Exemption from branch audit u/s 228(4)
This query is : Resolved
10 November 2013
"For availing exemption from audit of branch 2% of avg of total turnover of co."
Here avg means...???
10 November 2013
please refer to explanation to Rule 3 of Companies (Branch Audit Exemption) Rules, 1961.
"For the purpose of this rule, the average
quantum of activity shall be taken to be-
(a) the average of the quantum of
activity during the three financial years
immediately preceding the relevant financial year, or
(b) if three financial years have not been completed since the establishment of the branch office the average of the quantum of activity during the two financial years or, as the case may be, the quantum of activity during the year,
immediately preceding the relevant financial year, or
(c) in other cases, the quantum of activ
ity during the relevant financial year. "
"For the purpose of this rule, the average
quantum of activity shall be taken to be-
(a) the average of the quantum of
activity during the three financial years
immediately preceding the relevant financial year, or
(b) if three financial years have not been completed since the establishment of the branch office the average of the quantum of activity during the two financial years or, as the case may be, the quantum of activity during the year,
immediately preceding the relevant financial year, or
(c) in other cases, the quantum of activ
ity during the relevant financial year. "
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Section 54F - Exemption on LTCG in 2026 for HP purchased in 2023
- STCG....................................................
- TAN for Partnership
- Treatment of Pension ?annuity returns on PMVY
- AMOUNT RECEIVED UNDER COMPULOSRY ACQUISITION OF AGRICULTURAL LAND
- STCG FOR GOLD ETFs
- LTCG for Assmt year 26-27
- Loan by Partnership Firm
- AY 26-27 ITR-4 FILING U/S 44-ADA
- Plot of land. Cost of Acquisition
- Gst invoice numbering and delivery challan numbering
- Standard Deduction claim for EPFO Pension and ICICI Prudential Life Annuity
- Small dealers gst returns filing
- Sales amount in Gstr1
- CG after sale of flat
- E Commerce GSTR1 & 3B how to file
- Nomination of Bank for refund in itr 2
- GST Cancellation without jurisdiction
- Legal Opinion on Registrar's Refusal to Investigate a Society for Non-Renewal and Non-Compliance
- GST Refund_RFD-01
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
