30 January 2013
Now again you have to pay tax in MAT u/s. 115JB, which is 3.38 cr, higher of 3.32cr and 3.38 cr. Thus, your total Mat Credit for c/f in future years will be Rs.1.56 cr(1.5cr+0.06cr)(subject to limitation of 10 years).
30 January 2013
thank you sir, i have a another question about company audit can a statutory auditor of a company can visit the branch of the company which is located in foreign?
As regards to the further query, the provision of Section 228(1) of Companies Act, 1956 is reproduced as under:
"Where a company has a branch office, the accounts of that office shall be audited by the company's auditor appointed under section 224 or by a person qualified for appointment as auditor of the company under section 226, or where the branch office is situate in a country outside India, either by the company's auditor or a person qualified as aforesaid or by an accountant duly qualified to act as an auditor of the accounts of the branch office in accordance with the laws of that country."
"Provided that in the case of a banking company having a branch office outside India, it shall be sufficient if the auditor is allowed access to such copies of, and extracts from, the books and accounts of the branch as have been transmitted to the principal office of the company in India."
Thus, the Statutory Auditor can visit the branch of an Indian Company (Subject to Conditions specified for Banking companies in the Proviso of sub-sec.(2) of sec. 228).