sir.
While preparing book of accounts for audit , it found that there is deduct of TCS (5%) On travel expenses payment . our owners went to aboard for business purpose . Same amount is reflected in our company 26 AS.
Can we deduct this amount while making income tax payment (ITR) .
Please advise
With regards
Binu

As Per ICAI GN the derivative turnover is
(i) The total of favourable and unfavourable differences in case of squared off transactions shall be taken as turnover.
(ii)Premium received on sale of options is also to be included in turnover. However, where the premium received is included for determining net profit for transactions, then such net profit should not be separately included.

Please confirm whether we have to take the premium on sale of options in turnover calculation and if the the transaction in profit then leave profit part as it is already in sale premium. for example : one buy 100 qty @ 100 and sale it as 120/-. then the profit is 2000/-.,
Now please clarify what will be the turnover. Either the turnover should be 2000/-( only profit) or sale premium value of 12000/-. and we ignore profit of 2000/- to remove double counting. ( which is complaint with the GN)

HIII!!!
vertical balance sheet for the tax audit is mandatory??
vertical balance sheet is applicable to who ???

PLS SEND ME BY MAIL THE FORMATE OF AUDIT MEMO FORM -1 AND AUDIT MEMO FORM -7 LATEST VERSION FOR REPORTING BY STATUTORY AUDITOR OF CO -OPERATIVE HOUSING SOCIETY IN MAHARASHTRA STATE IN WORD FILE

I have a doubt that if we convert physical shares into demat form then whether the cost incurred for demat of shares can be capitalised in the proportion of shares or not?

Or it is to be shown as expenses and will be disallowed as per income tax act?

I have recently completed my M.Com in Financial Analysis. I am currently working as an Audit Associate at KPMG, supporting engagements for the Canada . I have also registered for the Intermediate level of the Chartered Accountancy (CA) course.

I would like to inquire about the possibility of my current experience at KPMG being considered as Articleship. I have heard that certain work experiences in *Big Fours* may qualify, and I would appreciate your guidance on whether my current role could be counted towards this requirement or if there are specific steps I need to follow to make it eligible.

I look forward to your valuable advice and assistance in this matter.

Kindly send the chartered Accountant syllabus.

HI,SIR , MY QUERY IS DIRECTOR PERSIONAL EXPESNE PAID BY CREDIT CARD AND CREDIT CARD PAYMENT PAID BY COMPANY AFTER THAT DIRECTOR PAID COMPANY JOURNAL ENTRY

Hi all,
Can someone share a template for various compliances to be ensured while carrying out First Audit of Private Limited Company with respect to Companies Act 2013 etc.
Thanks in Advance

it is compulsory for non corporate entity (ENTITY COVERED UNDER TAX AUDIT) to give verticle balance sheet????