I have read in theory of audit that,

while auditing Work in Progress, the Auditor may advise his client that where possible the Work in Progress should be reduced the minimum before the closing date of financial year.

why, is its so ??

Please let me know,
is it necessary to disclose, the balance of chq in hand ( received from debtors) along with cash and bank balance, in the financial statement the last day of the accounting year.

And, in what respect it would affect, the financial statement materially on non disclosure ?

Experts' opinion please.

Thank you.

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 delime.....


Regards

if a CA person has enter into a merger with other CA,, then that CA can do audit in his own name....The total no of audit will remain to 45 only..

Can any one kindly suggest me about presentation in theory papers in PCC examination...

Can we use points to describe the answer or it should be in a single paragraph.

Dear Experts

"Does Turnover include the INCENTIVE/ UPFRONT SCHEME GOODS?????

Please reply with reference to Sec. 44AD (Presumptive Taxation).

Please calculate the Tax liability w.r.t given below example presuming assessee wish to opt Sec. 44AD

1. Sales Rs. 15.10 Lacs
2. Incentives & upfront Goods recd. Rs.
1.40 Lacs (Not included in above Sales)

So basically the question is "whether 8% will be calculate on Rs. 15.10 Lacs or on Rs. 16.50 Lacs i.e 15.10 + 1.40 Lacs"???

If it is to be calculate only on Rs. 15.10 Lacs, then what will be the treatment of Rs. 1.40 Lacs????? Can we claim expenditure from that Income????

Pls reply soon

Thanking you

We have created a school under the Educational Society last year and collected fees from school around Rs.5 Lakhs, and the book of acconts shows net loss of Rs.50000/- . I want to know whether we need to get our accounts audited or we can file the return without audit and please let me know which ITR should be used.

Thanks

Dear Experts

"Does Turnover include the INCENTIVE/ UPFRONT SCHEME GOODS?????

Please reply with reference to Sec. 44AD (Presumptive Taxation).

Please calculate the Tax liability w.r.t given below example presuming assessee wish to opt Sec. 44AD

1. Sales Rs 15.10 Lacs
2. Incentives & upfront Goods recd. Rs
1.40 Lacs (Not included in above Sales)

So basically the question is "whether 8% will be calculate on Rs 15.10 Lacs or on Rs 16.50 Lacs i.e 15.10 + 1.40 Lacs"???

If it is to be calculate only on Rs 15.10 Lacs, then what will be the treatment of Rs 1.40 Lacs????? Can we claim expenditure from that Income????

Pls reply soon

Thanking you

Query is regarding accounting & taxation of a partnership firm, the details of which are as under:

1. Prop. firm was started by Mr. X from
Oct 2010.

2. On 10-1-2011, Mr. Y joined the firm
with 50% Sharing as partner and the
status of the firm changed from Prop.
to Partnership Firm.


So the query is now:
1. How the accounting will be done?
2. How the taxation will be done?

Does need to prepare separate accounts for the period Oct 2010 to 10-1-2011 & 11-1-2011 to 31-3-2011???

Please provide detailed information regarding the matter.

Thanks

I am doing audit of a manufacturing company and have following issue in it:

"Clo. balance of Cenvat Cr. is not matching with the Cenvat Cr. as per excise records"

On discussion with the client, there is some possible mistake in Excise Return and claiming books of account is correct.

My query is that:
1. What figure to take as final for audit purpose.

2. Does i need to qualify the Audit Report stating specifically that Cenvat Cr. A/c not matching with Excise Records??????

I have mentioned in the notes to the accounts that "balance of statutory are subject to confirmation"

3. What extra precaution needs to take care in this matter?


Please guide in details as soon as possible.

Thanks in advance