There is a hospital running under the trust registered u/s 12AA of income tax act.have some cash payment for amount exceeding 10000.is section 40a(3) applies to it?if Yes,then what actions to be taken as an auditor?

Hello, an Auditor missed a disclosure on SBN Notes ammended vide notification number gsr 308(e) on 30th march 2017, under the Companies Act, 2013 notified by MCA. The Financials and audit reports have already been filed for all the companies. Can anyone let me know what are the consequences of these and what can be the remedies to rectify the same?

Dear sir,
What is Form-16 and ITR-1 ?

Can anyone provide a sample internal audit report for Toll company or atleast a checklist for vouching the accuracy of toll revenue ?

Dear experts please clarify me that interest on taxes like GST or Income Tax and late fee over filing return late does comes in general expenses of the firm or not? Can we show it as indirect expense in the book as interest incurred on Tax or Late Fee over filing return late or is it of some other nature?

Plz answer
Thanks in advance.

My proprietorship business turnover in FY 2016-17 is Rs. 90 lacs and profit is Rs 4.5 Lacs (5%). Is tax audit applicable? if yes please clear the clause under which it is applicable with reasons. Thanks in advance.

If A is a statutory auditor of a company named X, can he act as an internal auditor of company Y which is an associate company of X.

Please quote the corresponding section of the act to your opinion

Hello Experts,

My query is regarding Income Tax Auditors.

I have filed one IT audit for A.Y. 2017- 18 for Company without Form -29B, with CA. ABC.(eg.), and now I want to file Form 29B with CA. XYZ (another Auditor) and with the Same CA. XYZ I will revise the IT audit after filing Form 29B for the above said A.Y.

So, I want to know that, is there any issue or problem if I will change the Auditor or CA ( Chartered Accountant)?

Plz let me know.

Dear Sirs,
I am running my own business . I purchased a Jewel for Rs.40,000 and the same was gifted to one of my employees whose daughter got married recently.

Can I book the entire amount as Staff Welfare Expenses ??

Please advice.
Thanks.

Companies Act, 2013 says first auditor to be appointed by the Board of Directors within 30 days of incorporation. First Auditor will hold office till the conclusion of first AGM.

Thereafter, Auditor can be appointed for a period of 5 years from the conclusion of first AGM till the conclusion of 6th AGM. In the case of audit firm, they can be re-appointed from 6th AGM to 11th AGM.

My query is in this case, the tenure of auditor exceeds 10 years from the date of appointment by the Board. Is this logic correct?