Dear Experts

Please clear "whether a assessee who has two(2) business viz. One is labour supply business and another is steel trading business....

Can he opt this option:
Declare income u/s 44AD for labour supply business & opt tax audit for Steel trading business????

Please also clarify "how the ITR will be filled in that situation"????

Thanks for solving query...

Mr.A :- Father
Mr.B:- Son

Mr.A was carrying on business as proprietor of a Firm.He died on 20.10.2010.At that time the turnover of his business was Rs.50,00,000/-.P/L & B/s Was prepared on 20.10.2010.

Mr.B ( A's son)took over the same business of his Father from 21.10.2010 and continued as proprietor of the same business.The turnover from 21.10.2010 to 31.03.2011 was Rs.40,00,000/-.B is legal heir of A.P/L & B/S was prepared from 21.10.2010 to 31.03.2011.

My query is:-
1.For Tax Audit purpose what will be the turnover.
a)Rs.50 Lakhs & Rs.40 Lakhs to be taken separately.(The assessee does not wish 8% and get his accounts auited)

b)Should it be Rs.90 Lakhs and one P/L & B/S to be prepared?

c) If point "a" is true can two separate audit report be issued?

Need Expert advice...Very Ugent

I have received rental income of Rs.1 crore last year and I dont any business do I require to audit my return or I can file it directly.

Thanks

Dear Experts professional

Query is "whether on request of assessee a chartered accountant can do the tax audit u/s 44AB of a firm having turnover below Rs 60 lacs"????

If yes, then what are the reports should be issued???

Pls reply soon

Please any body send me the things to be considered as per company act 1956 of india while doing audit of a subsidiary(private)company of a private holding company. Urgent.

cumulative loss is greater then loan+ capital so sources of fund is negative.net current assets is negative and which is more then fixed assets so application of fund is also negative.
CAN WE SHOW THE NEGATIVE FIGURE IN SOURCES OF FUND AND APPLICATION OF FUND IN THE AUDITED BALANCE SHEET.

in a trading organisation where the company is operating all india basis and having the warehouses in every state. should the freight paid on stock transfer from one branch to another against form-F be included in the cost of inventory.

in a trading organisation where the company is operating all india basis and having the warehouses in every state. should the freight paid on stock transfer from one branch to another against form-F be included in the cost of inventory.

Dear Sir,

I qualified as CA in May11. I applied for
membership in july and for COP in august,11.

Now my status on members' search is showing
not holding COP and when I called bombay office today, they told my COP is activated from 25-8-11 i.e. on the date of submisstion of COP application with draft.

I wish to sign audit report.

Can I sign the same in My Individual Capacity with my membership number?

Institute people have called that My letter regarding COP will be received soon.

Please suggest.

Dear Experts

I am in delima in deciding what to do in case of a assessee whose turnover is abt. 20 Lacs & asked me to do Tax Audit U/s 44AB.

On verification of the books of accounts it is found that number of times cash purchase was done above Rs 20,000 thereby resulting in contravention of Sec. 40A(3).

My query is that:
"is it possible that i conduct the tax audit u/s 44AB mentioning the details of Sec. 40A(3)contravention in 3CD report AND FILE THE IT RETURN UNDER PRESUMPTIVE TAXATION SCHEME U/S 44AD so that contravention of 40A(3) would not be applicable to him"

The purpose the client wish to get accounts audited is to get bank loan as bankers asking him for audit report.


Please suggest is it possible to do or suggest some other alternate solution.....

Very thanks in advance for solving the delima.....


Regards