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?

Dear Experts,

I m activated feature in Tally INTEGRATE ACCOUNT WITH INVENTORY.

I want to change value of closing stock.

How can i do this. please advice

Dear Experts,

We have calculated the TDS for the financial year 2009-10 for our employees. But the employee of the company is saying to deduct the TDS from December2009. will it be possible? or the TDS should be divide over the full year and will compulsory deduction from april salary.

Also please add the reason for the support of the query

is cash payment in excess of 20000/ an allowable expenditure in IT tax for transport co FOR payment of driver

IF I GOT REGISTERED IN SERVICE TAX VOLUNTARILY, THE LIABILITY FOR PAYMENT/CHARGED OF SERVICE TAX WILL START FROM FIRST BILL OR AFTER 10 LAKHS EXEMPTION LIMIT.