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?

Does the appointment of auditor would be for a term of five years as per new companies amendment act 2017 and all the previous appointments made would continue with ratification?

Dear Sir,

I have a company at kerala .Now I am planning to set up a branch at kerala itself. And i'am incurring Rent,Salary Etc..at the place where i need to set up my new branch.Can I treat the same as revenue Expense at my head Office.Is there any violation of any statutory Laws/ Accounting Standards in it...

Please Reply

Dear Experts, Plz clarify me that we have missed out one sale bill by mistake of interstate sale from entering into GSTR3B of September 2017. That sale bill is Tax Invoice and now we have to file GSTR-1 of August and September 2017. As we are unable to revise GSTR-3B of September after filing it can we show that missed out Tax Invoice into GSTR-1 of August and September?

Please answer me
Thanks in advance..

Dear sir,

Can we do the audit of Professionals under section 44ADA on Receipt Basis instead of Accrual Basis.