If a Private Ltd. co. is required to audit its a/c in case its Turn Over or Gross Receipts is less than limit as per Income Tax?

How is "Advance received from customer" to be disclosed in the Financial Statements of a Company as per Sch VI to the Companies Act?

if i have file a revised return last year then can i get the refund of tds this year.

Hw MAT calculated..?


Thank U...

When assessee (Senior Citizen) who is dealt with cement dealership business required to Audit u/s 44AB, expired during the middle of the year and his son continues the same business with same TIN number, and same name.

Example :

Late. Senior Citizen (Expired on Date 15-09-08) Turnover up to that Date : 44,00,000/-



Continued by his Son with Same TIN No. Turnover 37,00,000/-
(From 16-09-08 to 31-03-2009)




For the purpose of Audit u/s 44AB books of both assesses to be clubbed?

assessee died on 07-08-2009 birth date is 15-11-1944 my question is: whether for A.Y. 2010-2011 can benefit of Exemption limit of 240000 be taken?

HOW CAN WE CALCULATE I.R.R.IF NO HINTS OF RATES APLICABLE IS TO BE GIVEN ?

Dear All,

I have a query on new Companies Bill.

Sec. 2(zza) “key managerial personnel”, in relation to a company, means —
(i) the Managing Director, the Chief Executive Officer or the Manager and where there is no Managing Director or Manager, a whole-time director or directors;
(ii) the Company Secretary; and
(iii) the Chief Financial Officer;

Furher, section 178 provides that:
(1) Every company belonging to such class or description of companies as may be prescribed shall have whole-time key managerial personnel.
(2)Every whole-time key managerial personnel of a company shall be appointed by means of a resolution of the Board containing the terms and conditions of the appointment including the remuneration.
(3) A whole-time key managerial personnel shall not hold office in more than one company at the same time:
Provided that nothing contained in this sub-section shall disentitle a key managerial personnel from being a director of any company with the permission of the company.
(4) If the office of any key managerial personnel is vacated, the resulting vacancy shall be filled up by the Board at a meeting of the Board within a period of six months from the date of such vacancy.
(5) Where a company fails to comply with any of the provisions of this section, it shall be liable to a penalty of one lakh rupees and every director and key managerial personnel who is in default shall be liable to a penalty of twenty-five thousand rupees, for each such default.

1. In my opinion, section 178(1) states that "shall have whole-time key managerial personnel". It does not states "shall have a whole-time key managerial personnel or atleast one key managerial personnel"..

2. We all know the personnel (context sec 178(1) is used both for single person and plural.

3. Further, my opinion gets support from sec 2 (zza) (ii), as it uses word "and" after company secretary.

4. Choices are given in sec 2 (zza) (i), as it uses "or" for the Managing Director, the Chief Executive Officer or the Manager and where there is no Managing Director or Manager, a whole-time director or directors;

Hence, in my opinion in light of above interpetation, appointment of all KMP is required.

We require clarity on this matter.

What are your opinions?

Regards,
Manish

Checklist for appointing a Director in a group company? What is the procedure?

If company has net loss, how much director remuneration can be provided?