In the year 2005-06 accounting, we have wrongly accounted a fixed asset (Machinery) twice, one based on the proforma invoice and another based on regular invoice. This came to light in 2006-07 when the party's account was reconciled for payment. We have claimed depreciation twice due to this double accounting of the same machinery.
1.Kindly let me know how we can rectify the same in the current audit period 2006-07? Is there any prescribed rule to make this deletion from fixed asset?
2.What will be the tax implication and the action that will be taken by the IT department?
3.What are the disclosures to be made in the current year?
4.How will this affect the auditor and his report of last year?
5.I want to know whether it is possible to rectify the same without reopening previous years books or without revised returns?

Whether a DTA Unit in India can import Goods (i.e. Rough Diamonds) for Job Work and export it back to the party? If yes, please let us know the provisions and procedures applicable under various laws & acts of our country.

In case an employee goes to USA for business development. The company allows him to take his spouse & child. Does the company have to charge only FBT @ 20% on the expenses incurred in this regard??

As per Guidance Note on Accounting for State-level Value Added Tax issued by the Institute of Chartered Accountants of India, assessees are advised to disclose purchases and sales are Net of VAT. Accordingly the books of account are maintained and (finalized) the annual accounts as per entries and manner prescribed in the Guidance Note on VAT. As per entries recommended in the Guidance Note, the VAT paid on purchases has been adjusted against VAT collected on sales and no entries relating to VAT on purchase and sales are reflected in the profit and loss account
of the entity. Now, in the new ITR returns forms the assessees are required to disclose the VAT received or receivable on goods sold, VAT paid or payable on goods purchased and VAT paid or payable to Government separately.(Refer Clause No.2c, 8f & 34c in ITR 4). When the books of account are maintained in conformity with VAT Guidance Note, it is difficult to capture the above information on the basis of trial balance given by the assessee. What is the remedy available to us?

Pls let me know the stock exchange compliance & procedure referred by Internal Auditor.
Its BSE. Mr.Rao

A private limited company wants to closed down its operation voluntarily.. can any one please suggest the procedures to be followed by the company// & necessary e-Forms to be filled with ROC..

FFF

COULD IT MAY POSSIBLE AS TO TAKE VAT CREDIT WITH OUT PAYING PURCHAGE TAX IN ACTUALLY WHEN IT IF EXEMPT.
IN A CONDITION WHEN ONE HEAD OFFICE SENT ITS BRANCH OFFICE SOME GOOD AGAINST BRANCH TRANCFER (F FORM) SUBSEQUENTLY IT IS SELL TO ANOTHER REGISTER DEALER BY CHARGING 4% TA HERE MY QST IS COULD IT BE POSSIBLE FOR BRANCH TO GO VAT CREDIT .
THIS QUESTION IS ASKED TO ME BY CA IN ONE COMPANY INTERVIEW

CAN A PARTNERSHIP FIRM BE A MEMBER OF A LIMITED COMPANY?
I FEEL A FIRM CANNOT BE A MEMBER OF A LIMITED COMPANY.
PL. CONFIRM
R.V.RAO

Hi,

We have started accounts outsourcing company and are planning to enter into agreement with 1 of the client for accounts outsourcing. In this regard I would like to know, whether the contract agreement needs to be prepared in stamp paper if yes then what should be the amount of stamp paper. Also I would like to know what should be the other formalities I need to considered before entering into contract.