19 July 2012
FOR EXAMPLE- MY PARTY'S CHEQUE RETURN COURT CASE IS PUT UP AT CITY COURT, SOLUTION IS PENDING FOR RUPEES 13 LAKH RETURN CHEQUE OF SUNDRY DEBTORS IN ACCOUNTS, THERE IS ANY LIABILITY OF CA FOR SIGNED AUDIT REPORT ? THERE IS CA RESPONSIBLE FOR ACCOUNTS AND AUDIT REPORT IN COURT CASE MATTER ?
19 July 2012
First of CA will not be responsible for any compensation. Was the dispute pending at the balance sheet date??? Why the cheque was returned back?? due to insuffiviency of funds?? pls tell me in details..
19 July 2012
AS ON DATE 31/03/2012 SUNDRY DEBTORS IS 13 LAKH , PAYMENT DUE , CHEQUE IS RETURN DUE TO INSUFFICENT OF FUND IN BANK, DEBTORS PARTY IS WAKE UP AND CLOSE HIS SHOP IN MARKET, CHEQUE RETURN, COURT CASE SOLUTION IS PENDING, PARTY HAVE BANK STATEMENT, AND RETURN CHEQUE AS PROOF EVIDENCE, NOW QUERY IS CA RESPONSIBLE FOR ANY MIS CONDUCT IN THIS MATTER ?
19 July 2012
If the client is showing receivable Rs. 13 lakhs from debtors and that is actually recoverable from the debtors, however, since the party has already closed its business then adequate provision for bad debts should have benn made in books of accounts. However, CA can not be held responsible for any liability. he will be professionally negligent while performing his duty and may be reprimanded/scolded by the ICAI.
Querist :
Anonymous
Querist :
Anonymous
(Querist)
19 July 2012
PARTY IS NOT READY TO SHOW A PROVISION FOR BAD DEBTS IN BOOKS OF ACCOUNTS TILL COURT CASE DECESION IS PENDING .
PARTY FIL PANIC FOR IT SCRUTINY ? FOR BAD DEBTS ? IN FUTURE SCRUTINY IS OPEN ? FOR NET LOSS OF ITR 4 FILED ? IS ANY CLUE FOR THIS PROBLEM ?
Querist :
Anonymous
Querist :
Anonymous
(Querist)
19 July 2012
PARTY IS NOT READY TO SHOW A PROVISION FOR BAD DEBTS IN BOOKS OF ACCOUNTS TILL COURT CASE DECESION IS PENDING .
PARTY FIL PANIC FOR IT SCRUTINY ? FOR BAD DEBTS ? IN FUTURE SCRUTINY IS OPEN ? FOR NET LOSS OF ITR 4 FILED ? IS ANY CLUE FOR THIS PROBLEM ?
19 July 2012
Income tax point of view if you are not writting off/not making any provision then there is no problem as per income tax. You can write it off in next year.