Due to some different procedures followed by the foreign parent company, the indian company is asked to reverse the revenue of previous year in current year. Due to this reversal, the net profit is getting turned into Net losses. The question is:

1) What type of report (i.e Qualified, discliamer or adverse)to be issued in such scenario where the profit is getting converted into losses of current year?

2) Why with reason

3) Please give some real examples to set the past precedents.

4) How this reversal shall be disclosed in the financial statements i.e extra ordinary item or something else?

Thanks

If the tax audit for the F.Y. 2008-09 has already been done by another auditor but some mistake found later. can another auditor conduct the reaudit on request by assessee for same f.y. 2008-09 without communication with previous auditor?

Is communication with privious auditor is must before taking up the TAX AUDIT of Proprietory firm?

which contracts payment are need to deduct TDS? whether required to deduct tds on printing of any books.

I did like to know, while calucatin Turnover for the purpose of Tax Audit which turover we shld consider...

1 Gross Turover including VAT & excluding Sales Return
2 Net Turover excluding sales return

plzz clear the doubtttt

Royalty payment i.s forign remittance whether we have to deduct TDS including of service tax ( Gross amount) or excluding of service tax( on net amount)


Kindly suggest.

Our Co. Purchase a software of Rs. 200000/- for Inventory Management & updagrate it for 1 year & pay Rs. 18000/- in same month
Party Raised bill as follows:

Software (Ver.XXX) : 200000
Software Update for : 18000
1 Year

Vat @4% on 218000 & Service Tax 10.30% on 218000

Is this correct?

Pl tell me....

Dear Sir,

Our Firm pays Recurring deposit on behalf of our office staff per month for 5 years under some bank Scheme.The Deduction are:

total RD : 1350.00
50% will be deducted from salary & 50% the firm will bear.

Please say What expenses should be debited for 50% which the firm pays.Shou;d it be treated as salary & welfare.

Please reply.

Thanks & regards

Survesh

Question:
How to verify whether the cheque issued is account payee or cross cheque by the bank statement?(In respect of Section 40A(3))

Law wording is:

Explanation I : For the purposes of sub-sections (1B) and (1C), "specified number" means, -
(a) in the case of a person or firm holding appointment as auditor of a number of companies each
of which has a paid-up share capital of less than rupees twenty-five lakhs, twenty such
companies;
(b) in any other case, twenty companies, out of which not more than ten shall be companies each
of which has a paid-up share capital of rupees twenty-five lakhs or more

Here, "co." is mentioned so why limit is counted as for "public co."
the limit of 20 should be for both public and pvt.