XYZ co ltd. has two subsidiary co's viz. ABC ltd and PQR ltd.

The books of accounts of two subsidiary are maintained at H.O.

Basically the transactions of two subsidiary are entered by the employee on the payroll of XYZ ltd.This means that there are no employees on the payroll of two subsidiary's.

what would be treatment as per IT ?
The question definately crack in our mind that without employee how the transactions been entered.

As an auditor what should be our opinion in such cases ?

CASE: My client has invested a sum of Rs. 24 lakhs in LIC’s MARKET PLUS PENSION POLICY in the Current Year 2007-2008 and out of that Rs. 24 lakhs, he is eligible to get maximum income-tax relief only on Rs. 1 lakh under section 80CCC.

QUERIES: If the above pension policy is surrendered wholly after the lockin period of three years, what will be the income-tax implication?

i) Whether the entire amount received on surrender is subject to tax? Or the surplus amount over the investment is only taxable?

ii) If the investment amount (subject to maximum of Rs.1 lakh) is not at all used to claim deduction under section 80CCC at the time of investment year, what will be the income-tax implication at the time of surrender wholly?
(Section 80CCC reveals that the surrender amount will be subject to income-tax liability only if the deduction is claimed and allowed).

Hi,

My query is, a man is living in Mumbai & has taken a loan for his flat. He is paying interest & gets a Deduction u/s.24B for interest on house property. Now in the same year if he is transferred, for employment purpose in Delhi & has taken a room on rent in Delhi for which the company is paying him House Rent allowance. For Assessment Year 2008-09 can he claim the deduction u/s. 24B and House Rent allowance u/s.10(13A)

Whether name of executive director is required to be shown in salary register,if yes any relevant para in relation with above under the any act?

is there any circular in 2005/2004 which gies exemption to companies from hiring company secretaryd, on any pretext???

On what basis can a company claim that it need not appoint a company secretary even though share capital is more than 2 crores and is a limited co

****************

We have hired the services of a Packaged Tour Operator for organising our Dealers meet in Bangkok. Tour Operator offered us price of Rs 27775 - per person for expenses and Rs 500/- per person as his service charge. After completion of tour he raised the bill as follow

1. One bill for his service charges @ Rs 500/ - per person
2. One bill for tour arrangement @ Rs 27775 / - per person. He has not provided any supporting documents for claiming expenses reimbursement i.e. Airlines bill, Hotel bill, transport arrangement bills etc.

Please advise us whether we should deduct TDS on first bill only or on both the bills ? Does providing only detail of expenses without any supporting documents makes any difference ?
Further whether TDS will be deducted u/s 194 C or any other section ?

Which books i should buy for both groups of CA final old course.

Pls tell me.

Thanks

Dear Freinds,

Iam working as a finance controller in manufacturing concern at Ankleshwar, Gujarat.
My management is requiring me to conduct internel audit.
Kindly let me know all related area to be covered in dephth, Internel Audit programme and Questionree to be prepered.

Response early within a day

thanks

CA Mridula Goyal

I have cleared my PE-II in May 2007 and also completed my MBA in Finance from MIT College, Pune in March 2007. From April 2007 till Nov 12, 2007 i was working with PriceWaterhouseCoopers Private Limited, Pune in Transfer Pricing Group as Business Analyst. Have shifted to Mumbai for pursuing Articleship in good CA firm and since i am from Mumbai, i will prefer Mumbai for my Articleship. Can you pls suggest me the CA firms where there are vacancies for articles.