22 August 2019 at 22:53

Suggestion /, guidance wanted

I run a factory on partnership basis with my brother in Guwahati from 2008.
I was not involed in day to day activities and signed every year where my partner said including balance and others papers.

When balance sheet of 2016-17 came on mail to me on the last day of submission 30th sep,2017 I asked my CA where is the balance sheet of last year which did not have my signature on it.

The CA and my partner had not replied well and I became suspicious. Then I remembered of one stamp paper was signed by me previously and I searched the same and read carefully for the first time and I came to know that power of attorney gives all right to my partner only.

I asked both of them for original copy of power of attorney but denied and my doubts become more confirmed.

Now my question is that:-

1-Can only one partner sign the balance sheet in a partnership out of two partners for income tax filing legally?
2-CA /Partners both not given any account till date from 2011.
3-CA /Partner not replying any mails from that day.
4-On 20/3/2018 I visit factory and market and come to know that our factory was sold products 30 to 40% in under billing and
sometimes without billing.
5-I send same query by mail to CA/Partner. Both not replied till date but my CA send resignation letter dt 24/3/18 and send
resignation letter by hand on 3/8/18.
6-Can a CA cum Auditor can do so?
7-My partner / Staff not giving me any accounts and has stopped factory production from march 2018.
7-My partner start new factory with the same machine / same product and also he is the common partner with his wife without
my knowledge nearby my factory to get Exemption in North East region .

Please guide me what to do.


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21 August 2019 at 12:04

Cost records and cost audit

Hello All,

I have a query.
Our company is engaged in the manufacturing of Telecom Equipments. As per cost record rules and the proviso to rule 3 under the Companies Act, 2013, if a company falls under the classification definition of Small Enterprise as per MSME act, then Maintenance of Cost Records is not required. Our company falls under this exemption criteria as our investment in Plant and machinery is less than Rs. 5 Crores but more than 25 lakhs, although we dont have MSME registration or Udyog Aadhaar Registration.
Considering the said exemption is the maintenance of cost records and cost audit applicable to us. ?

Thanks,
Dhananjay Jitesh Pandey
Company Secretary


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21 August 2019 at 09:27

Partnership firm

sir,
please explain briefly Partnership firm turnover 1.5 lakh (Sales ) & TV/mobile Recharges Turnover 15 lakh (Sales)
& Profit
1.50 lakh 9 % ( Before Remuneration ) after Remuneration Profit 0 ( Rs 13500 proft) Before Remuneration )
15 lakh 3% (before remuneration) after remuneration profit 0 (Rs.45000 Profit ) Before Remuneration)
( Recharge Business case maximam margin Profit 3%)
audit compulsory (All turnover Rs. 16.50 lakh )
or

suppose all turnover Profit Showing Before remuneration 8% after Remuneration profit 0
please explain as early as possible


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17 August 2019 at 14:20

Concurrent audit of depository

Is UDIN applicable for the filing of concurrent audit report of a DP?


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16 August 2019 at 22:40

Audit report for partnership firm

is it mandatory to prepare audit report for partnership firm ? will the answer if it is partnership firm to which tax audit is not applicable?


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14 August 2019 at 22:44

Company audit

Is any excel tool is here for audit


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09 August 2019 at 22:49

Audit

whether purchases(raw material) made by company in previous financial year can be treated as prior period item or not in current year or not?


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09 August 2019 at 13:39

Unsecured loans?

hi sir, a firm owner how many take loan and which person,how may person given by loan


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07 August 2019 at 20:16

Income tax audit

HELLO EVERYONE
HOW TO DO TAX AUDIT FOR AY 19-20 IN CASE OF FINANCIAL DOCUMENTS LOST (INCL SALE PUR BILL) IN FIRE AS ON 25.03.2019 AND WHAT TYPES OF OBSERVATION NOTED IN TAX AUDIT REPORT? PLEASE REPLY FAST


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CAN ANY ONE SHARE AUDIT REPORT FORMAT OF RELIGIOUS TRUST UNDER TRUST ACT


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