Respected Sir/Madam,

one of my client has not enabled audit trail during the Financial Year 2023-24 and also they have not conducted any transcation in company during the year whether i required to qualify my opinion in audit report beased on audit trail not conducted or i can give clean opinion and just mention audit trail paragraph in Auditor’s Responsibilities for the Audit of the Financial Statements.

kindly suggest.

Is mandatory to prepare balance sheet in new format or recommended only? for non corporate entity

We would like to appoint Peer review auditor in our company. Any one could provide list of peer review auditor(CA) in chennai.

can any one provide draft of notes on accounts and accounting policies of non corporate entity ?

Hi
Revenue booked, GST Paid and payment received during the FY 2023-24, the actual services were delivered in 2024-25- how to account the entry?
FY 23-24 - Revenue (Sale-P&L) Dr.
Deferred Revenue(Current Liability) cr.
FY 24-25 - Deferred Revenue Dr
Revenue CR
Is it Correct?
Thanks

Our company is having 27.00 lakh paid-up capital and secured loan Rs. 1.21 crore, turnover is 11.50 crore in the financial year 2023-24.

1) Whether Cash Flow Statement Required
2) Whether Caro Mandatory
3) Whether Internal Control System required in Audit Report

Where will be the balance amount payable on vehicle purchased for EMI be shown in the financials of a company?

Hi,

This is the summary of my ITR's.

FY 12-13 -> 44AD -> ITR 4S
Turnover - Rs. 301184
Profit - Rs. 301184

FY 13-14 -> 44AD -> ITR 4S
Turnover - Rs. 240000
Profit - Rs. 240000

FY 14-15
NO BUSINESS INCOME -> NO 44AD -> ITR 2

FY 15-16
NO BUSINESS INCOME -> NO 44AD -> ITR 1

FY 16-17
NO BUSINESS INCOME -> NO 44AD -> ITR 2

FY 17-18 -> 44AD -> ITR 4
Turnover - Rs. 750000
Profit - Rs. 750000

FY 18-19
NO BUSINESS INCOME -> NO 44AD -> ITR 3

FY 19-20
NO BUSINESS INCOME -> NO 44AD -> ITR 3

FY 20-21 -> NO 44AD -> NO AUDIT -> ITR 3
Turnover - Rs. 80,93,584
Profit - Rs. 7,72,655 (>6%)

FY 21-22
NO BUSINESS INCOME -> NO 44AD -> ITR 2

FY 22-23 -> 44AD -> ITR 3
Turnover - Rs. 2,020
Profit - Rs. 1,010

Very Confused regarding 44AD !

1. As per me, It seems i have exited 44AD in FY 20-21 after using it for many years and reentered it in FY 22-23. Now as per 44AD, i have to use to compulsorily for next 5 Years means FY 22-23 to FY 26-27. I want to declare profit less than 6% for shares F&O for FY 23-24. If i do so, i will have to maintain books under 44AA and audit under 44AB? (Turnover is Rs. 26 L and Profit is Rs. 36000)

2. If I opt for 44AD for FY 23-24 also and declare profit at 6%, then I can opt out of 44AD only in FY 27-28?

3. The years where there is no business income to report will be counted for the counting in 5 Years for maintaining 44AD?

Thanks in Advance.

In 2021, Inventory was lost due to floods, and entry was made in the books of accounts - insurance claim receivable debit and credit to COGS/ Purchase accounts. Now insurance claim received which was less than the actual amount recorded in books. Instead of recorded as loss on stock / Bad debts should we charged to Purchase accounts? If yes any reference or case laws?

In which section we have to take udin for tax audit of turnover below one crore.