Hi there! Our firm is a private limited company incorporated in December 2011. The company has not yet opened a bank account as we were not in operation. We were outside India and now plan to start operations but we are told by the CA that due to non-filing of balance sheet for the last five years we need to pay a hefty fine to get clear of the irregularity. Though we had deldgated the duty to the CA to take care of such formalities promptly but he has been ignorant about it for the last 5 years. I wish to know (a) sections that are violated and (b) how much would be the total due including fine?

Can you please tell me the procedure to apply for Bank Audit. I know how to conduct it . But I do not know how to apply for it. please help

Please tell me about p.f audit. How to audit of salary p.f

SA 265

Sir I am a money transfer agent and earn commission
What if my turnover exceed 1crore and commission is below 1lakh
Do I have to do any thing regarding income tax or audit

if A & B are two partners of AB & CO. and X relative of Mr A, holds security in MNO Ltd. of Rs.110000. Can Mr B appointed as an auditor of MNO ltd?

Hello CAs'

I am a retiring partner of a Firm that has two partners now and pls advice me if the below mentioned format of Dissolution Deed is right?
___________________________

THIS DEED made at …………….. this ………… day of …………., 2000, between

A, son of ………………………………. resident of ………………………………………………. hereinafter referred to as retiring partner, of the ONE PART

and

B, son of ………………………. resident of …………………………. hereinafter referred to as continuing partner of the OTHER PART.

WHEREAS the parties hereto were doing the business of ………………. at …………………………. under the name and style of M/s. …………………………………………………. in terms of Deed of Partnership dated ………………………… AND

WHEREAS on account of disputes and differences arising between them, the parties have decided to dissolve the partnership on the terms and conditions hereinafter appearing. WITNESSETH AS FOLLOWS:

(1) The parties hereto hereby dissolve the partnership subsisting between them under the Deed of Partnership dated …………………. with effect from …………………

(2) The assets and liabilities of the partnership have been assessed and the final balance sheet and profit and loss account have been taken and both the parties have seen the said accounts and are satisfied about its correctness.

(3) The continuing partner has paid to the retiring partner a sum of Rs. ……………… (the receipt whereof the retiring partner hereby acknowledges) as consideration of the share and interest of the retiring partner in the assets, stock-in-trade, goodwill and tenancy rights of the firm.

(4) The retiring partner as beneficial owner hereby assigns and releases unto the continuing partner ALL THAT the one-half share and interest of and in the business and stock-in-trade, assets and other personal chattels including the goodwill thereof TO HOLD the same unto the continuing partner absolutely for ever.

(5) The continuing partner hereby covenants with the retiring partner that he shall discharge all the debts, liabilities and obligations of the partnership and will at all times hereafter keep the retiring partner indemnified against the said debts, liabilities and obligations and from all actions, proceedings, costs, claims and demands in respect thereof.

(6) The retiring partner hereby covenants with the continuing partner that he shall not engage himself directly or indirectly in the business of ………………………….. for a period of ………………………. years from the date of dissolution of the partnership.

(7) The retiring partner hereby releases the continuing partner and the continuing partner hereby releases the retiring partner from all actions, accounts, claims and demands in relation to the said partnership and from all the covenants and agreements contained in the said Deed of Partnership.

(8) The continuing partner hereby agrees and undertakes that he shall notify the dissolution of the partnership to the Registrar of Firms ……………………………… and also in the ………………… Government Gazette and in two newspapers within ………………… days from the date of execution hereof.

IN WITNESS WHEREOF the parties have hereunto set their hands, the day and year first hereinabove written. Signed and delivered by the within named A Signed and delivered by the within named B WITNESSES; 1. 2.

_________________________

Rgds, Siva

Read more at: https://www.caclubindia.com/forum/partner-ship-dissolution-deed-is-this-format-right--355990.asp

Sirr.. what is the EPF and ESIC Rate at present. and what is the provision of computation..? please explain briefly.. thanks

Whether caro 2016 is applicable for may 2016 exam??

Please,
can anyone help how to calculate penal interest on late submission of stock statement in bank.
Please help me by giving illustration so it will be easy to understand.
Let say Limit of CC :- 1 Cr
Interest Rate :- 14%
Penal Interest is @ 2% .