In the case of an Individual to whom tax audit is applicable :
A petty expense of Rs.250 for payment to sweeper (in cash) is recorded on payment basis.Hence expense of last year march was recorded in current year. However, all other expenses were recorded on mercantile system.
Is such a system of following partial cash and partial mercantile system allowed?
Also, what should be done for Exp of current year march month?

Many PSU's are recruiting for the finance & accounts post if any of my friends cleared any such exam kindly advice how to prepare and which books(publisher's name) to purchase for studing for such exam?

If I issue a cheque to a party and on the same day or say next day ask the bank to stop the payment, than will this transaction get reflected in my bank statement ?

in reversal of impairment loss why we first allocate to Identifiable asset and balance if any will be allocated to goodwill?
And when we record impairment loss than it is first charged to goodwill and then identifiable asset?? give me answer with logic and reason i want to understand.

Dear Expert ,
I have received demand of Rs. 7290.00. On receiving of this demand I compared it with Computation then I found that depreciation deduction under section 32 1 (ii) was disallowed .

I could not get why the IT department has disallowed the same.


Some points are as follows.

1) our company is getting losses for last two year excepting this year in which demand raised.
2)this losses are being carried forward and set off with profit as and when profit arises
3)same f.y. we had also paid mat

however IT has raised demand ,
I could not understand what the reason behind for such demand.
Please let me know with example

whether institute / mca authority keep record of number of statutory audit done by a practising chartered accountant ? please give full detail answer

where shall musical instrument should be shown in I.T Act

Respected Sir,
Listed Company passed Special resolution in AGM held on 28.09.2012 for Increase Authorised Capital and also submit this Resolution With BSE. But Problem is that Company not file e-Form 5 to ROC till date.
Now Company wants to cancell this Resolution and Wants to pass new Resolution in Next AGM 2013. What is the Process company will do??
Please give Quick Reply on URGENT Basis..

Dear sir,

I have received a gift of Rs. 6 lacs by cheque from my mother. My mother was a school teacher in government school. She had got retirement before 3 to 4 months. She received around rs 9 to 10 lacs for gratuity and gpf. Now she has gifted me rs 6 lacs by cheque. I have made a fixed deposits for the same amount in a bank. I am a self employed and files my income tax returns.

Now my question is that whether interest earn on such fixed deposits will be taxable as my income or will be clubbed in my mother's income..?

Bank Overdraft will be classified under which head in Revised Schedule VI?? Current Liability or Short Term Borrowing?