Hello friends, i need certain clarifications regarding Tax Audit. 1. Whether the penalty paid by an assessee is to be shown against the relevant clause in 3CD even if the same was debited to capital account in case of prop./partnership as the clasue requires the words books of accounts.
2.In case of part B of Annexure 1 whether the advance tax paid should be shown in the relevant coulmn of taxes paid of provided for on income.
3. The last one is about sec 43B, whether the TDS/VAT etc. which were never made part of item debited to P & L, so do we need to consider while considering the compliance of 43B.

Dear Experts,
My auditor has asked me to make ledger scrutiny to a tax audit firm (business income).
This is the first time i am going to do that.
I know that it is not an easy question to answer becuase there will be lot of points to be considered. But pls. inform me what are the important points to be noted in case of
(1) Sales
(2) Purchases
(3) Assets - Is it enough to see new purchase of assets.
(4) Cash in hand
(5) Bank A/c - whether BRS available
(6) Liabilities
(7) Expenses - operative & non-operative.
(8) Income - Operative & non-operative.
With regards,
Rajesh.

can a CA who has adopted due care n skills while performing audit be held as guilty if later on (say after1-2 yrs) some frauds,errors are detected?
or he may be left free on the ground that he adopted due care n skill?

What are Level I, Level II & Level III enterprises for qualification of exemption for reporting compliance of Accounting Standards?

In case of Pvt. Ltd Company, suppose loans outstanding in preceding year i.e on 31.03.2009 is more than 10 Crore. However at the end of previous year i.e on 31.03.2010 loan outstanding is 8 Crore. Please suggest whether the company qualify for exemption under AS -18 in the previous year 09-10 for the related party transaction.

One PSU has received FC Loan out of an international agreement for developmental purpose. In the notes to accounts, it said that it had not considered forex diff. in borrowing cost due to non-confirmation of balance by the foreign lender? Is this treatment correct? Interest had been calculated considering day balances?

What shall be the format of Company Accounts of a PSU during Construction Period? Whether Income Tax is required to be considered?

Dear Experts,
I have been assigned the task of ledger scrutiny of a tax audit firm which is a manufacturing unit.
1) Please let me know how i should carry out the ledger scrutiny?
2) Please inform me what are the important ledgers that i have to go through to ensure that the books are maintained as per the statute.
With regards,
Rajesh.

What is Adjustment Entry,Of Defrred Tax Assets Made By Concern On Unabsorbed Dep., But No Convincing Evidence that sufficient Taxable Income Will Be available.

cipating preference shares.In such situation,as per para 13 of As-20, the Company must reduce the same from PAT only for the purpose of compliace of As -20. Can you explain the same is compulsory or not to comply para 13 of As-20 for companies or not ? The decision will affect indinan corporate history