Kindly advice :

One of my client runs a TV repair shop. His gross receipts are Rs. 1,80,000.00.
After paying shop rent and other expenses, business income is Rs. 1,35,000.00.
Income from other sources is about Rs. 1,00,000.00. Total Income being taxable.

Now my Query is :

1). His income being more than 8% of gross receipts, does he need to maintain books of accounts. If yes, what should be filled in ITR 4 as he doesn't own any raw material or any business asset.

2). Is there any need to get accounts audited?

3). Can he file return in ITR 4 Sugam?


Regards

Pls Reply...
If a CA in Practice except the audit of a firm in which his father is a director and thus having substantial interest... Would he found guilty of Professional Misconduct as per Schedule 2 Part 1 Clause 4...
As the clause says only about "CA, FIRM AND PARTNER"......

dear experts,
im on audit of a pharma trading co.
it purchaes medicines from dealers & makes interstate & intrastate sales through consignment agents (CSA). now i want to know how to verify some important points.

i have already prepared some observation s& im gonna qualify this report.
suggestions neede.

kind regards
abhiram bharat
CA final apprared

Hi,Experts
Mr X is the sole proprietor of a CA Firm.During his practice he has accumulated clients whose accounts are required to be audited u/s 44AB.He has more than 45 Audits (Say 120 Nos.).He is not interested for partnership.Also it is not safe to pass the audits to another CAs,(bcoz of shifitng of clients to another CAs).The audit limit is 45 nos.In this situation what are his options to retain the clients? The clients r also not interested to leave the firm because of good relationship and adequate service.

Please render your valuable suggestions.

Can somone please confirm if the following rates are right or not as per COMPANY'S ACT ???

Computers - 16.21% SLM
Furniture and Fittings - 6.33% SLM
Office Equipment (Can it be taken under Furniture and Fittings) - 6.33% SLM
Vehicles - 9.5%
Computer Software - Intangible Asset? - 10% SLM

a survey was held in partnership firm engagged in transportation service.during the survey assesing officer declared an income of 400000 and asked to pay tax on the same income for the F.Y.2010-2011.now while finalising the audit report what should be the accounting treatment of income declared on survey.the auditor does not want give the impact on cash or other asset.please give ur valuable suggestion for this problem and suggest appropriate way to record the transaction.

can u pls tel me Is there any concept called e1 sales? if yes what is its terms n conditions ?? is this exempted from VAT or CST ??

if a trader has turnover less than Rs. 60 lacs and showing net profit less than 8%, than he has to get audit his books from CA. Now whether that tax audit would be counted for the ceiling limit of 45 tax audits of CA?

Amount paid for purchase of a part of a machinery which is having a life of less then a year but costing Rs 30000/-. Will it be capitalize or not?? Please provide me case study with suggestion.

Dear Sir, TDS DEDUCTED & DEPOSITED INTO TAX DEPT A/C BUT NOT SUBMITTED AS PER FORMAT Q4 TDS EMPLOYEES SALARY DATA TILL TODAY FOR THE YR 2010-11. IF NOT SUBMITTING THE Q4 DATA EMPLOYEE WISE, WE CAN FACE ANY PROBLEM FROM IT DEPT.IS THERE ANY PENLATY FOR NON-SUBMISSION OF Q4.PLZZ INFORM ME DETAILED & LAST DATE TO SUBMIT.

thanks in advance