In balance sheet on liablites side it is written "contra" against capital account balance.and a debit balance shown on asset side. I am not able to understand it.pls can u explain what this contra mean.

Dear All,
If a assessee was liable to Tax Audit for the AY 2012-2013 but in the AY 2013-2014 his gross income is less than one crore. Whether he is liable to get his account audited for AY 2013-2014. If not, then how he can claim the Depreciation and other expenses in books of account for the AY 2013-2014. In the AY 2012-2013 he has maintained proper books of account and claim depreciation and how can he maintain books of account if he is not liable to tax audit in the AY 2013-2014

I HAVE TAKEN LOAN FROM PARTIES IN MY PROPRIETORSHIP FIRM.WHAT WILL BE THE ENTRY AND NARRATION FOR LOAN TAKEN. AFTER 6 month I HAVE CREDITED PARTIES ACCOUNT WITH INTEREST but not paid. What will be the entry and narration for credit of interest . Please reply urgently.

Dear All,
If a assessee was liable to Tax Audit for the AY 2012-2013 but in the AY 2013-2014 his gross income is less than one crore. Whether he is liable to get his account audited for AY 2013-2014. If not then how he can claim the Depreciation and other expenses in books of account for the AY 2013-2014.

One of my friend is mobile currency distributor

Company paying him remuneration
tds not deducted

total receipts remuneration 8 lakh

amount of currency (mobile recharge vouchers) around 1 crore

whether he is liable for TAX AUDIT





















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Dear All,

I don't understand that New TDS FVU version 4 has incorporated that Last return filed PRN should be in the e-return generation but it is not clear that if any deductor makes the first return then how the e-return will be made?

pls reply to me .

I PURCHASED SOME MATERIALS FROM A DEALER WHOSE RC WAS CANCELLED. MY ITC HAVE BEEN CANCELLED BY SALES TAX DEPARTMENT.WHAT SHOULD I DO? SHALL I HAVE TO PAY TWICE TAX? SOMEBODY PLEASE HELP ME?I AM A DEALER IN WEST BENGAL.THE SALES TAX AUTHORITIES ARE PRESUURING ME TO VAT TAX ALONG WITH 300% penalty & interest. They are not taking any action against cancelled dealer . please advice me immediately.They are harassing me. Is there anyone who can help me .

Dear Sir,
In one of the case partnership firm obtained the PAN but they could not start any business due to dispute between the partners.
In the above case whether it is mandatory to file it return
and what is the procedure to surrender the PAN.

1-Can all Companies accept deposit from public under the new act???
2- what is the concept of cooling off period as stated under this act regarding appointment of auditor?

Will provisions of CARO apply on every non listed public co.

or

there are certain exceptions

or

there are certain specific conditions for its applicability?

Please reply.