Balance Sheet of a private company which is a subsidiary of a Public Limited Co. reports as follows :
1. Share Capital- Rs. 25 Lacs
2. Reserves- Rs. 20 Lacs
3. Loans- Rs. 20 Lacs
4. Turnover- Rs. 4.50 Crores

Whether CARO is applicable

Kindly guide about treatment of Preliminery Exp. in Revised Schedule VI.

I wanted to know if there are any technical guidelines for audit of Jewellery industry. What should I do if I want to implement an internal audit department in a jewellery industry? Right from the basics.

is AS2 applicable to construction contracts if not how closing W.I.P is valued ?

During statu audit of bank i realised that bank neglect to check the aunthenticity of attachments...exm. Renewal of shop act, cross verification of itr filed simultaneously & financial statements , valid proof existance of busi....which may cause fraud ... When i questione same... They answered ..if repayment is smooth...then this is needless...is it right.?

Our company was raided by Income Tax for alleged to have been involved in Tax Frauds. The director was also raided apart the registered office of the company. After the IT raids the company stopped filing IT returns, balance sheet and other statutory documents with IT, ROC etc as the other director stopped coming to office after the raids, and single director could not take any action. The dummy shareholders also discharged and washed there hands as the company is suspected to be a dummy company involved in defence dealings. The remaining single director also died few months back. In his bank lockers/ home/ farm house DGIT Investigations found Rs 10 Crores apart accounts in foreign bank etc. The legitimate dues to employees are not paid after 2009 till now. Can someone please help us what to do, as the Auditor is getting the assessments done on the basis of tax audit and not by giving Income Tax requirement of audited balance sheet. The balance sheet after 2008-09 are also changed to suit the auditor. The details are also available that the auditor is not completing the paperwork because he demands a handsome compensation for signing back dated balance sheets 2006-07 onwards till 2011-12 and blackmailing the promoters. All this is happening and and the employees are suffering because of non payment of salary after 2009 august. Fraudalent documents, minutes, egm, agm papers are being made and directors are being appointed back dated as the auditor is hand in glove with the promotors. The company status in MCA site is dormant. The employees are suffering... Can someone suggest where should the employee go for his greivance and how can this corporate crime be stopped.....

friends
i have a question that, whether the company can correct the figures (wrongly spelt/Totalled in rounding off )before printing but after approval/finalisation of annual report by board of directors.

sir,
Whether tax to be deducted at source if a professional charges two bills of RS 25000/- each in f.y 11-12 for Service Provided in f.y 10-11 & 11-12 Respectively

Dear All
My client has two proprietorship concerns in which he made sales turnover of Rs. 45 lacks and 53 lacks in the f.y. 2011-12. please tell me weather tax audit will be applicable or not?

what is the gross receipt of Tax audit for Kachha Artiya? If a Kachha Artiya receives commission income of 950000 on sale of 75 lacs than whether he is liable to tax audit or not. Acc. to my understanding he is not liable.