Dear,

I have a query relating to tax audit, Whether in clause 27 GST ITC availment and utilisation is given, if yes , what is to enter in next column treatment of same to profit and loss.

GROSS TURNOVER F/Y 2017-18 (A/Y2018-19) 1,70,99,332/- NET PROFIT 6,27,980/- % OF PROFIT 3.67254%. SHOULD TAX AUDIT UNDER 44AD.

PLEASE CLARIFY MY DOUBTS AS SOON AS POSSIBLE .THESE ARE MAKING MY MIND CLUMSY.PLZ DO REPLY FAST SINCE EXAMS ARE NEAR.

1.Can CA with COP
a.start any business with ICAI permission?
b.Start a Trust?
c.become a member in Political party?
d. be an employee in any firm or company in capacity as ca or not.
e.be a partner of business firm
f.use prefix CA anywhere without restrictions
g.Display direction boards to ca firm
h.say the firm name he worked in the past in interview
I.put hoarding or big pic in newspaper by his friend congratulating for silver jubliee celebrations of ca firm or achieving rank in ca

2. All above questions incase of holding part-time COP
3.All above questions incase of just passed CA not holding any COP but in full time employment in a company

One of my client incurred much loss (6 time of Assets & Capital) in private Limited Company Balance sheet and no sales in previous year.
Which Independent Audit report (IAR) I will issue? And is any reporting required on going concern accounting standard and where?

Please suggest me

What was the accounting treatment for tangible fixed assets written off i.e the life of the asset is completed. How to show in the profit and loss account.

Clause 27(a) of Form 3CD :
Amount of Central Value Added Tax Credits/ Input Tax Credit(ITC) availed of or utilised during the previous year
and its treatment in profit and loss account and treatment of outstanding Central Value Added Tax Credits/Input Tax Credit(ITC) in accounts.

CENVAT/ITC Amount Treatment in Profit & Loss/Accounts
Opening Balance
Credit Availed
Credit Utilized
Closing /outstanding Balance

What does the Input Tax credit ( ITC) ? Is it applicable to GST and 3 months VAT?
There is no notification about it,though it appears in 3CD schema .
How we will deal with this clause?
Experts,Please clarify
Best Regards

Dear Sir,

Our Pvt Ltd Company Income for 31.3.2018 as following :

Dividend from Mutual Fund 1,10,04,059
Dividend from Shares 2,12,807
Capital Gains Income 2,61,258
Interest Income 37,469
Total Income : 1,15,15,593

My query is applicability of Tax Audit u/s 44AB.
The Investments made by the company are shown in Balance Sheet as Current or
Non-Current Investments and corresponding income from the investments is shown
as ‘Revenue from Operations’.

Investments shown in Balance Sheet as Current or Non-Current Investments
and corresponding income from the investments should be shown as ‘Other Income’
than Tax Audit is not applicable to Company.


Please advise in above matter

Thanks & Regards
NK

Dear All,

If we pay Rs 6,000/- in cash to my part time sweeper.
how could I show this legally ?

Thanks & Regards
Partnership Firm

Dear Sir,


My client business is recharge of Videocon & Dish tv etc. and also serivce center operate then he will get Commission on Sales of 5%. and his turnover hiked 2.5 Cr. then my question, Client is liable to tax audit or not.?

Kindly explain in details.

If amount is not deposited due to dispute in the court but the time period elapsed is less than 6 months. Should we report in 3CD?