DEAR SIR/MADAM

ABOVE 20,000/- CASH PAYMENTS IS DISALLOWED ONLY PROFIT AND LOSS A/C REFLECTED ITEMS OR INCLUDING THESE ITEMS ALSO LIKE TRADE CREDITORS, SUNDRY CREDITORS,GIFTS PAID,SUNDRY DEBTORS LIKE LOANS GIVEN TO OTHERS AND CAPITAL EXPENSES LIKE DAUGHTER MARRIAGE EXPENSES DR IN CAPITAL ITS ALSO PAID ONLY CHEQUE ABOVE TWENTY THOUSAND PLEASE TELL

THANKS IN ADVANCE

pls explain me what is a concurrent audit???
even explain me internal/external/statutory audit??
is IT audit u/s 44AB a statutory audit or external audit??
be detailed!!!

If i am verifying the transactions of bank statements from my clients bank books, i found out that the opening balance of bank book is 5000 matching with closing balance of last year balance sheet but opening balance of bank is 4000.
Now i found out that last yrs reconciliation one cheque was issued but was not presented of 1000 so was deducted and balance was matched with bank but why balance in this financial year bank book is same of bank book of last yrs???????
Can u clear my all concepts?????
Related to bank statemenst and bank entries

What is meaning and difference between statutory, internal, external audit?

If more types than specify the meaning and difference

HI Friends,

Please clerify me meaning of gift under fbt.

If com distribute some item (quantity purchased from market)to its employee on the occassion of festival celebration.
what is this
1) Gift (5%)
2) festival celebration(20%)

Thanks
Suraj

I am on an audit and facing following problem

For eg. Client made a provision for telephone expenses of march,08 of Rs 5,00,000 and closed its book of accounts.
In april it was discovered that expenses for march is only Rs 4,50,000.
So he reversed the balance Rs 50,000 and credited expenses account i.e, he passed following entry:

Provision for expense a/c Dr. 50,000
To Telephone Expense 50,000

I know this entry is wrong and it shall be taken to other income.. can you help me by providing me the relevant provision of company law, accounting standard and income tax for the same, to prove my point.

DEAR SIR/ MADAM

BANK O.D. IS COVERED UNDER CURRENT LIABILITIES OR SECURED LOANS. PLEASE TELL

THANKS INA ADVANCE

DEAR SIR/ MADAM

INTEREST RECEIVED FROM TRADE DEBTORS AND SUNDRY DEBTORS IS TREATED AS BUSINESS OR PROFESSION OR INCOME FROM OTHER SOURCES.
PLEASE TELL

THANKS IN ADVANE

I am a businessman.I purchase goods from calcutta, chenai, delhi, banglore payment of purchased bills are made by sroff(Financer) to the relevant parties by cheques and thereafter the same is repaid by me to the sroff (financer) by cheque after 10 to 15 days with interest.

Now my auditor raising a query that the above amount will be treated as loan which is not accepted by account payees cheque and hence the transaction is against the provision of Income Tax Law i.e. section 269SS.

The second query reised by the auditor is that the payment to the parties against purchased is not by account payee cheque which is also against the provision of Income Tax Laws i.e. section 40A(3)

Kindly give me the solution about the above queries and let me know whether the auditors view is correct or not

Dear sir/madam,
Please clerify me when should be booked export sale.

1)Commercial invoice date.
2)Shipping bill date
or any other date for proper revenue recognition.


Regards,
Suraj