Please, can anyone explain the meaning of the term "Turnover" in Income Tax Act, 1961????????????

Hi

I have a client who has got retail business.

He never exceeds Rs.40 Lakhs Turnover from his direct retail business. But, in case i consider the other income and commission(all other indirect incomes) for the turnover calculation, the turnover limit(u/s44AB) exceeds.

So, can anyone of you help me to sort it out whether this specified assessee will come under tax audit??????

Good afternoon friends,

Please guide me, how to calculate depreciation on assets of college run by a trust. Income tax is exempted to this trust. My doubts:
1. Depreciation to be calculated as per company law or income tax act or both.

Praveen

hi every1

please solve my query
one of our cleint, which is a co.
has paid to another co. Rs. 10 lacs as a payment to install a lift system in his under repair bunglow. such payment is made from the account of Co. also the three directors of co. lives in that bunglow as a memeber of joint family.
i think it is not valid

please guide me
also tell me ground from invalidity or validity ground

assessee (Mr A) has 5 business i.e. sorce of income
1. manufacturing cigrattes--35 lac
2. manufacturing toys---15 lac
3. retailer------40 lac
4. profession----38 lac
5. services (supporting)--4 lac

for calculating limit of 40 lacs whether all should be clubbed or only business of same nature should be clubbed & 3 audit reports should be prepared (1 for 2 manufacturing bs+1 for retail+1 for professon+servics)+(1 computation for all)?????????????????

HOW MANY TAX AUDIT CAN BE DONE BY A CHARTERED ACCOUNTANT.

Dear Professional Brothers and Sisters,

I have started my career in Internal Audit in Corporates and after 3 years of passing I an now realizing that the career in Internal Audit is not rewarding. Its highest level is GM_Internal Audit where you will left as a support department and cannot go further upside.

Please suggest,
1) Whether the above statement is true?
2)Should I think for the other options, if yes then what is the area to be explored.
3)Please suggests me the better options for long term career.

Best regards,
Deepak Kumar Shaw

how to prove in court that.......
in co-op. society, m.d. gave some amount (say 20,00,000)in cash to the employee to giving another co-op. society. there after it was found from conformation that the cash was not received. and the mediater (employee) embelzed the cash. then how to prove in court from our books of account? some C.A. told that co-op. society to whom payment to be made should immediately credited. And some told that if the party to whom cash to be given should not credited immediately, because FIR is made against the defaulter party. and not any changes to be made in that account, as we are not judge.

tell me solution with accounting entry in details. my mail id is " sonibhavik1988@yahoo.com "

reply immediately.........

How partners renumeration is calculated if there are 2 partners having 50% share in profit each, in a partnership firm.

Can the share application money be received in form of kind? Do the following entry is correct?

ADVANCE TO CREDITORS a/c Dr
to SHARE APPLICATION MONEY a/c.