According to section 269ss and 269T loan or deposit taken or repaid over and above 20000/- rs. should not be made otherwise account payee cheque or DD. My question is whether loan repaid below the specified limit requires reporting under 3CD? If one party has made repayment of rs. 7500/- during previous year, should it be reported in 3cd??? Similary in case of 269SS, whether loan taken below rs.20000/- should be reported???

one of my client is proprietor and having turnover below 60lacs n his profit is below 8 %.so he is require audit his books.now my question is that is there any diff.b/w regular audit and audit report or not.n if yes then plz give me any format ..thanks in adv

our co. is listed on stock exchange. We want to change our existing auditor who is located out of state for future better liasoning and other genuine reasons and want to appoint one already identified local CA firm.

As per comanies act sec 224 provisions an statutory auditor holds office from the conclusion of AGM in which he is appointed till the conclusion of next AGM. our next AGM is scheduled in september 11 this year which we can not prepond. Also for removing the auditor before expiry of his tenure central govt approval is required and an resolution in GM needs to be passed.

Considering the above difficulties what we are planning is that we will take resignation from our existing auditor and appoint new firm who will conduct quarterly limited review for 1 quarer ending on june 11 for which we need to submit the report within 45 days to stock exchanges. Afterwards in next AGM scheduled in Sept 11 his appointment would be ratified by shareholders from back date. However as per comanies act sec 224 (6)(a) first proviso, casual vacancy caused by resignation of existing auditor can be filled in by appointment of new auditor in GM only. Please suggest whether ratificaton of appointment of auditor as stated above for carrying out limited review of q1 of FY11-12 in AGM is valid one or we need to first call EGM anyways.

IS CO OP SOCIETIES NOT HAVING PAN AND TAN BUT AUDITING ITS ACCOUNTS ARE LIABLE TO DEDUCT TDS ON CONTRACT AND PROFFESSIONAL CHARGES?

WHAT ARE THE PROVISIONS IF THEY DON'T DO SO?

A proprietor has truck for business purpose. After 2 years of use he sold trucks.There is no depreciation charged in current year and loss incurred in sale of trucks. Can it possible to adjust loss under section 50 against profit of current year.

Let us assume X and his son Y, both are CA. X is working as a Partner in Firm A and his son is practicing as a Proprietor in Firm B. Firm A and Firm B are purely independent. Suppose X is statutory Audit of Company C Ltd. in capacity as a partner of Partnership Firm. Can Y, son of X can accept Internal Audit in company C Ltd. Note: X and Y are working independently and Y is having no relation with the Partnership Firm. In view of Code of Professional Ethics, Auditing Standard, Company Act or any other Notification/Circular etc Can Y accept as a Internal Auditor of C Ltd. or not.

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.