Anonymous
22 May 2012 at 23:23

Applicability of tax audit

Sir, assessee is carrying on two different business.. turnover from one business is 50 lacs and from other business is 80 lacs..

Que. Whether assessee's both business is required to get audit? what if assessee want to show 8% incone u/s 44AD for second business(T/O 50 lacs)

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Anonymous

What is the limit of articles that can be trained by a newly qualified Chartered Accountant.

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Anonymous
15 May 2012 at 10:34

Imports

What exchange rate and date of purchase is to be considered for recognizing purchases?

Kindly reply as soon as possible.

Thanx in advance

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Yajuvendra Rawat
10 May 2012 at 23:26

Book entries

Sirs and Friends,

Bills in our company are booked very late for eg if the bill is of April the same might b booked during September/October, now this basically happens bcoz the bills are checked by the merchandisers and then passed on to accounts, many a times there are heavy debit notes passed by us so unless and until it is checked we do not pass any entries in books, is this method feasible or we should opt some other method of accounting. If we book bills as and when we receive on provisional or some other basis then it will affect the profit and simultaneously the calculation of Advance Tax will get affected. bcoz the bills take a long period to get cleared by the merchandisers. What are the positive and negative aspects of booking the bills before they are checked. Please let me know

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sourabh
21 April 2012 at 16:57

Audit procedure of hotels

what is the procedure for the internal audits of the hotels?
plz mention the main areas which i should have pay proper attention while auditing of hotels?

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chetan soni
17 April 2012 at 00:09

Cop clarification

Hello All,

I am member or ICAI since Apr07, I have been granated permission to hold part time COP vide its letter and granted permission to do pratice of profession of accountany.

With repspect to that letter & ICAI rules & regulations, please clarify me rights & duties about COP.

Please guide me for this matter on urgent basis.

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Shruti
15 April 2012 at 13:31

Bad debts in banks

Banks need to provide for bad and doubtful debts on all advances - be it standard, sub-standard, doubtful or loss. Then when do banks book BAD DEBTS? When is the auditor suppose to certify BAD DEBTS in case of Banks and/or co-operative societies?

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Anonymous

Dear experts please solve one of query coming in mind regarding sales tax rate:

1. How a tax auditor confirm rate of VAT
of various items showing in books of
account of the client.

Example:
A Proprietorship trading firm which deals in hardware items shown different rates of VAT on item purchased & sale say 4%, 5%,14%,2%, taxfree.

There are people who are trying to get there accounts audited with tally data only and not giving any sales, purchase bills.

2. There activity seems to suspecious and
look like that they have manipulate the
sales & purchase with diff. rates to
evade the sales tax liability.


3. Also seen some accounts book in which opening stock is NIL & have closing stock. Further no VAT receivable or payable shown in books of A/c's

Please guide what is the possible thing that these type of traders trying to do & wish to get there accounts audited.


Please replied fully & elaborately.

Regards

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Anonymous

Hi group, this query is with regard to Indian companies act . and pvt ltd cos incorporated under the same . A company incorporated as a Pvt Ltd company in September, 2009 has not filed its annual report , balance sheet & Income Tax return for the Fin. Year 2009-10 and 2010 -11 . they have filed it now on 31st march ,2012 What will be the penalty applicable to them to be paid by them for late filing of i) balance sheet and annual return ii) income tax return .

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Anonymous
29 March 2012 at 21:44

Audit ceiling limit

Hello

I want to know if any proprietorship firm converted to partnership firm(with 2 partner) on 10/04/2012 then whether both partner are eligible for audit of the companies and tax audit for the F.Y. 2011-12.
What are the ceiling limit of that firm,
Please reply soon. thanks in advacne

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