EXPLAIN THE INTEREST ACCRUED AND DUE AND INTEREST ACCRUED BUT NOT DUE WITH EXAMPLE IN RELETING REVISE SCHEDULE VI

Sir
Can any one provide me with the points which are to be checked in respect to Tax Audit of a company whose nature of business i.e. (primarily engaged in providing Online information & data)

a transcation between a two indian companies and one foriegn company. foriegn company wants to buy some products from indian company (let indian company is X)foriegn company raised a purchases invoice on X but no goods are avalible right now with X company den X company asks some other company(let it be Y)to send goods directly to foriegn company i will pay u.assume foriegn company pays RS.100 and X company is getting Rs.100 from foriegn company and X company is paying 80 to Y company.In X books how Rs.20 will be treated?

Company's policy to approve DA only when employee worked at other than the normal place of business. company trf. whole amt.(travelling exp.+ hotel exp.+ lunch exp+DA) in trevelling exp.
is it coorect treament?
According to income tax DA should form part of salary after this it will be exempted fully.
So what should be company's accounting. Suggestions are invited.. Thanks for participating

Pl let me know where we have to show - Defered Tax (Liabilitity) / Assets Under Revised Schedule VI in "Non Current Liabilities" or it will present separate as per accounting standards.
Guidelines of revised schedule is silent on deferred tax (liability) / assets.

suppose a branch purchased a car for Rs. 1000000.00 depreciation for 10 yrs on SLM basis and after using the same for 1 yr transfered it to next branch and the second branch booked it for Rs 900000.00 and depreciate it at Rs. 100000.00.I have confusion that if booked for Rs.900000.00 then depreciation should be Rs. 90000.00.Do my contention is correct or department is doing correctly?

Whether to include VAT element in turnover of sales to arrive at turnover limit for the applicability of TAX AUDIT.


Turnover to be taken for deemed profits u/s 44AD is to be inclusive of VAT or exclusive ?

Could any one please guide me in the following matter:

A company has moved into a new office. The new office has a big terrace garden. Can the exepnses of buying flowers, flowerpots and related nursery articles be capitalised as fixed assets? the amt. of expenses incurred is above Rs. 200000

A company XYZ Ltd. is managing funds and investing in Govt Securities Debt Funds etc. Loss/profit from above activities is transferred to Clients.


Company's Income as per balance sheet is Management fee received from management of Funds on behalf of aforesaid clients .


In addition to that, Company has invested its capital into Fixed Deposits with bank and interest on the same is Rs. 1 crores.


My query is that whether the company is coming under the preview of Tax Audit or not?

A company having more than 50 gold and silver jewellery stores, it encountered one fraud case by store manager.

Store manager sold jewellery of Rs. 2,00,000 in cash, when gold price was Rs. 28500, customer didn't asked for an invoice and he bought jewellery in cash payment (at that time provisions of TCS on jewellery were not there). Store manager keeps the cash with him and did not record sale transaction in the store computer system (as customer did not asked for invoice) and in the evening (same day) gold prices were fallen down substantially and after this store manager record the sale transaction in store computer system (at reduced current gold prices) and the difference of cash due to reduction in gold prices was misappropriated by store manager.

Please suggest some strong internal controls which could be effectively deployed in order to control this malpractice. (Ignore implication of TCS on cash sale of jewellery). Kindly suggest.