A private limited company has profit before tax and loss after tax due to MAT credit utilisation. In the opinion paragraph of the Independent Auditors' Report, under the comment about statement of affairs of the company, is it appropriate to write as profit for the year or to write loss for the year ? Kindly justify the answer.

IN CASE OF PRIVATE LIMITED COMPANY IF TURNOVER IS LESS THAN RS.1 CRORE IS IT REQUIRED TO GET AUDITED IN INCOME TAX ACT U/S 44AB AS TAX AUDIT?AND IS LIMIT COMPLIANCE OF NOT MORE THAN 5% OF RECEIPTS AND PAYMENT IN CASH REQUIRED TO BE SEEN FOR GETTING THIS COMPANY AUDITED IN TAX AUDIT IN INCOME TAX ACT?KINDLY GIVE ANSWER AS SOON AS POSSIBLE.

Good Evening,

I am lookout for Internal audit plan and checklist for manufacturing company.

Anyone, please help me and I need to it as soon as possible for preparing for some audit.

My email: ialearner01@gmail.com

Thanks in advance & kind regards,

Haider

My turnover for FY 2019-20 is Rs. 85,00,000/- and profit is below 6% of turnover, whether tax audit is applicable ??

A Pvt Ltd Company has issued Redeemable Debentures during the year

Whether this transaction is required to be reported under clause 31 (* Particulars of each loan or deposit in an amount exceeding the limit specified in section 269SS taken or accepted during the previous year ) of form 3CD ?

Kindly reply

For the year 2018 the Closing balance of Fixed assets are not matching with Opening balance of Fixed asset year 2019. Similarly balance in Accumulated depreciation account balance are also not tallying.
What are steps to take to resolve this issue?

I have a confusion in relation to "Stock-in-trade" in Form 3CD. I have 2 figures relating to Finished Goods and Traded Goods. So shud i just add these two and report there, since my client is engaged in Manufacturing and Trading activities or shud i only report the stock of Traded Goods?? i am confused...

thanks and regards

Private Limited Company Incorporated on 23/01/2019 but till 31.3.2020 there is no turnover means NIL Sales. So can we do audit of 15 months (1.1.2019 to 31.3.2020)
and Prepare Statutory audit report for 15 Months ? if yes then any additional disclosure required in audit report?

My company is holding of subsidiary public company. All other conditions are satisfied. Whether only for this reason, will IFC be applicable?

My company is holding of subsidiary public company. All other conditions are satisfied. Whether only for this reason, will IFC be applicable