Good Evening Sir
My name is Shanid
I am working in abroad with no taxation system. I joined a company which didnt previously mainatained any sort of accounting procedures and not even book keeping basics.All the documents, files everything was messed up.
The company was started on June 2018 and i am joining by February 2019. I had a purchase invoice files which didnt contain every purchase made by company, A sales Invoice file which was same maintained too. They had almost all sales invoices from January 2019 but they dont have those previous invoices, they have only a little shattered which i cant use.
I took a Physical stock check and got a result.After agreeing with the company that accounts can only be maintained from January 2019 , I made an equation to find the closing stock of 2018 december. I added all the sales with physical count and deducted purchases to get the opening stock. ( As max. i could do.) . Then i assesed Fixed assets which didnt have any documents to support. Deducted depreciation.
Then i searched for adavnce receipts from customers and advance payments to suppliers if any. The Payments and Receipts vouchers weren't much helpful actually. Then i took the bank statement, found out the opening balance. I didnt get the Capital of the company.
When i put the these data on Tally i found out a difference in opening balance which probably a capital amount can adjust.
what should i do ?
What other documents should i have to prepare further to get start a perfect accounting system.
And The company have alrady paid rent in advance in November last yer for this whole year. Actually they have given post dated cheques for each months seperately. and a blank cheque with no date. What should i do?
Can anyone provide me chcklist/procedure for transfer of shares from RI to NRI.
In my case in an Indian company there are three shareholders(son, father and mother) in a Pvt. Ltd. co,having 50%, 20% and 30% of shares respectively (total paid up Rs 1 lacs). 100% FDI is allowed in its sector. One of the Individual of Foriegn origin in USA is interested to buy the shares of Father and mother. The Indian company wants to sell 50% shares from the existing shareholders to later person. I need some assistance of the procedure and clear check list for transfer of shares in legal norms.
An individual assesse filed his return of income on 26/08/2018. However, due to some reasons, it could have been verified by assesse on 03/02/2019
Now message is appearing on income tax portal as follows:
E-verified after due date. Your condonation request is forwarded for approval.This return will be invalid till approval
Please advise what asseese should do. What might be consequences.
One of my client is in medical services. He is running a clinic along with a medical. He is billing both services medical as well as clinic ( Surgery, etc) from a single GST No. Total Turnover of his business is as follows :
1. Trading in Medicines (Retail) is upto Rs. 70 Lakhs
2. Turnover from OPD (General Practice) is Rs. 20 Lakhs (Exempt Service)
3. Turnover from Surgeries (Cosmetic & Plastic Surgery) is upto Rs.20 Lakhs (Taxable)
Thus, his total turnover for FY 2018-19 is below Rs.1.5 Cr. Whether He can opt for Composition Levy for Services (Turnover Below Rs.50 Lakha) & Goods (Turnover Below Rs. 1 Cr) for FY 2019-20 ?
Thanks & Regards,
CA Parag Lunkad,
SUNSVG & Associates | Chartered Accountants | 020- 27515581/ 82/83 |
I have submitted form no 112 to ICAI
But the timings of college shown are 8 to 11 a.m.
And office timings are 11 to 6pm
ICAI is saying that timings are clashing. But my office and college are attached side by side. It hardly takes a minute to go there. Now what can I do.
My question is
Trust has employee more than 20 then in this case can we registered in PF and Esic.
and also has exemption certificate through income tax department.
Now in this can we get registered in PF and ESIC is mandatory in our case
please confirm me