Dear Experts,

Sub.: Query regarding Applicability of Cost Audit.

As order given by MCA on 24th January, 2012 that every company to which Cost Accounting Rules, 2011 applicable and the aggregate value of turnover made by the company during the immediate preceding F.Y. exceeds 100 crore of rupees; shall get cost accounting records audited on or after 1st day of April, 2012 under chapter 50 to 63 i.e. for textile industry.

My query is regarding applicability of cost audit when the company has its turnover in the preceding F.Y. 2011-12 less than Rs. 100 crores (it is just because company have weak financial position in that F.Y. and unable to buy raw material on its own account and receiving only job work or processing charges for material produced on account of material supplied by others).

However’ in the financial year’s preceding to the financial year as mentioned above (i.e. 2011-12) company have its turnover more than Rs. 100 crores.

I want you please suggest me that whether Cost audit for financial year 2012-13 shall applicable to the company or not or give necessary suggestion as you think appropriate.

Regards,
Yogesh Bansal

Dear Expert,
can u pls tell me that what is Form - 704. Who has to file this Form is compulsory ?

Dear Sir / Ma'am,

I am a bit confused here. I understand that in tally when we have to enter the Purchase VAT entry, we put that under Purchase Account & Heading in tally.

But when we also debit the Input VAT @ (any percentage) that would go under the head Duties & Taxes or will that also go under Purchase Account?

I would really appreciate if you can clarify this point of mine.

In a proprietary concern,the assessee has paid advance tax of Rs.25000/- for assessment year 2011-12 which is shown in other debit balance, no provision for tax was created in the final accounts.
Now for the assessment year 2012-13,where will we adjust the advance tax (same with tds receivable)

Sir,
I have a Car.
Book Value of this car is Rs.250860 as on 01/04/2012.
I purchased new car for Rs.1043722 on 21/11/2012 & Sold old car for Rs.150000 on 11/12/2012.
Sold value of Old car is including Vat i.e. net sale amount Rs.13333 + vat@12.5% Rs.16667
I am confused about depreciation.
How much Depreciation can take in this case?
How much amount should be credit to car account?

Wheteher any CA firm send a letter for appointment in banks audits with resume of their firm to various banks without their offer for resume.This case is covered under professional misconduct or not.

hello to all experts , pls tell me . in case of private company , the expenditure incurred on medical policy and other pesonal (eg happy family floagter) , accidental policy of director's n their families is allowed to be debited in profit n loss a\c ?

DEAR EXPERTS
IT IS A UINQUE QUERY - PLEASE HELP & SOLVE ASAP.....


I WANT TO KNOW....WHETHER PRIVATE COS CAN OUTSOURCE THEIR INTERNAL AUDIT FUNCTION TO ANY OUTSIDE PERSON WHICH IS NOT A CA FIRM (AS THERE IS NO SUCH REQUIRING PROVISION TO APPOINT ONLY A CA FIRM)


CASE: -


A PRIVATE COMPANY DOES NOT EMPLOY ACCOUNTING STAFF DUE TO LACK OF SPACE & OFFICE IT OUTSOURCES ITS ACCOUNTS FUNCTION TO SOME OUTSIDE ACCOUNTANT WHO IS NOT A CA BUT RUNS HIS OWN ACCOUNT WRITING FIRM FOR VARIOUS PEOPLE....


1) CAN THIS ACCOUNTANT / ACCOUNT WRITING FIRM ALSO UNDERTAKE INTERNAL AUDIT OF SUCH PRIVATE CO.


2) IF NOT CAN THIS ACCOUNT WRITING FIRM UNDERTAKE INTERNAL AUDIT OF SOME OTHER PVT CO. FOR WHICH IT IS NOT WRITING ACCOUNTS


IS IT TRUE THAT FOR BEING AN INTERNAL AUDITOR OF A PRIVATE LTD CO. IT IS NOT NECESSARY FOR ONE TO BE A QUALIFIED CA....AND ONLY KNOWELDGE & EXPERIENCE OF AUDIT & ACCOUNTING FUNCTIONS & BUSINESS OF CLIENT IS MORETHAN ENOUGH IF BOARD DEEMS FIT?


THIS QUEST IS SPECIFICALLY FOR PRIVATE COS...& NOT PUBLIC COS (WHERE CA FIRM IS APPOINTED AS INTERNAL AUDITOR)....


THANKS & REGARDS REPLY AWAITED..

Dear

I want know the provision for applicability of gratuity in a pvt ltd co.

If an assessee is not paying service tax liability of March ending of previous year up to the date of filing of Income tax return i.e. 30-09-2xxx. then there is any effect on taxable value or tax amount of that assessee?
or
there is any effect in audit report or any discloser in audit report????