Sir,

I am a practising Professional. I have a query. Some of my clients will be in a position to obtain the audit reports under section 44 AB before 31-10-2007. But keeping in view the lengthy FORM No. 4 and 5 , they shall not be in a position to furnish the income tax Returns before 31st October 2007.

My query is where my assessee obtains the Tax audit report u/s 44 AB before 31-10-2007 but files his returns in November 2007, i.e after the due date , whether the penalty u/s 271B shal be imposed. This question is relevant , particularly in the light of the latest circular No. 5/2007, where in the audit report is not to be attached with the return of income , nor the same is to be filed separately

Thanking you.

Hello friends,

This is my query.

1. Calculation of IT when total income exeeds basic exemption limit if LTCG (not Exe. u/s 10(38) )& STCG r considered.

2. Calculation of IT when bothn ormal & spl rates r applies. (i.e. Normal Income & Cap Gains )

3. Marginal relief & agricultural income 'situation' applied for above cases.

4. Calculation of Int u/s 234c in above all cases.

Pls explain with an example, for all above situations.

waiting....

dear one,

Arun Dongre

Dear Sir,

As we are new in the business of Agri export,kindly guide me with regard to the various schemes of Govt.under which we can claim the benefits and various reporting to be done to the Govt.

We are going to set up Food Processing Plant,guide me with regard to the any benefits from the Govt,concession in the interest rate of Bank loan.

Suggest the books & website address where information for the same is available.

Whether a Co. enjoying the benefit of 80IC need to pay tax liability u/s 115JB

Manish

wat does A group co..B group co..S group , T group company...Z group co ...nymore???wat does dis all mean??

Is there any voilation of any Act if a company has made an export sale 2 years ago and the money (foreign) is not realised yet?

in cash system whether depreciation should be provided or not. If provided why?

For how long the records should be preserved under the Central Excise Act, Customs Act and Service Tax Act ? (Like there are minimum 8 years as per the Companies Act.)Please also tell me that for how long a CA. should preserve its clients records and working papers ?

My client has a warehouse.He collects warehousing charges and collected service tax on the same.Apart from this he also collects loading and unloading charges.In this regards i would like to know should he collected service tax on loading and unloading as well.

AAS 33: engagements to review Statements
states that
A review provides a moderate level assurance that the information subject to review is free of material misstatement, this is expressed in the form of negative assurance.

My Question is WHAT IS THE NEGATIVE ASSURANCE
over here?If the reviewer is assuring something how can that be a -ve?
i mean is that that he is not assuring something?
Kindly elucidate me the meaning how the review report should contain a "negative assurance"

2)RE: PROFESSIONAL MISCONDUCT:
a)Is the clause of undercutting of fees applicable on an auditor ?

and

b)A listed company has CA. Arun Kumar as its auditor. Now the co. decides to appoint one more auditor CA. K.L.Iyer as the joint auditor. HERE IS THE SECOND AUDITOR K.L. Iyer required to communicate to CA. Arun Kumar ?
if he doesnt will he be charged for prof misconduct?