be liable to pay compound interest with monthly rests to the supplier on that amount from the appointed day or, as the case may be, from the date immediately following the date agreed upon, at three times of the bank rate notified by the Reserve Bank.what is the exact bank rate to be considered for this purpose? from where we have to take this exact bank rate

RESPECTED SIR/ MADAM,

I WANTS TO KNOW HOW TO AUDIT THE DOCUMENTS OF IMPORTED RAW MATERIAL REGARDING DOCUMENTS REQUIRED, LEGAL PROCEDURE, RBI ACTS AND RULES, PAYMENT OF PARTIES AND FINANCE REGARDING THE SAME.

PLEASE PROVIDE THE INFORMATION AS SOON AS POSSIBLE.

REGARDS,

PRABHAKAR

Hi friends,
can i get a format/proforma of DUE DILIGENCE REPORT.pls help me by giving if you have one.
This is a typical issue in my project

Respected Experts

In 15.01.2008, there is a fire in godown of a PSU company.company booked rs. 1 crore as a claim amount and entry has been passed in january. in april month insurance company grant claim rs.80 lakh. what are the accounting treatment in the balance sheet as on 31.03.2008. balance sheet date is 05th may 2008.in which amount we shown in balance sheet.

hi,
how start the internal audit

Will the provision of revenue stamp attract on advance payments?

Dear All,

Can anybody provide me the format of Internal audit checklist for a manufacturing unit.

this audit will cover all areas of factory and we wish to locate ways to get efficiency in financial matters.

I require some format for the quessionaire to be covered.

Please mail me on my id mandeep_singh@colpal.com

or

mandeepjal@yahoo.co.in

Seeking your support,

CA Mandeep Singh

Dear All,

Can anybody provide me the format of Internal audit checklist for a manufacturing unit.

this audit will cover all areas of factory and we wish to locate ways to get efficiency in financial matters.

I require some format for the quessionaire to be covered.

Please mail me on my id mandeep_singh@colpaql.com

or

mandeepjal@yahoo.co.in

Seeking your support,

CA Mandeep Singh

1. A parson is engaged into frequent trading (buying and selling- not as invesment) of share with turnover exceeding Rs.40 lakh in a year, should he get his accounts audited u/s 44AB?
2. Pl also suggest what would be the liability u/s. 44AB in a seperate case - if a persons Gross Turnover has exceeded Rs.40 lakh in a year IN INTRA-DAY TRADES, but the net receipt (total of difference of each intra-day Sale & purhcase) is 5-6 lakh.
3. Should the above be clubbed with the normal business turnover.

Sir,
If a client is engaged into intra day shares trading; wherein turnover easily exceeds Rs. 40 Lacs. Should he get his accounts audited u/s 44AB.
If the turnover in intra day is slightly lesser than Rs. 40 Lacs but his regular business turnover; if included into it; total turnover crosses Rs. 40 Lacs; should he get his accounts audited.
Thanks in advance.