Where any amount withrawn from the special account is not utilised for the specified purposes within the same year or is misutilised as per section 33AB of income tax act, 1961. If so, report the amount of such deemed profits under clause 19 of Form No.3CD.

Why report under clause19? there is no deeming provision. if misutilised then it will be taxable so much amount misutilised. when there is a specified amount then why clause 19 reporting?

Thanks

This is the first time we are preparing audit report as per new requirement of sch VI ,
Is it compulsary to provide the same figures for last year also i.e cash flow for last year also should be provided in audit report.

Dear all members

I want to ask that if a company gives advance of Rs. 100000/- to his employee through cheque & after 30 days his employee( from fund received) paid in cash of Rs. 65230 to a transporter, then whether it should be considered as allowed expenditure or not.

Dear Experts,

Is TDS applicable in the following situations if yes what is the rate...

1) Transporation charges paid to VRL logistic company amount 100000 for goods transport from MUMBAI to BANGALORE

2) Transporation charges paid to ROYAL TOURISTS against contract towards pick up & dropping of the school students on daily basic......

Best Regards
Aditya..

SIR ,
MY QUERY IS THAT IN THE CASE OF CONTRACTORS OF ALCOHOL ARE THEY LIABLE TO AUDIT THEIR ACCOUNTS

Respected Experts,
Can anyone guide me on how to audit petty cash (and its expenses) from an cash embezzlement point of view.
2) Please tell me what are the documents i should view?
3) What are the supporting documents i should verify if an expenses is debited?
4) What are the ideal internal controls for that?
Its highly essential for me at this time. Please give me an elaborate explanation.
Thanks & Regards,
Rajesh.

Can a Co. stop charging depreciation if it had stopped manufacturing & is a loss earning co.?

Urgent !!!

My client has taken loan of 40 crores from Financial institution /NBFC on floating rate of interest. Therefore a minor increase in interest will cause major impact on the financials.

My question: i. Can the interest rate be hedged

ii. What are the ways of hedging it

Suppose i have set up a factory building for a new project on 1st Sept, 2010. The factory is totally ready. However the plant and machinery required for production is installed on 1st Dec, 2010. When should the factory building be capitalised. Once production starts, on installation of P&M or from the time Factory building was ready.. Plz advice

Please help me in passing the accounting entry for free samples distributed in case of manufacturing concern.