The Reader

From: Anil Ruparel <adruparel@gmail.com>
Subject: Re: [aurangabad_ca] EFFECT OF 44AB BUDGET AMENDMENT ON SMALL CA FIRM
To: aurangabad_ca@yahoogroups.com
Date: Saturday, 27 February, 2010, 5:51 PM

 

ISSUE RELATING TO QUALITY OF AUDIT REPORT WAS CONVYED BY THE DEPARTMENT TO OUR INSTITUTE TOO. HENCE IT'S NOT THE CASE OF 5% ONLY.

On 2/27/10, chetan malviya <chetanngp@yahoo. com> wrote:

 

sir what mr Anil ruparel says may be true in 5%OF CASES.most of the CA firms do comply with honest reporting with facts in form 3CD.IT is upto income tax deptt to use our reports for assesment purpose. in fact my view was that if we want to improve our audit procedures ;quality of reporting then we should get audit fees commensurate with our efforts so that we can advise our clients regarding various statutory compliances like TDS deduction etc.so it is better to do less audits so that we can devote time on quality reporting . this way deptt purpose would also be servd and ours also. CA CHETAN MALVIYA   Nagpur From: Anil Ruparel <adruparel@gmail. com> Subject: Re: [aurangabad_ ca] EFFECT OF 44AB BUDGET AMENDMENT ON SMALL CA FIRM To: aurangabad_ca@ yahoogroups. com Date: Saturday, 27 February, 2010, 7:00 AM   Dear members,   Please do not co relate issue of 44AB limit with enhancement in value. Original concept of department to streamline accounting statements presented to the department with compliance to various provisions of the Act Visa-a-Visa in uniform format. Out of these two objective, one objective of the department has not served fully, i.e. reporting any non compliance with the provisions of the act narrated in Form No.3CD, due to poor quality of reports by our members. But at least department is successful in achieving second objective, i.e. they gets now accounts in proper format adopting unique accounting policies. Looking to that, there is no need to co relate monetary limit of turnover for mandatory audit u/s.44AB.   I know many of us would not agree with this view. but it is ground reality.   On 2/26/10, chetan malviya <chetanngp@yahoo. com> wrote:   dear collegues such things will be there in every budget.i remember removal of N O C provisons for sale deed over 5lacs and 20 lacs dealt a blow to many C A practice including me.but now we hv service tax as a practice domain. only solution is that increase our fees for our services of tax audits; return filing etc. and there should be unity among our selves like lawyers.no undercutting please. so everyone OF US  will be happy. with regards CA CHETAN MALVIYA 9921548387 , Visvanathan Sivaraman <krusna.disa@ gmail.com> wrote:   From: Visvanathan Sivaraman <krusna.disa@ gmail.com> Subject: Re: [aurangabad_ ca] EFFECT OF 44AB BUDGET AMENDMENT ON SMALL CA FIRM To: aurangabad_ca@ yahoogroups. com Date: Friday, 26 February, 2010, 12:42 PM   Dear Friends,   44AB was introduced in 1984 as the FM himself said, was applicable from ay: 1985-86 Every thing has gone up and the limit if 10lakh & 40 laks is peanuts and small businessmen and professional will suffer. Today even a local pan beeda fellow will have a TO of 40 lakhs. After being in practice for 30 years in the coming year 2010-11 My gross revenue is likly to cross this limit. What happens to me in present state:- get into to TAX audit and go to another CA for certifying my account?   NIL rate of tax slab for ay: 1985-86 [correspondi ng to introduction of 44AB] was Rs.15,000 for individual. Now for 2010-11 the NIL rate is 1,60,000.00 That is it has gone up by 10.67 times Then why not 44AB limit too raised to atleast 2.5 times? That is 25 laks for profession and 100 lakhs for others.   There are enough and plenty of work. 44AE, 44AF etc will take care of your business.   I paid rent of Rs. 600.00 for my 600sqft premises in 1984-85 and now for the same premises I pay 10,000.00 If I were to look for new place it may have to shelve 15000.00 for the same area of office room. CA membership fee has gone up from mere 60.00 per annum to 1600 now.   Then why not the exemption u/s 44AB be increased. Infact the exp in cash must also be allowd upto atleast 50,000 from present 20000.00   PLEASE DO NOT BE MEAN.   sivaraman   On 2/26/10, CA. PRAMOD PARMAR <prpca2004@gmail. com> wrote:   Dear Members,   FM has increased Tax audit limit from 40 to 60 lacs   When I checked the no. of clients whose turnover is between 40 and 60 lacs it came to 15 parties   that means these parties are out of TAX and Vat audit for AY 2011-12   So our practice is reduce by 15 Tax and vat audit   Since they are prop. also TDS compliance is out   Direct effect of budget 2010-11 on my prof. fees   There are many CA Firms whose small client will be out of Audits   There is reduction in audits   any other areas for practice?   Regards, CA P R Parmar     The INTERNET now has a personality. YOURS! See your Yahoo! Homepage. -- CA ANIL RUPAREL

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The INTERNET now has a personality. YOURS! See your Yahoo! Homepage.

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CA ANIL RUPAREL