Bhaskaran Chackrapani Warrier's Expert Profile

Queries Replied : 22307

Graduate of Kerala University.

Fellow member of ICAI.

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C.A Alok Mukherjee says : please help
Can you please share me your views? If a policy is framed out and passed in an audit committee meeting tlike this "That any expenditure with a maximum limit of Rs 5000 to be considered as not a material amount and will be accounted for in normal account head of the next financial year if the same is relates to last financial year and if received at any period after the end of last financial year but after a cut off date fixed for submission of unaudited financial result for the directors." My question if this is passed and accepted as a policy by the board or the audit Committee a. Will it be prejudicial or will it really affect the accounting standard or accounting policy? The intension is to eased up the operation and nothing else. c. If, so what are the points supporting our favour from, audit, tax and other compliance matters?

Sreekumar Lakshmanan says : Closing stock valuation
Sir, Please confirm is there any new notification like we have to value closing stock ageing >6 months @Re.1 and >90 days @50% of the cost price etc.

Sunny says : VAT
Kindly tell me that are there any disallowance of expense if a company purchases anything from unregistered dealer? pls tell the section also & the tax rate applicable to this category. Thanks alot.

ashish says : Distribution of pre-acquisition Profit to old shar
I have one quarry with reference to above subject which I can explain with following example, Xyz is private ltd company which is acquired by another Company (Abc) and converted in to public ltd co. at the time of acquisition they did not distributed the pre acquisition profit and after the acquisition they(xyz ,old share holders ) wont the pre acquisition profit, is there any way to distribute such profit to old share holders only apart from taking approval form Central Governmen

Megha Gupta says : Remuneration
sir, but Sec 314(1B) says for remuneration but i am asking that the employee is getting consultancy fee not on regulor basis in the capacity of technical expert.