One of my client proprietor of firm engaged in business of developing and building of commercial / residential complexes, 2010-2011 is his first previous year. he has purchased the plot started construction on it, till 31/03/2011 the project was in progress i.e incomplete.he follows project completion method for revenue recognition. he invested his funds , quasi loans and booking amounts from prospective buyers, total exceeded to more than 100 lacs.
advise whether provisions of tax audit are applicable. and what are ICAI guidelines / SAP provisions in this regard.
thanks.

Audits conducted under 44AB bcoz of profits shown under 8% of turnover as per 44AF....
Will the audits will be considered for 45 tax audits allowed per CA

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.