Provision for audit fee
This query is : Resolved
10 May 2017
While creating provision for audit fee on march 31st, whether service is to be included? Example if Audit fee is rs 25000 and service tax rs 3750, what amount is to be created as provision? Also if short provision is created can we treat the balance amount as prior period item?
10 May 2017
Provision is to be made for the GROSS amount.......i.e. inclusive of service tax etc. if any
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19 May 2017
Thank you for the reply. What to do if provision was created excluding service tax? And service tax was booked as expense at the time of payment during the current year.
20 May 2017
Give a note to that extent in the audit report, if any.
23 May 2017
Thankyou so much......................................................
23 May 2017
you are most welcome.
23 May 2017
A company has introduced capital in the form of Land in a partnership firm. If value of the land is rs7000 in company books but invested at a value of rs10000, what will be the entry in company books?. Kindly help me in this issue.
24 May 2017
Debit investment in firm 10000
Credit Land 7000
Credit Profit on transfer of Land 3000
Credit Land 7000
Credit Profit on transfer of Land 3000
24 May 2017
Yes.
Refer section 45(3) of the income tax act
Refer section 45(3) of the income tax act
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