I have checked overdue statement in which there are parties whose overdue is more than 3 months.. theoretically these accounts are NPA... but in system their status is shown as 'standard'. when asking loan officer he said that system review parties on quarterly intervals.. It means in October if an account has overdue more than 3 months system will not call it NPA.. kindly suggest??

hi everyone

i started share trading with investment of 20k only, but my daily sale and purchase is around 8-10 lacs. i want to know nature of my trading and is there tax audit is required in this case if my sale and purchase exceeds 1cr

A company raised bills on work done (actually done or not). Then what is the procedure to verify that bill.

2. if Company received that bills amount then we can check the with bank statement. if TDS has not been filled by the company then is there any way to check online TDS receivable form for which the party has deducted and and deposited in the respective department.

If the assessee declares his income lower than the deemed profits u/s. 44AD then he will have to maintain books of accounts and get these accounts audited IF HIS TOTAL INCOME EXCEEDS THE EXEMPTION LIMIT.

In such cases assessee having turnover less than one crore may manipulate his books of accounts and declare his income as low as possible (below 8%) so that his total income works out below exemption limit and thus he can escape the tax audit which I suppose is not the intention of the legislature.

Kindly resolve the query.

OUR CLIENT IS AUDITED U/S.44AB. THE AUDIT REPORT IS TO BE FILED BEFORE 30TH NOVEMBER, 2014. WE ARE GOING TO FILE INCOME TAX
RETURN WITH TAX AFTER 30TH NOVEMBER, 2014 (DUE DATE). THE REASON IS THE ASSESSEE IS IN FINANCIAL CRISES.

IS THERE ANY PENALTY REGARDING LATE FILING OF INCOME TAX RETURN AND PAYMENT OF INCOME TAX AFTER DUE DATE.

Dear All,

Is there any specific format available for Concurrent Audit report of FFMC?

If so can any one provide the same...

If not then plz provide me the specimen of any report!!

Thanks in Advance...

sir, if sole trader has done audit once,is it necessary to do books of accounts every year? and the sole trader has done audit in the last year and this year sole trader converted into partnership firm is it necessary to do audit this year also?if so what is the turnover limit

Read more at: https://www.caclubindia.com/experts/modify_message.asp?entry_id=912496

CA's have limit of 45 Audits, is this included with trust Audits i.e. 10B forms or not.

Pls reply urgently

Windows 8 purchased for Rs. 90,000 (qty-10) should be capitalised or treated as revenue expenditure? If capital then as per which AS?

One of our client is dealing in foreign exchange. The client engages in sale transaction (Selling of Foreign Exchange and Collection of INR)sometimes during the evening hours which is done on manual bill at his customer premises. Later on the transaction is recorded in the system on the next day.

In few cases, it has been noted that transaction happened on 30th September and client has booked the bill on 1st October.

Will it affect revenue recognition principle. In my opinion revenue should be booked in the month of September 2014. However client is insisting on October 2014.

Please suggest