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30 January 2024 at 14:13

Provident Fund Audit Report Format

Please Provide a sample copy format of Provident Fund Audit Report

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kishor paramar

ONE OF MY TRUST CLIENT INCOME BELOW 5 CR THEN FILLED 10BB DUE COURSE,THEN AFTER RS. 20LAKH INCOME NOT TAKEN AT THAT TIME NOW CONSIDER THAT INCOME SO MY TRUST INCOME IS MORE THAN 5 CR,CAN I FILLED NEW FORM 10B AND UPDATED TRUST RETURN

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Abhishek.A

can anyone please say what are the errors we can face in physical verification of work in progress (wip) and how to slove that

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jayesh shah
21 January 2024 at 23:14

Gratuity accounting in company's books

Ours is pvt ltd co. we have formed separate group gratuity trust and it was approved by Income tax department.
The Gratuity Trust has invested the money with LIC Group Gratuity Scheme.

1. We are making provision for Gratuity liability as actuarial report (as per INDAS) in the books of company and shown on liability side under provision.
2. Whatever amount we pay to LIC is shown under assets side as Gratuity Fund with LIC and every year what ever we pay is getting added in the balance and claim deduction for what ever amount is paid to LIC.

Just now we are passing only 2 entries in the company's books
1 - Provision of Gratuity as per actuarial Report
Gratuity a/c Dr. (profit & loss)
To Provision for Gratuity (Liability Side)

2 - For amount paid to LIC for Group gratuity scheme.
Gratuity Fund (LIC) Dr. (Assets side)
To Bank Account

my question
3. Whatever Interest we received from LIC is shown as income in gratuity Trust. & Trust is having separate PAN No. and we also file Trust Income Tax Return. - so shall we also show that Interest income in Company's profit & Loss account ? if yes how -i.e. what entry should be passed -say interest shown as income in p&l but dr. to what ?

4. when ever employee left the job and having completed 5 years - LIC pay Gratuity Directly to Group Gratuity Trust account and from trust account it is directly paid to employees.

Do we also have to show Gratuity paid to employees in company's books of account if yes what will be the entry ? i.e. which account will be debited and which account will be credited ?

highly appreciate if some one help to solve our query.
Thanks in Advance.

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sachin Alwadhi

Hi
Person having business of rent a cab operator and hold vehicle in name of firm which is proprietory .What will be depreciation rate for vehicle used for commercial purposes?

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AMANDEEP
06 September 2023 at 18:59

SOCIETY GRANTS

A society having 80G & 10AC(12A) worked for a training project in hills sponsored by Govt of Uttarakhand.
The work was completed in FY 22-23 & bills submitted to govt in March 23.
The State Govt booked the bills in FY 23-24 Cleared the Bills in FY 23-24.
The expenses were payable by 31.03.2023 & paid after receipt in May 23.

How do we treat the receipts in I/E account for the FY 22-23

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AUDITORS EDAPPAL
15 August 2023 at 17:59

Query regarding form 29b

Whether we need to report surrender of shares in form 29b,if yes where to report it.

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Minakshi Jhawar
27 May 2023 at 16:09

Software Related queries

Hi
A company is manufacturing paper in one factory(use Tally) & transfer it to another factory (use Finsys for production) where they manufacture cartoon as per the specifications provided by the customer. What software should use in Factory 1 for inventory management & operational controls & production so that management can figure out correct accounting figures & avoid wastage

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Rakesh Kumar Arya

Company A and company B are under the same management. Company A owns a plot, the market value of which is about 2.50 Cr. Company A allows company B to construct a showroom on plot of A. Company B gives proposed map as per its own requirements, which is submitted to development authority by Company A. Map approval charges and development charges are paid by Company A to the Development Authority. The cost of construction of showroom is borne by B. No rent is charged by A from B for giving possession and allowing use of plot by Company B. Period of allowing use of plot is likely to be quite long. There is no written agreement between two Companies.

Any transaction between two companies under the same management should be made at arms length price, whereas in the instant case there is no consideration.

On these facts of the case, my questions are:

1. Is there violation of any Act!?
2. Should the Auditor report such transaction in his Audit report, if no reference of this transaction is made in the Notes on Accounts?
3. How and in what manner the Auditor should report in his Audit Report?

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Abhishek kar
22 April 2023 at 12:20

Auditors Re-appointment

Hello Experts!

I have a small question i.e.

Do we need to re-appoint an auditor in the same AGM where his tenure is completed? Considering he is eligible for reappointment.

For example: Mr Anmol & Co. an Audit Firm, was appointed as the auditor of ZEN Pvt Ltd in AGM on 30.09.2018 and as per the rules he will hold office till the conclusion of the sixth AGM i.e. AGM to be held in the calendar year 2023 (Period 01.04.2018 to 31.03.2023). For the sixth AGM to be held on, let's say 31.07.2023, Do we need to pass a resolution for him to be reappointed in the same AGM. To be more specific, do need to reappoint him in the same AGM where his tenure is getting completed?

Now if the answer is no, then when we should convene a Board Meeting and thereafter hold AGM for such reappointment? By when he shall be reappointed?


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