CAclubindia

Queries Replied : 26053

Hi.I am Ramesh Krishnan, Associate Memeber of ICWAI & Certified Management Accountant (CMA) by IMA(USA) Working in Bangalore

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Sundeep says : Income Classification
How should i classify interest income from Fixed deposits / NCDs / Bonds in a newly started company ? The MOA provides for investing in securities as part B "(B) OBJECTS INCIDENTAL OR ANCILLARY TO THE ATTAINMENT OF THE MAIN OBJECTS" which is before part c "(C) OTHER OBJECTS" Will this income be classified as other income and taxed as income from other sources or will it be classified as Income from Operations and business expenditure be allowed to be deducted from this for tax purposes ?

Ashutosh Shukla says : Auditor
Can internal Auditor of Holding company become statutory Auditor of subsidiary company? if not then what should be done to remain statutory Auditor of subsidiary company ?

dinesh says : APPLICABILTY OF 44AB,3CA,3CD,29B IN COMPNIES
Sir, For a company public/ private limited: 1.accounts are audited and audit report obtained before 30 september 2013. 2.Gross turnover is less than 5 lakhs 3.Net profit is less than one lakh 4.Company has paid tax at normal rates as amount is less than that arrived at as per sec.115JB. Query: 1.Will the company require to get a tax audit under Sec.44AB ? 2.If not is it mandatory to get certificate in form 3CA and 3CD ? 3 If so is it mandatory for the Auditors (CA) to file 3CA and 3CD online / offline at Income Tax portal before 30 september 2013.? 4.Is it mandatory to file Form 29B by CA online/ offline at the Income tax portal ? With Regards

kartik says : Regarding Tax Audit Report
Dear Sir, For assessee's approval regarding Tax audit report is Digital signature required?

sarthak mohanty says : Lisence Agreement
Dear Sir, we are a registerded Non Profit trust in odisha. Recently one of our Trustee proposed to establish a Drug rehabilitation centre which would be operated by 2 person's who approached him and who are not members of SEF. After talking with them we agreed to let them use our registration number, logo and Trust name to establish and operate a drug rehab centre. Now we would like to put it on paper through agreement.I would like to know what will thist type of agreement be known as and if possible please provide clause's for the agreement or a sample agreement for this purpose. Thank you.