kindly send a audit checklist for imports

Hi Guys,

This is Mohammed Ghouse, I am in CA Finals. I need a clarification on the following:

Whether Restriction stated in S. 40A(3)of IT Act is applicable on bill/invoice wise or payment wise. Supposing an expenditure of Rs. 1 lacs (covered by single bill) is paid off as Rs. 20000 each on different occasion supported by diffrent cash voucher, whether still the above said section is attracted.

Good Luck & warm reg.

Ghouse

I Read an Artilce in website CAclub india that: The mandatory articleship for aspiring Chartered Accountants in India may soon become less tedious as students may be allowed to work in non-audit companies such as KPOs, asset management companies and hedge funds etc. to complete their articleship. CA students would have an opportunity to work with non audit companies and earn market remuneration during their articleship. Is this news true if yes when it will be applied to the current CA course.

Can you pls tell me when shares are in physical form and there is no R & T involved, is there a Board approval required to transfer the shares. If yes, what will be the effective date of transfer the date of the instrument or the date of the board approval??

do you think that it is beneficial for the students to join KPO's & AMC's? IF so why? do you think we will get the same exposure and knowledge?

Please tell me,

When revenue stamps are required to be attached on the Payment vouchers??

Is it also required for a re-imbursement exceeding Rs.5000 in Cash backed with more than one supportings?

Dear Sir / Madam,

Ouer Query is Company Return ITR-6 Schedule : HP (Income from House Property) In case of Income only but No Loss the amount displays Schedule CFL (Details of Losses to be carried forward to future Years) in the column : House property loss, Row : xi & xii. Pls. clarify.

Details of rent amount
Rent Rs.1170
Less : Tax Rs. 822
-------
Rs. 348
Less : 30% Rs. 104
-------
Income Rs.244
-------

Please tell me,

What are IOU's??

There are Two Companies Say X and Y

X is reporting enterprise (India)
Y is foregin subsidary (China )

Quary: While making the investment in foreign subsidary at different dates there was difference in exchange rates which tantamounts to foreign exchage loss
Q1. will it be treated as foregin exchange loss and debited to P & L A/c
Or
Shown as Capital reserve with negitive figures (i.e., Loss)

Q2. Is it correct way of disclosure

Two private limited companies intending to be amalgamated w.e.f. 01-04-2007 (x and Y). i.e. y shall be amalgamated into x and now x shall continue for life. They are supposed to file their papers before High Court next week. Now, Advance tax needs to be paid in which company now,i.e. x shall pay for x and y or x and y shall pay independently