What are meant by the following?
1.Risk of under reliance,
2.Risk of over reliance,
3.Risk of incorrect rejection, and
4.Risk of incorrect acceptance.

If in partnership firm turnover is 30,00,000
and other income 3,00,000.
My Query is that u/s 44ad net profit should 8% of turnover i.e. 2,40,000 or 5,40,000 compulsory.

There is a Individual Assessee engage in Construction Business & it was incorporated in the year 2008-09. there was Tax audit in the year 2008-09,. while there was no Tax audit in the year 2009-10. while there was Tax Audit in the year 2010-11!! so vill be TDS Applicable for labour or any other section of TDS for the year 2010-11.

If a Pvt ltd company purchasing building for 50 Lakhs, whether 1) Land has to be accounted seperatly 2) whether wealth tax is applicable since the property value exceeding 30 Lakhs. Pls clarify. Thanks in advance

For example a bill shows Jet printer qty1*10000 and modem qty 1*500. total Invoice is 10500/- In this case can depn on qty 1*500 can be claimed 100% as per companies act since the cost is <5K. and chrge normal depn rate on qty1*10000.

Hi

Please suggest on the qualification of a Sox Auditor in India.

Is is necessary to have Chartered Accountant as Sox Auditor or an MBA from finance background is fine?

Regards

Dear All.

We are an EOU and under the purview of Cost Accounting Records Rules 2011. However chapter code of our company was brought under the purview of Cost Audit through CAR order 24th January 2012.

CARR 2011 specifically mentioned that Company should obtain compliance certificate either by employee cost accountant or from Practicing Cost accountant.

To get this compliance certificate from Cost Accountant do we need to appoint cost auditor though Board resolution and do we need to comply with the ROC formality of form filing 23C?

I have tried to search this but could not find the relevant information. Please help me to resolve my query.

Regards,

Dear Experts,
Please explain me the meaning of indenting with respect to materials or purchases?
Thanks & Regards,
Rajesh.

If one person carries on two business, one is professional and second is trading business.
In professional the gross receipts is 1400000 and in trading business turnover is 5500000.
So my query is whether it is auditable under the section 44 AB or not?

If one person carries on two business.
Turnover of one business is 50 Lacs and same of the second business.
So that my query is whether we have to check a person is or the separate business is auditable under section 44 AB in the A.Y.2011-12.