in case of government grant received with respect to fixed asset purchased, we want to show the grant received as deferred income. after writing back a portion of it to P/L @ depreciation charged, Where shall we show the balance of deferred income in Balance sheet?

Hi,

I need opinion on the following:
Section 177 - Companies Act 2013
1) The Board of Directors of every listed company and such other class or classes of companies, as may be prescribed, shall constitute an Audit Committee.

(2) The Audit Committee shall consist of a minimum of three directors with independent directors forming a majority:

Provided that majority of members of Audit Committee including its Chairperson shall be persons with ability to read and understand, the financial statement.

(3) Every Audit Committee of a company existing immediately before the commencement of this Act shall, within one year of such commencement, be reconstituted in accordance with sub-section (2).

(4) Every Audit Committee shall act in accordance with the terms of reference specified in writing by the Board which shall, inter alia, include,--........

Queries:
1. Do we need to reconstitute every audit committee by passing a board resolution even if the same is in line with the sub sec (2) of sec 177?

2. Or just obtaining approval from the board for additional responsibilities as per sub-sec (4) is enough?

If my client has a VAT number registered in his name then is there any risk associated with it.As it is been fraudulently used by other people on his behalf so what is the remedy for it.Please help out as early as possible. Eagerly waiting for ur reply

sir, i had filed on line IT Return for AY 2013-14 0n 20/11/2013. i am working in BMC school but due to mistake i had not consider my arrers salary of last 7 year in the return as per relief sec 89 . can i file revised return or there is any other way to consider arrer salary so i can get refund from i t department

my articleship got completed on 20-06-2014. i submitted form 108 within 30days. then i received a letter from institute stating i've taken excess leave of 28days and i ve to send form 107. i submitted form 107 and form 108 for the excess period i served within 60 days. now i hv received another letter stating i have not executed the deed for supplementary articles within 60days and i'm advised to execute the deed in form 102 and form 103 within 30days from the date of commencement of excess leave.
my query is i have already served my excess period then why should i send form 102 and 103 for re registration?
pls reply asap, its really urgent.
thank you in advance.

if a properitor deposit income tax what will be entry for this and
income tax will show where ( profit and loss or balance sheet inwhich head)

Hi, my company is having 6 factories and there are sale & purchase of semi-finished and packing material products between these factories.

CURRENT PRACTICE:
We pass 3 entries because we have Head Office (HO) and 2 factories.

1. at HO we pass
Buying Factory A/c - - Dr
To Selling Factory A/c

2. at Selling Factory we pass
HO A/c - - Dr
To Buying Factory

3. at Buying Factory we pass
Selling Factory A/c - - Dr
To HO A/c

My question is whether this long procedure is right & is it required?

Why we cannot pass only 2 entries showing buy & sell at Factory itself without involving HO because anyhow we need to prepare individual financials of factories.

Is there any alternative for this?

And the same practice we follow for TDS, there we transfer TDS of all factories to HO as follows -

1. at HO we pass
TDS A/c - - Dr
To Bank A/c

After this entry we pass

2. at HO again we pass
Factory A/c - - Dr
To TDS A/c

3. at Factory we pass
TDS A/c - - Dr
To HO A/c

My question is same is it right or there is an alternative like directly paying from factory bank a/c and passing the entry without involving Head Office (HO)?

PLEASE HELP ME . . .

I m a GOIndia employees and like to online work for O Desk in free time from Home for extra income.

Is it possible? Or any restrictions for govt employees

Can AO proceed to next assessment year where the earlier year's assessment is still in process.

Dear All,

I was told the format of B/S and P/L has changed with the new companies act 2013. Is this true? If so what is the new format? Thanks in Advance