Two partnership firms are existing. Firm X and Firm Y. Firm X has three partners A,B and C, while Firm Y has A and B only. Firm Y was established in the Year 2002 while Firm X was established in 1986. Now for some technical reasons, Firm Y has to be run. It is proposed that Firm Y will buy the Assets and Liabilities of Firm X and Firm X would be merged in to Firm Y. My querry is :

1. Can the turnover of the firm X can be considered as the turnover of the firm Y for the purpose of tendering etc for the period 1986 to 2002.

2. can the turunover of the two firms be added together for the period 2002 to 2009 and be declared as the turnover of the firm Y

Hi,

My company is a limited company and incorporated in oct,09. please tell me what rate of depreciation i follow as per company law or income tax law


Thanks

what are the formalities we have to complete
in order to take termination from a firm and joining a new firm as an article assistant?
and what are the important aspects we have to take care of in respect of taking transfer from a firm?

Hello,
I am here to tell you just a fact that why people dont become CA even after struggling much. The reason is not there luck but only articleships & coaching centres. I mean articleships give so much of work load & even overtime though we are articleships students and not employees, there is no difference maintain in articles & employees.Due to this we can't concentrate in studies. This is only done due to EGO because if we became CA then offcourse our's principle clients would come to us. Thus i just want to say though PCC Or IPCC both are one & the same.
I wish that You All Pass CA without much sufferings & with lot of fruitful hard work. But before take steps. It is needed now at present otherwise we will be only slaves.
Thank you to read this & please do give your useful comments to take some actions.
God Bless You All.

Hi Friends,

Can you pls answer me that is monetory gift of Rs 50,000 given to married sister by cheque is taxable. If the answer is Yes, who will liable to tax and on what amount?

Respected Experts

I wanna do audit of a company and this will be my first audit. So I need your guidance in this regard.

1. Could you please guide me as to what I should study to prepare myself for the purpose of audit?

2. What are the common areas of audit of a company in general?

3. Is there any article or file on this site which can be of use for me?

Please help.

Thanks

1.can we take credit of the service tax paid by our consignment agents?

2. we are running a canteen in our factory premises for our employees,which is outsourced. Should we have to pay service tax on the serviced received from the canteen contractor. If it is so, can we take credit of this tax?

In F.Y. 2008-09 , We have paid total Profession fees Rs.24972/- on dated 4.6.08 Rs.562 and 1/12/08 Rs.7865 and 21/03/09 Rs.16545 Total Rs.24972/-but we have not deduct any TDS on Profession Fees , there was Threshold Limit Is Rs.20000/- Now what can I do? Can TDS pay alongwith interest (2572+int amt) and than revised quarterly E-TDS return. Please give your suggestion in this regards.

In F.Y. 2008-09 , We have paid total Profession fees Rs.24972/- on dated 4.6.08 Rs.562 and 1/12/08 Rs.7865 and 21/03/09 Rs.16545 Total Rs.24972/-but we have not deduct any TDS on Profession Fees , there was Threshold Limit Is Rs.20000/- Now what can I do? Can TDS pay alongwith interest (2572+int amt) and than revised quarterly E-TDS return. Please give your suggestion in this regards.

M/s XYZ PVT LTD. AS INCORPORATED IN 1980. COMPANY FILED INCOME TAX AND ROC RETURNS UPTO 1991. THE OPERATIONS OF THE COMPANY CEASED FROM 1991-92. THE ACCOUNTS WERE NOT AUDITED AND NO RECEORDS ARE AVAILABLE FOR LAST 15 YEARS. THE EXISTIG DREICTORS ARE INTERESTED TO START THE OPERATIONS AFTER DUE COMPLIANCES. HOW AN AUDITOR SHOULD PROCEED? SHOULD THE AUDITOR TAKE THE OPENING BALANCES AS OF 01.04.2008 DULY CERTIFIED BY THE DIRECTORS AND SHOULD IGNORE THE AUDIT OF EARLIER YEARS?