CASE :
ONE OF OUR CLIENT IS A PARTNERSHIP FIRM WHICH HAS DISCONTINUED ITS BUSINESS BEFORE 3 YEARS BUT STILL HAS NOT DISOLVED THE FIRM.
NOW THE FIRM IS HAVING ONE HOUSE PROPERTY WHICH IT HAS GIVEN ON RENT AND IT GENERATES RENT INCOME.

MY QUESTION IS WHERE THIS INCOME SHOULD BE SHOWN
1) IN HOUSE PROPERTY
OR
2) BUSINESS INCOME
OR
3) OTHER SOURCES?

X & CO, a firm of chartered accountants has done the tax audit for the year 31.3.2010 for a public limited company. Though there is no formal appointment letter from the company. For the year ended 31.3.2011 there was also no formal appointment letter from the company to carry out the tax audit. Now X & Co., has receieved a letter from a firm of chartered accountant asking for No Objection from X & CO., to carry out the tax audit for the year ended 31.3.2011.
Is it justified for X & Co., to issue such NOC to the present Tax auditor appointed for the year ended 31.3.2011, where there is no formal appointment letter from the public limited company.

one assessee is involved in devloping business, his wip for the year end 31.3.2011 is above Rs.60 lakhs,
whether tax audit liable
pls tell urgently

Hi,
I want to know the process of HR audit.

hello,

Kindly help me .i want to co op housing society auditing and accounting. what to do in accounting. and how to do audit .is there any act to follow.or is there any book to follow about audit in the market.hoe to prepare audit report.please tell me in detail.

statutory reserve is to be provided at 20% or 25%?
some people have stated it to be provided at 20% before 2007 and 25% after 2007?
while some have stated that it is to be provided at 20% for non-scheduled banks and 25% for scheduled?
please help me

respected sir i want to know about Disqualification of auditor whose relative is an officer in the company ...

my client has a stamp vendor he sale a stamp of rs 14200000 and recived commission of rs 213000 @ 1.5% can i liable to audit u/s 44ab or not

Dear Members,

Please guide me on the following query relating to the audit & accounts of a society;

1. Whether a society registered in UP during the month of February 2010 is to prepare its Financial Statements for the Year 2009-10 even if any financial transaction has not taken place ?

2. If yes, whether audit of those Financial Statements is compulsory under any Law(if not registered under Section 12A of the Income Tax Act, 1961 ?

3. Whether the Financial Statements are to be prepared for the Financial Year 2010-11 even if the income earned by the society is less than the minimum amount not chargeable to tax ?

Regards,

CA. Rahul Mishra

dear everyone,
please some one explain me the meaning of the term "assertion level".
what it means for the following sentence.

audtor should assess the risk of material misstatement at "assertion level"

explanation with an example will be highly appreciated.

waiting urgently for your reply.
Thanks in advance