Respected Members

Can any one tell me?

1. I am doing tax audit of company and i want to know about section 274(1)(g) about directors disqualification.What is the meaning of above?

2. If suppose we not metioned above matter in report then what will effect on company and report?

If (private/ public ltd. )company does not have fixed asset but have capital work in progress / property development rights in the Asset side of Balance Sheet during the close of financial year.

So, if still the auditor states in its standard auditor’s report the below mentioned clausein the annexure to the report , is the said clause by auditor ethically correct.
(b)According to the information and explanations given to us,all the fixed assets have been physcially verified, at regular intervals by the management during the period,which in our opinon is reasonable having regard to the size of the company and the nature of its assets.No material discrepanices were noticed on such verification.

Commision paid to Foriegn Agent in foriegn currency U/s 195(2)

Assessee book e.g.
For example: Invoice value $1000 commision is to be paid 5% = $5 into conversion rate 45 i.e Rs. 225 debited to commision a/c in the books of assessee.
As conversion is not fixed and amount is paid in dollar by the bank only assessee book is debiting dollar from the conversion into Indian Rupees and the effect in the books comes in Indian Ruees
WHETHER TDS IS APPLICABLE OR NOT?

My Client received an order from court according to which he will receive interest of Rs. Approx 1Cr.(order was Under Interest on delayed payments to small scale and ancillary industrial under takings act, 1993.)
The order was received on june 2010,
1. HOW SHOULD WE DISCLOSE IT IN BALANCE SHEET OF 2009. ( AS CASE WAS 90% IN FAVOIRABLE CONDITION ON THAT DATE).
2.IF ASSESSEE CONSIDER IT INCOME OF 2009 THAN HOW SHOULD WE QUALIFY THE REPORT.

Whether a private company accept application money even if results amounts to more than authorised capital.

hoW MaNy Types of audit is required for the manufactring companies?e.g.ISO audit

What is the exchange rate to be adopted for while accounting the purchase of imported rawmaterial and the date of exchange rate to be adopted....please reply immediately

Company is paying commission to non resident. In order to avoid TDS on that they are making direct payment to that person. ie Expense A/C Dr
To Bank A/C
Is it right to have this practice, company is voilating which section and what is consequences of this voilation???????????

can some one help me how to go through to the subject auditing .Its very difficult

Hi all,

I wanted to ask about interest calculation for MSMED parties.

I am working on client and they have received MSMED confirmation from its creditors. Now the client is arguing that they wont be providing for interest for the earlier period when they didnt knw that the creditor was registered under MSMED. They are ready to provide for interest on late payment after the date on which they have received confirmation.

I am a bit confused from when interest should be provided for?

Thanks!