Hello,

Please guide me on:
'How to conduct income tax audit of an assesse who owns few liquor shops'.
What points should I consider in conducting audit? Below are the details which are available:

1. All purchase details are duly available.
2. License fees paid details are available.
3. Bank guarantee details available.
4. Sales book/register is not available. All sales are recorded on average basis due to huge cash receipts on daily basis.
5. Expenses like salary, rent and other operating expense are settled through cash. No records are available for same as well.

What other points should I consider apart from above mentioned points?
.

Dear Experts kindly guide me on following issue:- 1.Disclosure required to be given in audit report or elsewhere by statutory and tax Auditor for cash deposit of Rs. 2crore or more by Company. 2. Safeguard for auditor from reporting such transaction.

A Company taking loan for import of Machinery in 22nd July 2015 & Machinery Import in Company on 28th aug 2015.

My question is that whether July & Aug Month Interest Capitalized or Charged to PNL ?????
Machine Installation Complete upto Aug And machinery ready for use from Sept but Company use machinery from Jan 2016.

Plz Resolved this Query as soon as possible.

Sir , if we have not received account conformation for creditor ( after followup ) what next action we will take

what is meant by retiring auditor in sec 139,141 of companies act 2013, please tell me

Sir,
I am a CA in practice. My son in law has started private limited company to manufacture HDPE bags. He is holding 25% equity in the company with other 4 directors who hold 75% of the equity. My daughter is not a director, not holding any position and not working with the said company. She is house wife.

Can I accept assignment of statutory and tax audit of the said private limited company ?

Regards.

CABBPatel

is it concurrent audit and continues audit are the same term or not . please tell me I'm confused and also give some point of difference if any exists..

What are the items we normally check in internal audit and how.

Axis bank has sanctioned Cash credit limit Rs 1 Crore to me subject to condition minimum utilisation 60% of sanction limit in case of under utilisation bank will charge commitment charges @ 2% per PA (Adject wording of sanction letter is as ' Commitment charges :- Commitment charges to be charge @2% PA on Quarterly basis on entire Unutilised portion if average utilisation is less then 60%)

I have utilised 48% limit in one quarter bank has charges penal interest on 100-48% = 52% portion
but as per HDFC & other bank calculation they are charging on 60-48=12%. ( Axis bank is not accepting this calculation)
Our bank is not considering the matter after senior VP of Axis bank have given verbal commitment on our application for waiver of full commitment chares and same will be credit in our account . but more than 9 month have been passed no action has been taken by bank after so many reminders

I want to know who is the right legal forum to resolve this matter.
and also want to know correct and legal method of commitment charges penalty calculation with Example ( please provide legal reference point link or copy )

please provide me the solution on above matter
thanks in Advance
Vijay Goyal

what is the meaning of scanning , reconciliation in audit techniques ?