Pls suggest whether a private company which is subsidiary of public company should be considered for calculation of ceiling limit under section 224(1B).

If no why ?

and if yes why ?

Recently, I have attended one interview in a Leading Software Company. A qualified (CA) finance controller interviewed me. He asked the following question:

"We are a software company bought one computer server for forthcoming new project and bought special costly software for the same. Till the end of accounting year the project is not yet started and both the server and software are keeping idle. During the year end is it applicable for Depreciation?".

I replied that the asset has been purchased with the intention that expected to be used for the purpose of business hence liable to depreciation either used or not in the business.

He has taken Accounting Standard -6 "Depreciation" definition and it shows:
"Depreciation is a measure of the wearing out, consumption or other loss of value of a depreciable asset ARISING FROM USE, effluxion of time or obsolescence through technology and market changes."

plz note that it shows "arising from use", hence we had argument in this topic and I’m waiting for interview result.

Experts’ help required.
(plz mention the website where you have observed the point)

Dear Sir/Madam,
First of all "Happy New Year" to all.
I have required Audit Programme for Statutoy Audit if somebody have please mail to me at sachingarg82@gmail.com.

Please reply soon.
Thank You.

sachin Garg

Can Accounting Standard 21 is applicable to Private Ltd Co

Can Accounting Standard 21 is applicable to Private Ltd Co

plz explain me & how to verify/vouch the following terms during audit regarding date of purchase/date of payment to parties and effect on exchange fluctuation;
1.high seas sales
2.high seas purchases.
3.import purchases
4.import sales.

Sir
My question is, whether limit of 45 tax audit includes statutory audit of Companies or this limit is only for audit u/s44AB of I T act
Please specify me about the ceiling limit for tax audit & also about statutory audit

Respected Sir,
during the audit I observed that company written off excess balances recived from customer.as an auditor should I ask for some approval from management?

thanx regards

Ghanshyam

Where I will get a comprehensive & exhaustive checklist for Internal audit of Car Hiring & Ticketing company. The company main business is to provide car on hire for hotels & their guests.It also handles tourist activities & acts as tourist agents & contractors to facilitate travelling

Dear sir

(i)Why the PF for workers is calculated on BASIC+DA Whereas it is calculated on BASIC for staffs?

(ii)Is PF applicable for foreigners?

(iii)Can anybody send me the slab rate for the calculation for PROFESSIONAL TAX AND FOR WHOM IT IS APPLICABLE?

(IV)For the sale of fixed asset ,which doc did the client need to produce for auditors clarification.