Dear Members,
One of my client is Franchise of Major Money Changer (Like Paul Merchant/ UAE Exchange) and it is purchasing Currency from customers and selling the currency to Franchisor and getting commission However the commission was not paid separately, it was adjusted in price e.g. if he is purchasing the C/N from Customer (20$ @ 66) and selling it to Franchisor at (20$ @ 68) and this Rs. 2 is his commission which is also reflecting in 26 AS.
Now my question is How to calculate Turnover for Tax Audit.
Option (A) Turnover = 20$ * 68 = 1360
OR
Option (B) Turnover = Rs. 2 i.e. Commission
Thanks in advance.

hi experts while auditin of one of our client from hotel industry we found that they are providing free food to its staff on daily basis. around to 30 to 40 employees but no accounting for such expenses. what can be the reason? and on what basis cost should be calculated and booked in books? pls explain the same in detail. regards

Our CA Firm is to be appointed as auditor of the company for FY 2015-16 and existing auditor need to be removed. On behalf of the company, I have to do the removal procedure.

My doubt is that :
As per Sec140(1) of Companies Act 2013 read with rule 7 of chapter 10 of Companies rules, it says that " the company shall hold the general meeting within sixty days of receipt of approval of the Central Government for passing the special resolution". So, it means that after the company get the approval of CG only, they have to pass a special resolution in AGM/EGM ,isn't it??

But in ADT-2 Form, the 2 (out of 3)mandatory attachments are "Copy of special resolution" and "Minutes of AGM or EGM" and also it is mandatory to quote the MGT-14 SRN number.

So Sir, practically should the company pass two special resolution in GM i.e. 1)after board resolution and before ADT-2 filing and 2)after the approval of CG ??? Or does it mean anything else???

Please give solution to the below querry

As per ESIC new notification S-38013/19/2016-SS.l esi is to be paid for every employee who is earning salary/wages up to Rs 15,000 per month respectively. What about PF ? If any notification please suggest.

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