respected sir, for a traders who's turnover crossed 1 crore , we file return of income under sec 139. and file audited report under sec 44ab. last date for filing audited report is extended up to nov-2014, so there is no penalty. but what about return of income.
in my opinion we can file return of income with out penalty upto expiry of one year from end of relavant assessment year (or notice under sec 142 (1).
please discuss

Ours is a private limited company . Can we provide professional charges payable to directors for the year ended 1st March 2014 :

Pofessional Charges Dr 1,00,000/=
Current Account of Director Cr 1,00,000/=

Because the directors are rendering certain services for the company and the same time they are being paid salary also on account of remuneration to directors.

I send ITR V through ordinery post and if it is not reach to CPC than what is the option for me???????

first thanks for this wonderful club. we get all answer of our query. Sir, how to prepare cs executive for omr based subject.

Dear friends How do prepare law ethics and communication?

Companies act 2013 or 1956 will be applicable for ipcc nov. 2014 exam. In rtp nov. 2014 all question are asked from companies 1956 but in study mat. for nov. 2014 given com. act 2013. Some concepts in both act are similar.

I wanted to know that i want to shift to direct entry,i have fulfilled the required criteria as well,but i have also filled nov 14 examination form,so now i want to start with articheship and would like to skip the attempt so can i start with my articelship under direct entry?

Dear Experts,

A Private Limited Company has Authorised Capital of Rs.1 Lakh.

Company has been continuing for many years ‘Unsecured Loan from Director-cum-Shareholder’ of Rs.2.25 Lakhs in the Balance Sheet, however, its paid up Capital is only Rs.1 Lakh.

In view of CA 2013, I have the following query(s):

What has to be done for the ‘Unsecured Loan from Director-cum-Shareholder’, which has been continuing and reflecting in the Balance Sheet for many years?

Please reply…………………. with any URL / relevant Section for me to understand in detail.

What are the effects to be done in the Company’s Balance Sheet with immediate effect?

Please reply………………….

Should there be any qualification/remarks by the Auditor, in case, the Company still continue with the Share Application Money?

Please reply………………….

Thanks a lot to all in advance for doing the needful.

Dear Experts,

A Private Limited Company has Authorised Capital of Rs.1 Lac.

Company has been continuing for many years Unsecured Loan from Shareholder of Rs.0.25 Lakh in the Balance Sheet.

In view of CA 2013, I have the following query(s):

What has to be done for the Unsecured Loan from Shareholder, which has been continuing and reflecting in the Balance Sheet for many years?

Please reply…………………. with any URL / relevant Section for me to understand in detail.

What are the effects to be done in the Company’s Balance Sheet with immediate effect?

Please reply………………….

Should there be any qualification/remarks by the Auditor, in case, the Company still continue with the Share Application Money?

Please reply………………….


Thanks a lot to all in advance for doing the needful.

Dear Experts,

A Private Limited Company has Authorised Capital of Rs.1 Lakh.

Company has been continuing for many years Share Application Money of Rs.1 Lakh in the Balance Sheet.

In view of CA 2013, I have the following query(s):

What has to be done for the Share Application Money, which has been pending and reflecting in the Balance Sheet for many years?

Please reply…………………. with any URL / relevant Section for me to understand in detail.

What are the effects to be done in the Company’s Balance Sheet as well as in a realistic manner?

Please reply………………….

Should there be any qualification/remarks by the Auditor, in case, the Company still continue with the Share Application Money?

Please reply………………….


Thanks a lot to all in advance for doing the needful.