In FY 2011-12 the company had done a project and received some commission from the Vendor. The Vendor received the amount from the customer.

In the commission received by the company there is Rs.3,20,000 included which is payable to customs.

In Financial year 2011-12 the company has not paid the customs duty. While finalising the accounts even that RS.3,20,000 has been recognised as income for the company.

Provision also not done for the amount payable to the customs.

But in FY 2012-13 the Company has paid that Rs.3,20,000 to customs through bank cheque.

But the receipt was issued in the Vendor name by the customs department.

While finalising the accounts for FY 2012-13 how to treat this amount and how to maintain in books of accounts?

Please help me

Thanks in advance

Can any one please give a audit programme how to do audit for small companies having 50 to 60 cr turnover?

Please post any one audit programme.

I will be able to understand and then i will design on my own for the companies which i am doing?

Because my boss is not giving any audit programme for me.

He is just asking me to go and do an audit?

I don't have any seniors to guide me.

Please help

Respected Sir,
I am an article of second year and my principle wants me to handle a an audit of a pvt. ltd co. independently.Kindly guide me to a holistic preparation so that i can perform satisfactorily.Earnestly waiting for reply.
regards.

Dear experts
I wish to know how can u transfer money from India to UK to incorporated and company in UK, will it be advisable to transfer by a company route that is by sending money through Private limited company or by transfer from individual account, but I suppose FAMA does not permit the second option please correct me if I am wrong. Your answer will be of great help... thank you

Sir,
I've took a transfer from my previous employer on 11th of Feb'13 (date of expiry of my 1 yr's training: 14th of Feb'13). But due to serious family issues i could not take a new registration till 13th April'13. Also the transfer form could not be sent then. Now I'm suggested to clarify the situation and know the penalties if any in this case. As far as i'm getting it, i shud send the transfer form alongwith my new registration accompanying an application. Kindly guide me.....

Sir,
Mine is a proprietorship firm with turnover of approx. one crore per year subject to statutory audit.
Maintaining mercantile system of accounting.
am i required to make provision of payment of monthly rent and salaries before its actual payments.We make payment of rent monthly and make entries of TDS payable etc upon payment only.
Is it an acceptable system of accounting what we follow.
Hope i could make my query specific.
pl advise, as i do my accounting myself and then get it audited,

Regards,
ashok thakker

Dear All,

Suppose a company has paid excess TDS/TCS in 4 quarter of financial year 2011-12. Can such a company adjust the excess amount paid against TDS/TCS in Q1 of financial year 2013-2014 using the Q4(2011-12) challan number. Will there be any problem while submitting the TDS/TCS returnin Q1(2013-14).

What I feel is that the excess amount to be adjusted in the same financial year to which it pertains.

The best alternative would be to file a refund application to DCIT(TDS/TCS) which the company adopted.It is now more than 1 year but there is no response from income tax department.

Is there any alternative to adjust the excess amount or please provide a proper measure to get the refund of excess amount.

Our client has made deemed export of Electric fittings to the unit in SEZ complex

Whether the said transaction can be treated as export? even if the said material is used for the construction of the SEZ unit

What measures should be taken to verify that the same is used for further export and not used for their unit

Dear sir,

May i ask if interest form PPF account to be included in total income from other sources i.e interest form other FD etc.

Example i have not other but only some FD's with Bank whereby Form 16A shows details of interest credited and TDS deducted say i have interest from a fd with a bank amounting to 3 lac and ppf interest from INR25000 for this FY , should i have to put the total amount 325000.00 or 3 lac in ITR form in income of other sources.

Please advise.

I had the following queries on the exemption of LTCG under sec 54

1. Is buying a flat from builder considered construction of own house (which is given 3 years period) ?

2. Do we need to take physical possession along with the possession letter from builder/seller WITHIN the 2 year period or just doing an registered agreement of an under construction project within the 2 years is fine (possession taken later on when the building is completed)

Also for closure of CG account with bank do you need any other documents to submiiteed alongwith FORM G ?