Bhaskaran Chackrapani Warrier's Expert Profile

Queries Replied : 22307

Graduate of Kerala University.

Fellow member of ICAI.

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Vikas Ruparelia says : SIR - NEED UR HELP -
Sir I have a recruitment firm in Mumbai. I always consider my company as a BUSINESS , however i have just received a notice from Income Tax xtstaing that i have not audited my firm -- and they stated that the firm should come under PROFESSION. I have read your opinion in this matter and i understand youy have stated that the CA audit book Page 24 states that Manpower Recruitment is a Business. Thus i just want your reconfirmation in this matter. Awaiting your revert. Vikas

VANDANA MBA CS says : study
hello sir i am worried about my cs exam because i am a average student and i am working as a accountant in the company full time. i dont have any knowledge about cs exam prepration plz any one tell me how to prepare cs executive exam in 4 month plz guide or suggest me.......

avi jain says : transfer of Articleship
My friend had applied for the transfer and his principal is not signing 109 and every time he visits at his office he says will do it by the end of the day, but till date he has not done the sign, and there is the clause in 109 that within a month need to take transfer so that the attempt will not get lapsed. So is there any way to tell through institute to the principal that please provide as soon as possible the transfer so that the articleship in the other firm can be started easily. Thanks in Advance...!!

CA Zeal Karwa says : Fast Track Exist Scheme
The company applying under FTE should not have any asset and liability. What if the company has Bank & cash balance at asset side and share capital on liability side. Whether can company apply for FTE in this situation? If company distribute cash balances to the members what accounting will be passed. In that case statement of affairs will be nil, as no asset and no liability. Whether this treatment is right? Plz give your valuable suggestion.

Shruti Mishra says : Income from undisclosed sources
sir could u please certain case laws strengthening the below case : mr. A is a small time broker...he had taken various loans from his associates, personal loans from banks..& cash deposits (obviuosly out of his withdrawals)...the entire credits into his bank account (including a portion of it declared as business income) have been added to the income of Mr. A. the C.A too has failed in drawing a proper balance sheet & has not shown even a single loan under liabilities...reason being the C.A never wrote any books of accounts for Mr. A, though he had many bank transactions... All the loans taken are in cheques..cash deposits are out of withdrawals...but still A.O has added back saying it is income from undisclosed sources just because it is not shown in the balance sheet... mR. A has even filed confirmations from lenders.. can u provide some case laws...for the captioned case... thank you in advance..