Hello
As per the master circular of RBI dated 01.07.2009, the auditor of NBFC COMPANY has to give a report to the BOD in addition to the auditor report given under the companies act.
whether this report is part OF THE AUDITORS REPORT or it will be a separate report
Regards,
Jyoti Baid

An assessee having income from business has not filed returns for past 4 yrs. He did not have taxable income in all those 4 yrs.
Now he wants to file return for AY 09-10.

Is he required to file return for all those years or only for current year.
and is he liable for any fine

Can an assessee claim refund if he files belated return within the time limt prescribed u/s 139(4)

MY CLIENT ( SENIOR CITIZEN ) IS IT ASSESSEE HAVING FIXED DEPOSITS WITH BANKS, INVESTMENT IN NSCS, KVPS, ETC., EACH YEAR HE IS REPORTING THE INCOME THE SAID DEPOSITS AS PER THE ACCRUED INTEREST CERTIFICATE OBTAINED FROM THE BANK. INTEREST IN RESPECT OF NSCS & KVPS IS REPORTED AS PER THE TABLE GIVEN IN IT READY RECKONER. HE HAS ALSO INVESTED IN FIVE YEAR TAX SAVING FIXED DEPOSITS IN BANK U/S 80-C OF THE I.T. ACT DURING FINANCIAL YEAR 2007-2008 & 2008-2009. THE ABOVE SAID DEPOSITS WILL MATURE AFTER 3 TO 4 YEARS. NOMINATION FOR THESE DEPOSITS HAVE BEEN MADE TO THE DIFFERENT FAMILY MEMBERS LIKE, WIFE, SON, DAUGHTER, DAUGHTER IN LAW AND GRAND SON ETC.,
HE EXPIRED ON DT; 20-11-08. MY QUERY IS IN WHOSE A/C THE INTREST FROM THE SAID DEPOSIT SHOULD BE REPORTED AFTER HIS DEATH? IS IT NECESSARY TO OBTAIN TWO CERTIFICATE FROM BANK IN RESPECT OF ACCRUED INTEREST ie., FROM 1-4-08 TO 20-11-08 AND FROM 21-11-08 TO 31-3-09.
CAN WE CONTINUE HIS I.T. FILE TILL THE MATURITY OF THE SAID DEPOSITS?
CAN NOMINEE PREMATURELY CLOSE THE TAX SAVING DEPOSIT? IN SUCH A CASE WHAT WILL BE THE POSITION OF EXEMPTION CLAIMED U/S 80-C BY THE DECEASED DURING THE PREVIOUS YEARS? THE BANK WANTS TO DEDUCT TDS ON THE SAID DEPOSITS. CAN NOMINEE FILE FORM 15-G ON BEHALF OF THE DECEASED?

about trial balance

Whether a Deductee can ask deductor to refund the TDS amount after deposited in the government A/c? he is claiming the reason He is not aware of the Deduction.

suppose, i purchase toor from my relative and make payment toward it. during the year i also take loan from the same person amounting to Rs.50000 and purchases amounting to 1000000, i maintain only one account of the same person in which i entered the amount of loan and purchase.total credit balance in this account is Rs.10.5 LAC. and total payment toward both the liabilities is 10.2lac. what will be the amount to be disclosed under Sec269SS,269T,40A(2)(b).

An asset was completely obsolute and not in use,now such asset is completely under repair and renovation for making it ready for use.whether depreciation can be claimed during this period.

AS PER THE AP VALUE ADDED TAX ACT 2005 LEAFLET 14 vide ITEM (1)(b) IF AN AGENT SELLS GOODS ON BEHALF OF THE AGRICULTURIST PRINCIPALS HE IS UNDER NO OBLIGATION TO OBTAIN REGISTRATION UNDER ACT. SUCH AGENTS USE TO MAINTAIN RECORDS IN FORM 521 AS PROVIDED IN RULE 34(1). IT WAS SUFFICIENT AS PER THE ACT. BUT AFTER THE ADDITION OF SUB SECTION 10(a) UNDER SECTION 4 VIDE ACT NO.28 OF 2008, WHAT IS THE POSITION OF AGENTS WHO SELLS GOODS ON BEHALF OF THE AGRICULTURIST PRINCIPALS. IS IT NECESSARY FOR SUCH AGENTS TO OBTAIN REGISTRATION UNDER THE AP VAT ACT 2005?