Dear Experts,

Please confirm about these expenses book in which head in books.

1) GST auditor bill- We have booked in " Legal and Professional Charges"
Will it be booked under "Audit Expenses"?
2) Transfer pricing audit expenses-We have booked in " Legal and Professional Charges".
Will it be booked under "Audit Expenses"?

The assessee is a proprietor.
For A.Y. 2022-23, his turnover is Rs. 1,84,00,000 (below Rs.2Cr), profit is Rs.1,50,000 ( below 6% of turnover) and total income is below basic exemption limit.

Is audit applicable ?

Small Company Definition
Old - Paid up Capital should not exceed 50 Lakhs & Turnover should not exceed 2 Crores
New Amendment - Paid up Capital should not exceed 2 Crores & Turnover should not exceed 20 Crores

A Private Limited Company being Small Company as per new amendment as stated above but complies with one of the criteria (Loan exceeds the limit) mentioned in CARO 2020 applicability.

Shall CARO will be applicable to the Company as Small Companies are exempt from the CARO applicability as per Section 143(11) of Companies Act ?

Greetings

Can you please share a IS Audit checklist for banks?

Anand

In Financial Year 2021-22 There is the Office Interior Was Done of Rs. 3200000 Approx and My WDV Amount of Office Premises is Negative Then Can i Consider the Office Interior has Office Premises or Not. The Interior is About all Office Furniture Cabins Staircase n all.. Please Suggest Something.....

If i fill business normal return upto 5 lac then no tax levied. but what if my turnover is 10 lac and choose to do audit so my tax payable is nil now ? is this benefit of audit ? because if i doesn't do audit then much more tax i have to pay because turnover is 10 lacs.
I am a fresher and do not have much idea about auditing.

PLEASE SENT ME A DRAFT FORMET OF INTERNAL AUDIT OF A HOSPITAL
Email- fcaajeetsir@gmail.com

My query is that one of my client is opted sec 44AD last year having turnover of 1.20 crore but for this year he want to opt out of 44AD having turnover of 1.70 crore and profit is 8.5 lakh then under which clause audit is applicable
44AB(A) Or 44AB(E)

Tax Audits for Individuals with Turnover between 1 Cr to 2 Cr are to be counted for the purpose of 60 Audit Limit. Audits below 1Cr will not be counted as 44AD Audits are excluded from limit. However i have doubt with regard to Turnover between 1 Cr to 2 Cr.

hello sir,
Government given an old building to a society for residential school purpose for which the concern school made renovation which includes false ceiling in the dormitory.
can we capitalize it or it can be treated as expense?