I have given interest free unsecured loan of Rs. 50.00 lacs but i have paid interest on unsecured loans which have taken.

I want to know whether any problem will arise in future due to above transaction at the time of scrutiny of income tax departmen. if yes

what i have to do

CA Kusum Sorathia

Sir One of the assessee is a builder.He done some Fabrication Work in the sample Flat.The Party has given the Bill consisting of Material & Labour Without any TIN No. or Service Tax Registration No.

Whether my assessee shoud book the bill under URD Purchases and should pay the tax on the same or ask the party to give Bill with VAT TIN No. or Service Tax Reg No.

Guide me.

DEAR SIR,

WHAT ARE THE PROCEDGER FOR CHGANGE OF PREVIOUS AUDITOR & APPOINTMENT OF A NEW AUDITOR IN A PROPRIOTERSHIP FIRM

Is demanding audit engagement letter from the company mandatory for the auditor? if Yes, under which law and section?
And is it the obligation of the company to sign the letter. And who will have to sign the letter as the Auditors are appointed by the shareholders.

Dear Members,

If audit firm appointed as internal audior of Parent company,shall the same firm eligible for appoint as Statutory audit of any subsidiaries company..?? please give me answer with support of code of conduct.....

Thanking you

Ankeet Dalal

I am a article assistent my auditor ask this question.

What is the procedure to change auditor in a company ie.,(auditor wants to come out from a company) what procedure auditor should make and which section it covers in company law 1956

Dear friends & professional colleagues

today all our professional CA's friends & colleagues very much sad with the union budget 2012-13 for increasing the tax audit limit from 60L to 100L & news also about gone away of bank audit upto 20 cr. advances.

But carefully reading the budget w.r.t tax audit limit increase, it says :turnover limit for Tax Audit and presumptive taxation of SME's increased from Rs 60 L to Rs 100L"

My concern is that:
What is the meaning of SME? Reading the definition of SME's as per RBI RPCD Circular No. RPCD.PLFNS.BC. 31/ 06.02.31/ 2005-06 dated August 19, 2005, which is reproduced below :

" At present, a small scale industrial unit is an undertaking in which investment in plant and machinery, does not exceed Rs.1 crore, except in respect of certain specified items under hosiery, hand tools, drugs and pharmaceuticals, stationery items and sports goods, where this investment limit has been enhanced to Rs. 5 crore. A comprehensive legislation which would enable the paradigm shift from small scale industry to small and medium enterprises is under consideration of Parliament. Pending enactment of the above legislation, current SSI/ tiny industries definition may continue. Units with investment in plant and machinery in excess of SSI limit and up to Rs. 10 crore may be treated as Medium Enterprises (ME). "

On getting deep into the definition you may noticed words "Industrial Unit" so does it will not cover non industrial unit/firm????

So can we conclude that the budget provision covers only Industrial Unit & others still under old provision with 60L audit limit?

Please do no laugh as i have seen some light of hope ....

experts opinion & comments sought on the topic.

when a consignment brought in to india & its contain the goods from the different suppliers, how to allocate the cost on which following expenditure is incurred?
1.clearing & forwarding cj\harges
2.loading & unlosding charges
3.paqcking material
4.freight (in india)]

If Statutory Auditor is giving some consultancy services to same client, Whether such consultancy fees can exceed Statutory Audit fees received by such client? Or any restriction is there..?

1) WHAT IS BASEL I,II,III.
2)