A transaction enterd by the copany with another co. for purchase of goods of more than 1 crore and one employee is director in that co from which goods has been purchased.this employee is also a director of other company in which he is working as an employee, which is its parent company.this employee is on contractual basis.Eployee contract is with the parent copany.wheather this transaction would be covered with related party transaction.Pls. revert me as soon as possible.

Sir my question is if an LIC agent received commission more than Rs. 10 Lakh in P.Y. 2009-10, tax audit is applicable or not

A client is a proprietory concern and has paid brokerage of RS 25000 and not deducted TDS also in year precedind previous yaer ,concern was not auditable.Comment for AY 2010-2011

if my purchases exceeds 40 lakhs for the financial year 2009 2010 is it liablle for tax audit though my sales is olnly 38 lakhs for the year

Plz explain clause 13 all sub clauses except a of form 3CD

Whether there is any limit in paid up share capital or any condition for taking up Supplimentory Audit for a Govt Company by Govt Audit. Otherwise it is to say whether there is any provision in Act or CAG circular about allowing a Govt company from Supplimentory Audit by Govt Audit.

in last year 2008-09 , while finalising balance sheet of petrol pump , an income (tanker freight) is written as 42 lacs instead of 52 lacs (as per form no. 16a) ,
and closing stoch of petrol is written as 23000 litres instead of 30000 litres , on account of which closing stock is also undervalued by rs. 280000 .
please suggest me how to rectify these mistakes:
either to change audit report ?
or by filing revised return?
please answer it in detail

facts
1. company is in a business of proving employees to the company on contract basis
2.co raises bill of actual salary payable to employees + service charges + service tax.
3. company pays salary to all concerned in first week of next month.
4. but company raised invoices in month of april and may 09 for the services rendered in the month of jan feb and march 09.
5. In some cases, it was also found that tds certificate of current period includes the amounts which are of previous period according to companies invoices but not accounted for, in previous year, neither by co nor by deductor.

question :
1.whether these service charges are considered prior period ?
2. what will be accouing treatment?
3. or as invoices raised in current period these are considered as currect period transactions.
4. what is the solution for point no. 5. can i treat it as current years invoices or require disclosure?
i am confused. pl clarify the situation.

Dear Professional Collegues,

Can someone describe about company's balance sheet and P&L position in case the case the company goes for strike off.

Finished goods are valued at the lower of cost or net realisable value. Net realisable value is considered as on the balance sheet date. If subsequent to the B/S date but before the approval of the B/S by the Board of Directors, if there is further decline to the net realiasable value, whether the same would be considered for the purpose of inventory valuation?