Suppose partner Mr.X is earning interest of RS.65.00 Lacs from the firm during a particular financial year then is he liable for Tax Audit under section 44AB

Can u please specify the foll. queries.
1. Can TDS needs to be deducted on paying of Liquidated damages.
2. Whether Such damages allowed as Business expenses for Audit Purpose.
3. Can payment of Liq. Damges can be capitalised and WIP Transferred.

Regards,
manish

Dear Experts:
If any company falling in cost audit records rules as per new notification issued in may 2011 fist time
a) in this case can company will receive the cost audit order letter from central govt or not ?

b)either company have to wait for cost audit letter from the central govt.?

pls clear the my confusion on this , what are the rules applicable .

thanks
Ravi

in one of my clients , i have noticed that the some of the expenses is appearing in rates and taxes and professional charges relating to a new project which is all together a new line of business in comparison to the present business.

My doubt is whether the expenses can be booked in the normal business P &L or should the same to be shown under expenditure during construction pending allocation as per the guidance note.

Dear Expert,
One concern engage in manufacturing activities and having turnover more than Rs. 100 crore but not listed in stock exchange,
1) here rules of cost audit will applicable or not?
2) can company have to mainatain the cost records under rule 2011.
pls clarify.

thanks
ravi

As an auditor, what are the things to be seen while doing a statutory audit of a big company

There is a Non-Deposit Accepting NBFC (Company).

Accounting Standard -3 Cash Flow Statement is applicable for Level 1 Enterprises only.

The company does not have the 50 crores turnover in the preceding Accounting period for applying AS3.

Is my NBFC a "Financial Institution" for getting applied AS-3.

What is "Financial Institution" for applying AS-3?

sir, as w know one ca can accept 45 tax audit maximum..
today i read kamal garg book..i read same line with ..." maximum 30 audit u/s 224/228 can be accepted"

sir, as per my knowledge ca can accept 45 audit...of whoich only 20be companies..subject to limit of public co. having. 25 or more paid up share capital be 10.

please clarify the matter....

my question are as follows:

Why private company choose to conduct internal audit of its financial statements and spend money as it is not mandatory.

Further they also choose to conduct statutory audit of its financial statements and spend huge money on it.As we know that statutory auditor reports to shareholders and in private company there is only max 50 members and they are relatives and friends,so why spend money in conducting st audit they can know there internal control weakness when they have conducted Internal audit of their financial statements..Please help me out, having difficulty with above.

Dear Sir,

pls advice me
As per Sec.44AD
my clients are running a Medical stores business Partnership Firm - if partnership firm income is loss can audit is complusary

if yes or no pls advice

regards
praveen