I applied for membership & COP and same has been approved by the ICAI and currently my COP status is active (Full Time). I applied for firm name approval by filing Form No. 117 on 19/09/2019 and same has been rejected by the ICAI due to firm name not match with my name and I again file Form No. 117 with correction in firm name now my query is can do the Income Tax Audit because of my COP status is active (Full Time) ???

A car was purchased back in 2014 which has been currently sold i.e. during FY 2018-19.
WDV as on 01.04.2018 of the Car as per books of account is INR 2,00,000/-
Sale of Car on 31.03.2019 at INR 1,50,000/-
My doubt: How will i book the loss of INR 50,000/-? Can I debit the loss from the Statement of Profit & Loss and thereafter add it back for income tax purpose during MAT calculation?
Kindly clear my confusion while calculating profits under both Companies Act and Income Tax Act.
Looking forward to an expert solution.
Thank you.

It is a organisation mostly funded by govt for public welfare activities. we have already issued the audit reports BS & R&P a/c but they are not published for public yet. Now we want to put a qualification on the audit report on some issue which has been clearly mentioned in ML.

What is the procedure, whether the audit report will be revised or re-issued , in case it is to be re-issued or revised, i have following doubts

- whether audit report date will be changed
- whether UDIN will be applicable since the at the time of issue UDIN was not mandatory
- whether the issue lead to qualification should be mentioned in the management letter apart from written in revised audit report.

Asseessee HUF is trading in F & O

In A Y 17-18 & A Y 18-19, since F & O Turnover were More than 1 Crore & Profit were Less than 6%, so Tax Audit was done in Last 2 years.

In AY 19-20
F & O Turnover is Rs 21 lacs approx
and there is Loss in F & O business, No other Income Except Bank Interest


Will Tax Audit Applicable ?

How many Tax Audit Report can sign by a CA
and how many UDIN could be generated ?

Please let me know

Dear Experts
Pls guide regarding query "Bank Processing fees & Stamp duty charges for Term Loan does form part of BORROWING COST ? "

If yes, how it will be treated in books of account ?

Thanks & Regards

IS AUDIT CONDUCTED U/S 44AD OF INCOME TAX INCLUDED IN AUDIT LIMIT 60 OR SAME WILL BE EXCLUDED IN COUNTING TAX THE AUDIT LIMIT. KINDLY THROUGH ON THIS MATTER


THANKS IN ADVANCE

I have received building from related person covered under income tax worth Rs 5L and paid the stamp duty for the gift deed & has duly registered the deed.
Now my question is
Whether i can book the whole value of gift in my books of account? If yes provide the basis to show in the audit?

DEAR SIR/madam,


I have one confusion in Form 3CD we required to disclosed chapter VIA deduction . I want to know whether such deduction expenses should form part of capital account of proprietor?.

If we will enter deduction details in form 3CD as it is the personal expenses of the assessee not of firm business , it will go?

PLS TELME LAST DATE FOR FILLING IT AUDIT