Source: OPGC & IncomeTaxIndia

Paragraph A
(I) In the case of every individual other than the individual referred to in items (ii) and (iii) of this Paragraph or Hindu undivided family or association of persons or body of individuals, whether incorporated or not, or every artificial juridical person referred to in sub-clause (vii) of clause (31) of section 2 of the Income-tax Act, not being a case to which any other Paragraph of this Part applies,—
Rates of income-tax
(1) where the total income does not exceed Rs. 2,50,000 Nil;
(2) where the total income exceeds Rs. 2,50,000 but does not exceed Rs. 5,00,000 10 per cent of the amount by which the total income exceeds Rs. 2,50,000;
(3) where the total income exceeds Rs. 5,00,000 but does not exceed Rs. 10,00,000 Rs. 25,000 plus 20 per cent of the amount by which the total income exceeds Rs. 5,00,000;
(4) where the total income exceeds Rs. 10,00,000 Rs. 1,25,000 plus 30 per cent of the amount by which the total income exceeds Rs. 10,00,000.

(II) In the case of every individual, being a resident in India, who is of the age of sixty years or more but less than eighty years at any time during the previous year,—
Rates of income-tax
(1) where the total income does not exceed Rs. 3,00,000 Nil;
(2) where the total income exceeds Rs. 3,00,000 but does not exceed Rs. 5,00,000 10 per cent of the amount by which the total income exceeds Rs. 3,00,000;
(3) where the total income exceeds Rs. 5,00,000 but does not exceed Rs. 10,00,000 Rs. 20,000 plus 20 per cent of the amount by which the total income exceeds Rs. 5,00,000;
(4) where the total income exceeds Rs. 10,00,000 Rs. 1,20,000 plus 30 per cent of the amount by which the total income exceeds Rs. 10,00,000.



(III) In the case of every individual, being a resident in India, who is of the age of eighty years or more at any time during the previous year,—
Rates of income-tax
(1) where the total income does not exceed Rs. 5,00,000 Nil;
(2) where the total income exceeds Rs. 5,00,000 but does not exceed Rs. 10,00,000; 20 per cent of the amount by which the total income exceeds Rs. 5,00,000;
(3) where the total income exceeds Rs. 10,00,000 Rs. 1,00,000 plus 30 per cent of the amount by which the total income exceeds Rs. 10,00,000.

Surcharge on income-tax

Click here & go to official circular Page CBDT circular  

Example format:
Principal 60000
Rate of Interest 8.00%
From 4/1/2015
To 3/31/2017
Annual Yield Rate 8.24%
Total Interest 10402
Maturity Amount 70402
Year 2
Total Days 730
Compund Period Weekly

Click here to Download Term Deposit Interest Calculator in Excel format

Accounting Entries for Service Tax, VAT &TDS
Big organizations are involved in number of transactions happening
everyday. These transactions must be recorded in efficient manner since
they effect the business results in the long run and accordingly they must
portray the exact activity happened on that particular day with
corresponding amounts involved.
So, following entries will be passed at happening of various events.
Service Tax
Entries for transactions involving service tax are as followed :-

At the time of rendering/provision of services
Debtor Dr.
To Revenue
To Service Tax Output

At the time receipt of services
Expenses Dr.
Service Tax Input Dr.
To Creditors

When adjustment is to be made
Service Tax Output Dr.
To Service Tax Input
To Service Tax Payable

At the time of payment
Service Tax Payable Dr.
To Cash/Bank

VAT
Entries for transactions involving VAT are as followed :-

At the time of Purchase
Purchase Dr.
VAT Input Dr.
To Creditors

At the time Sale
Debtors Dr.
To Sales
To Vat Output

When adjustment is to be made
VAT Output Dr.
To VAT Input
To VAT Payable

At the time of payment
VAT Payable Dr.
To Cash/Bank



TDS
Entries for transactions involving TDS are as followed :-

When Expenses are recorded
Expenses Dr.
To Party
To TDS Payable

At the time of payment of above amount to Govt.
TDS Payable Dr.
To Cash/Bank

When income is recorded/booked
Party Dr.
TDS deducted Dr.
To Revenue

PRESIDENT’S COMMUNICATION My Dear Students, The year 2015 is drawing to an end reminding all of us that another year of our life is blending into history. If January is the month of new resolutions, December is month for introspection. It is the month to look back, analyze and fi nd out what we have achieved and what we have skipped or still working on. While we revisit the months gone by, we may fi nd both pleasant and not-so-pleasant events and experiences. All these should make us smarter, mature and wiser. We often say that in life, there are no mistakes but only lessons. Th e year end is a time when you can introspect as what you have learnt during the year. Give push to unachieved agenda and work on them. With about a month left, we can still achieve many of our targets. A. P. J. Abdul Kalam said ‘Never stop fi ghting until you arrive at your destined place - that is, the unique you.



Have an aim in life, continuously acquire knowledge, work hard, and have perseverance to realise the great life.’ Th ose of you who have taken November, 2015 Examinations must be in a mood to relax. Having appeared in the examinations, I understand that you would not like to miss blithesome time to enjoy and recreate. At the same time, I would request you to continue your study eff orts. Identify your weak areas and work on them. With the growth of economy, the importance and popularity of the accounting profession is growing leaps and bounds.
Today society places a lot of trust on the profession. To face the diverse challenges, you must deeply assimilate diff erent subjects. Go through the study material, practice manual and other inputs provided by the Board of Studies. Th e Board of Studies has been regularly conducting a number of programmes for the benefi t of CA Students. In the months of December, 2015 & January, 2016, National Conventions & National Conclaves are being held in Nashik, Mumbai, Calicut, Tirupur, Amritsar and Dehradun. Two sub-regional and one regional conferences are also being held in Trichur, Pali Marwar and Vasai respectively. It is in your good to participate in the conventions, conferences and other programmes being hosted at a number of places. In these events, you will have opportunity to closely interact with subject experts. Th e benefi t of such close interaction with the professionals and other students is something that transcends beyond anything that your normal experience can provide. Our Institute in its endeavours attempts to provide you an edge over others for measuring new heights of professional success. A potential chartered accountant gets leverage over his/her professional competitors. Our profession has created very high standards of accounting and proved to be very eff ective in helping businesses. I have every reason to believe that you will keep the spirits of positive attitude alive towards learning and uphold the values of the accounting profession. Th e time is beckoning you to become an all rounded professional capable of facing global challenges successfully. Th e accounting profession needs conceptually sound, committed and ethically strong people who can take the Institute to still higher pedestal.

Th e horizons of CA profession are very wide and I am sure that the next generation of professionals will continue to surpass all encumbrances and derive optimum mileage from the emerging challenges. Th ese challenges are emanating out of a variety of factors such as changes in economic conditions, the Companies Act, 2013, implementation of Indian Accounting Standards converged with International Standards, changes in the area of direct and indirect taxation and so on. I am sure that the Institute will continue its march with independence, integrity and excellence. I extend my heartiest wishes for a wonderful Christmas. With best wishes, CA. MANOJ FADNIS PRESIDENT THE INSTITUTE OF CHARTERED ACCOUN

Chapter 1
Introduction to Economics
Definitions of Economics
1. Science of Wealth
“Economics is a science which enquires in to the nature and causes of wealth of nations.”
- Adam Smith

2. Science of Material Well Being
“Economics is a study of mankind in the ordinary business of life. It examines that part of
individual and social action which is most closely connected with the attainment and
with the use of the material requisites of well-being. Thus, it is on the one side a study of
wealth and on the other and more important side a part of the study of the man.” -
Alfred Marshall



3. Science of Dynamic Growth & Development
“Economics is the study of how man and society choose, with or without the use of
money, to employ scarce productive resources which could have alternative uses, to
produce various commodities over time and distribute them for consumption now and in
the future amongst various people and groups of society.” –
Prof. Paul A. Samuelson
4. Science of Choice Making
“Economics is the science which studies human behavior as a relationship between ends
and scarce means which have alternative uses.” - Robbins “The range of our inquiry
become restricted to that part of social welfare that can be brought directly or indirectly
into relation with the measuring rod of money.” - A. C. Pigon
Micro and Macro Economics
1.Micro Economics – “study of economic behavior of an individual, firm or industry in
the national economy”
2.Macro Economics – “study of overall economic phenomena as a whole rather than its
individual parts”
Central Economic Problem
i.What to Produce?
ii.How to Produce ?
iii.For whom to Produce ?
iv.What provision should be made for Economic Growth ?
How different economies solve their economic problems?
1.Capitalist Economy
2.Socialist Economy
3.The Mixed Economy
Chapter 2
Unit 1:- Law of Demand
What is Demand ?
When the person desiring is willing and able to pay for his desire, the desire is changed
into
Demand
Demand refers to the quantity of a good or service that consumers are willing and able to
purchase at various prices during a period of time.
1. Determinants of Demand
1. Price of the commodity
2. Price of related commodities
3. Level of Income of household
4. Tastes and preferences of consumers
5. Other Factors
2. Demand Schedule:
The table showing the data of price and quantity demanded of a commodity.
3. Market Demand Schedule:
When we add up the various quantities demanded by the number of consumers in the
market,
the table we get is called “Market Demand Schedule
Demand Curve: The curve obtained by plotting demand schedule on a graph paper
4. Rationale for the law of demand
i) Substitution Effect
ii) Income Effect
Increase in no. of consumers
5. Exception to for the law of demand
i) Conspicuous Goods
ii) Giffen Goods
iii) Conspicuous Necessities
iii) Future expectations about prices
iv) Irrational Consumers
iv) Changes in one of the determinants of demand
Elasticity of Demand
What is Elasticity of Demand ?
It is the responsiveness of the quantity demanded of a good to changes in one of the
variables on which demand depends.
These variables are: Price of the commodity, Price of the related commodities, Income
of
the consumers & Various other factors
1 . Price Elasticity: It expresses the response of quantity demanded of a good to a
change in its price, given
the other determinants being same
2 . Income Elasticity: It expresses the response of quantity demanded of a good to a
change in
income of theconsumer
3 . Cross Elasticity: It expresses the response of quantity demanded of a good to a
change in price of another good
Geometrical Method
Point Elasticity: This method tells us how to measure elasticity of demand at any
point on a demand curve.
Arc Elasticity: When price elasticity is to befound between the two prices, the concept
of arc elasticity is used
Interpretation of values of elasticity of demand
The numerical value of elasticity of demand can assume any value from 0 to infinity
Numerical Value of elasticity Verbal Description Terminology

Test Paper – Chapter VII–Bills of exchange

1. In case of discount of bill with Bank, debit goes to?
A. Cash a/c
B. Bills receivable a/c
C. Discount a/c
D. A and C

2. A bill of exchange is prepared by?
A. Drawee
B. Payee
C. Banker
D. Drawer

3. A bill of exchange is accepted by?
A. Drawee
B. Payee
C. Banker
D. Drawer

4. The person to whom payment should be done is?
A. Drawee
B. Payee
C. Banker
D. Drawer

5. The foreign bill is generally drawn in?
A. Single
B. Duplicate
C. Triplicate
D. None of the above

6. A bill drawn in on a person resident in India and made payable in outside India, is called?
A. Inland bill
B. Foreign bill
C. Both of the above
D. None of the above

7. Which of the following is true in case of Promissory note?
A. I promise to pay Rs.1000 plus all fine
B. I promise to pay Rs.1000 minus all fine
C. I promise to pay Rs.1000 as soon as I can
D. I promise to pay Rs.1000

8. Bill of exchange is asset to whom?
A. Drawee
B. Payee
C. Banker
D. Drawer

9. Bill of exchange is liability to whom?
A. Drawee
B. Payee
C. Banker
D. Drawer

10. When bill is drawn after sight, the term of the bill begins from the date of?
A. Date of bill drawn
B. Date of acceptance
C. A or B
D. None of the above



11. When bill is drawn after date, the term of the bill begins from the date of?
A. Date of bill drawn
B. Date of acceptance
C. A or B
D. None of the above

12. Which of the bill is not eligible for “days of grace “?
A. A bill payable on demand
B. Bills at sight
C. Bills after sight
D. A and B

13. Maturity date of the bill means?
A. Due date of bill
B. Due date of the bill minus three days
C. Due date of the bill plus three days
D. Public holiday

14. Bill after date is expressed to be payable?
A. After a specified period
B. On a specific event
C. After sight
D. All of the above

15. Which of the following is not a negotiable instrument
E. Bearer cheque
F. Promissory note
G. Bills of exchange
H. Account payee crossed cheque

16. When bill dishonor and was originally with third party, debit goes to?
A. Third party
B. Drawee
C. Drawer
D. Bill receivable a/c

17. If the due date is public holiday, what will be actual due date of the bill?
A. Following day
B. Preceding day
C. The same day only
D. One month later

18. If the due date is emergency holiday, what will be actual due date of the bill?
A. Following day
B. Preceding day
C. The same day only
D. One month later

19. Term of the original bill was 3 months. Due date of the original bill is 8th Nov-2014 and amount due is Rs.6000. Drawee retired the bill on 8th October -2014? Rate of interest is 10%, Calculate rebate on bills?
A. Rs.600
B. Rs.100
C. Rs.50
D. Rs.150

20. In case of insolvency of Drawee, the amount unrecoverable should goes to?
A. Bills receivable
B. Bad debts
C. Cash
D. Debtors

21. On 15.08.2014, X draws a bill on Y for 3 months for Rs.10, 000.15th Nov is public holiday and 18th Nov is declared as an emergency holiday. The Maturity date will be?
A. 14th Nov
B. 15th Nov
C. 18th Nov
D. 19th Nov

22. On 30.11.2014, X draws a bill on Y for 3 months for Rs.15, 000. The Maturity date will be?
A. 28th Feb-2015
B. 3rd March-2015
C. 30th Feb-2015
D. 4th March -2015

23. X draws a bill on 25.11.2014 on Y for 3 months after date for Rs.10, 000. The bill was accepted by Y on 05.12.2014.The Maturity date will be?
A. 28th Feb-2015
B. 25th Feb-2015
C. 5th March-2015
D. 8th March-2015

24. X draws a bill on 25.11.2014 on Y for 3 months after sight for Rs.10, 000. The bill was accepted by Y on 05.12.2014.The Maturity date will be?
A. 28th Feb-2015
B. 25th Feb-2015
C. 5th March-2015
D. 8th March-2015

25. X draws a bill on 15.10.2014 on Y for 3 months after date for Rs.10, 000.On maturity date Y renewed the bill for 40 days. The Maturity date of the renewed bill will be?
A. 18th Jan-2015
B. 15th Jan-2015
C. 26th Feb-2015
D. 23th Feb-2015

26. X draws a bill on 15.10.2014 on Y for 3 months after date for Rs.10, 000.On maturity date Y dishonored the bill. Rs.200 as noting charges. The bill was originally endorsed to Z. Amount should be credited to Z account?
A. Rs.10000
B. Rs.200
C. Rs.10200
D. Rs.9800

27. X draws a bill on 15.10.2014 on Y for 3 months after date for Rs.10, 000.On maturity date Y dishonored the bill. Rs.200 as noting charges. The bill was originally discounted with bank. Credit goes to which account?
A. Y a/c
B. X a/c
C. Bank a/c
D. Notary public


28. Term of the original bill was 3 months. Due date of the original bill is 4th Dec-2014 and amount due is Rs.16000.On the said date Drawee renewed the bill for next 45 days for the same amount. Rate of interest is 10%.Interest to be payable by Drawee?
A. Rs.1600
B. Rs.197
C. Rs.400
D. Rs.200

29. Which of the following is not made payable to the bearer of the instrument?
A. Bills of exchange
B. Promissory note
C. Bills after sight
D. Bills at sight

30. Type of the bill used for raising finance called?
A. Bills payable
B. Bills receivable
C. Accommodation bill
D. Promissory note

Test Paper – Chapter IV –Inventories
1. Inventories include?
A. Raw material
B. WIP
C. Finished goods and spare parts
D. All of the above

2. If the profit is 20% on sales then it is?
A. 25% of the cost price
B. 33% of the cost price
C. 15% of the cost price
D. 20% of the cost price

3. Cost of goods sold?
A. Opening stock + closing stock
B. Opening stock + Purchases - closing stock
C. Opening stock + Purchases +Direct expenses - closing stock
D. Opening stock + Purchases +Direct expenses + closing stock

4. When closing stock is overstated, net income for the accounting period will be?
A. Understated
B. Overstated
C. No effect
D. None of the above



5. Sales Rs.1, 000, GP is 25% on sales and cost price is?
A. Rs.750
B. Rs.1,250
C. Rs.1,330
D. Rs.250

6. Inventories should be valued at?
A. Lower of Cost and Net realizable value
B. Higher of Cost and Net realizable value
C. Sum of Cost and Net realizable value
D. Cost value

7. Cost of inventories includes?
A. Purchase price
B. Other cost to bring inventory to the present location
C. Sales expenses
D. A and B

8. Net Realizable value means?
A. Estimated selling price
B. Estimated selling price plus estimated cost of completion
C. Estimated selling price minus estimated cost of completion
D. All of the above
9. Under FIFO method, closing stock includes?
A. Latest purchase stock
B. Earlier purchase stock
C. No stock
D. Both A and B

10. Under LIFO method, closing stock includes?
A. Latest purchase stock
B. Earlier purchase stock
C. No stock
D. Both A and B

11. Sales is Rs.2,00,000,Cost of purchase Rs.1,80,000, Opening inventory Rs.20000, closing inventory at selling price Rs.50,000, calculate cost of inventory at cost?
A. Rs.50,000
B. Rs.40,000
C. Rs.1,50,000
D. Rs.2,00,000

12. Under Average Price method, closing stock valued at?
A. Multiple prices
B. First purchase price
C. Latest purchase price
D. Single average price

13. Weighted average price is calculated by?
A. Sum of quantity and rate per unit
B. Total number of units
C. A divided by B
D. A plus B

14. Cost is Rs.1, 000, GP is 25% on cost and Sale price is?
A. Rs.1,000
B. Rs.1,250
C. Rs.750
D. Rs.250

15. When Opening stock is overstated, net income for the accounting period will be?
A. Understated
B. Overstated
C. No effect
D. None of the above

16. Cost is Rs.1, 000, GP is 25% on sales and Sale price is?
A. Rs.750
B. Rs.1,250
C. Rs.1,330
D. Rs.250

17. Sales Rs.1, 000, GP is 25% on cost and cost price is?
A. Rs.200
B. Rs.1,200
C. Rs.800
D. Rs.1,250

18. Cost of goods purchase is Rs.10,000, Trade discount allowed at 15%, sales tax paid at 10%, packing and transportation expenses Rs.2,500, calculate cost of inventories?
A. Rs.10,000
B. Rs.9,350
C. Rs.11,850
D. Rs.8,500

19. Periodic inventory system is based on?
A. Book records
B. Physical verification
C. Both A and B
D. None of the above

20. Accounting standard dealing with Inventory valuation?
A. AS-6
B. AS -10
C. AS-2
D. AS -3

21. Perpetual inventory system is based on?
A. Book records
B. Physical verification
C. Both A and B
D. None of the above

22. Inventory taking on 7th January is 78500, Purchases during the period Jan 1 to Jan 7 is 15300, sales during the period Jan 1 to Jan 7 is Rs.25000 which is cost plus 25%. Book closing date is 31st Dec. So calculate inventory as on 31st Dec?
A. Rs.93800
B. Rs.83200
C. Rs.88200
D. Rs.68800

23. Sales Rs.1, 250 which is cost plus 20%, cost is?
A. Rs.1,000
B. Rs.1,041
C. Rs.1,500
D. Rs.250

24. Inventory taking on 25th Dec is 78500, Purchases during the period Dec 25 to Dec 31 is 15300, sales during the period the period Dec 25 to Dec 31 is Rs.25000 which is cost plus 25%. Book closing date is 31st Dec. So calculate inventory as on 31st Dec?
A. Rs.93800
B. Rs.83200
C. Rs.88200
D. Rs.73800

25. Average inventory is Rs.12000, closing inventory is Rs.3000 more than Opening inventory, find the value of closing inventory?
A. Rs.12000
B. Rs.24000
C. Rs.10500
D. Rs.13500

For Companies
Checklist for Statutory Audit Documentation
1. Cover Page
2. Independents Auditors Report
3. CARO if required



4. Financial Statements
- B/s
- P&L
- CFS if required
- Accounting Policies
- Notes forming part of Financial Statements
- Trial Balance duly certified
5. Certificates of Director Disqualification
6. Certificates of Cash
7. Auditor Consent Certificate for qualification
8. Letter u/s 134 of submission of 3 sets and AGM
9. Management Representation Letter
10. Engagement Letter
11. Appointment Letter
12. Working Papers
13. KYC

Checklist for Tax Audit Documentation
1. ITR V generated
2. Computation duly filed
3. Form 3CA
4. Form 3CD with all its Annexures
5. Certification for 269SS & 269TT if required
6. Engagement Letter
7. Appointment Letter
8. Working Papers



For Other than Companies (Individual /HUF/ Patnership Firm/AOP)
1. Cover Page
2. ITR V generated
3. Computation duly filed
4. Form 3CB
5. Form 3CD with all its Annexures
6. Financial Statements
- B/s
- P&L
- CFS if required
- Accounting Policies
- Notes forming part of Financial Statements
- Trial Balance duly certified
7. Certification for 269SS & 269TT if required
8. MRL
9. Engagement Letter
10. Appointment Letter
11. Working Papers
12. KYC

Keep all the required soft copies as finalled by you in the respective audit  doc  2014-15 folder in JKS 

7 December 2015 -
Due date for deposit of Tax deducted/collected for the month of November, 2015. However, all sum deducted/collected by an office of the government shall be paid to the credit of the Central Government on the same day where tax is paid without production of an Income-tax Challan

7 December 2015 -
Due date for furnishing of challan-cum-statement in respect of tax deducted under Section 194-IA in the month of November, 2015



15 December 2015 -
Second instalment (in the case of an assessee other than a company) or third instalment (in the case of a company) of advance income-tax for the assessment year 2016-17

22 December 2015 -
Due date for issue of TDS Certificate for tax deducted under  section 194-IA in the month of November, 2015

1. TITLE Companies (Auditor's Report) Order 2015

2. APPLICABILITY Applies to every company [Including a foreign company u/s 2(42) of Companies Act 2013]
However CARO 2015 would not apply on the following:-
Banking Company Banking company as defined u/s 5(c) of Banking Regulation Act 1949
Insurance Company Insurance company as defined under Insurance Act 1938
Section 8 Company Section 8 Company as defined under Companies Act
OPC/Small Company OPC as defined u/s 2(62) and Small Company as defined u/s 2(85) of Companies Act
Pvt. Ltd. Co. Private Limited Company if it satisfy all of these 3 condition throughout the FY
PUC + Reserves ≤ Rs. 50 Lakhs; and
Loan Outstanding from Bank or Financial Institution ≤ Rs. 25 Lakhs; and
Turnover ≤ Rs. 5 Crore

3. EFFECTIVE DATE Effective w.e.f. on the date of its publication in the Official Gazette.
PARA 2 – AUDITOR'S REPORT TO CONTAIN MATTERS SPECIFIED IN PARAGRAPHS 3 AND

4 Every report made by the auditor u/s 143 of Companies Act 2013, on the accounts of every company examined by him to whom this Order applies for the
FY 2014-15 onwards, shall contain the matters specified in paragraphs 3 and 4.
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PARA 3 – MATTERS TO BE INCLUDED IN THE AUDITOR'S REPORT
The auditor's report on the account of a company to which this Order applies shall include a statement on the following matters, namely:—
(1) Fixed Asset Proper Records
Whether the company is maintaining proper records
Whether such proper records are showing full particulars of fixed assets (including quantitative
details and situation)
Physical
Verification
Whether fixed assets have been physically verified by the management at reasonable intervals
Whether any material discrepancies were noticed on such verification
Whether such discrepancies, if noticed, have been properly dealt with in the books of account
(2) Inventory Physical
Verification
Whether physical verification of inventory has been conducted at reasonable intervals by the
management
Whether the procedures followed by the management for physical verification of inventory are
reasonable and adequate in relation to the size of the company and the nature of its business
If not, report the inadequacies in such procedures
Proper Records
Whether the company is maintaining proper records of inventory
Whether any material discrepancies were noticed on physical verification
If so, whether such discrepancies have been properly dealt with in the books of account
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(3) Related Party
Loans
Comments on
Repayment
Whether the company has granted any loans (secured or unsecured) to companies, firms or other
parties covered in the register maintained u/s 189 of the Companies Act.
If so, whether receipt of the principal amount and interest are regular
If overdue amount is > Rs. 1 Lakhs, whether reasonable steps have been taken by the company for
recovery of the principal and interest

(4) Internal Control Adequacy and Maintenance
Is there an adequate internal control system commensurate with the size of the company and the
nature of its business, for the purchase of inventory and fixed assets and for the sale of goods and
services?
Whether there is a continuing failure to correct major weaknesses in internal control system.

(5) Deposits Compliance
In case the company has accepted deposits, whether the directives issued by the RBI and the
provisions of sections 73 to 76 or any other relevant provisions of the Companies Act and the rules
framed there under, where applicable, have been complied with?
If not, State the nature of contraventions
If an order has been passed by CLB or NCLT or RBI or any court or any other tribunal, whether the
same has been complied with or not?

(6) Cost Records Maintenance
Where maintenance of cost records has been specified by the CG u/s 148(1) of Companies Act,
Whether such accounts and records have been made and maintained
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(7) Statutory Dues Undisputed Dues
Whether the company is regular in depositing undisputed statutory dues including PF / ESI / I. Tax /
Sales-Tax / Wealth Tax / Service Tax / Custom Duty / Excise Duty / VAT / Cess and any other
statutory dues with the appropriate authorities
If not, then indicate the extent of arrears of outstanding statutory dues as at the last day of FY
concerned for a period of > 6 months from the date they became payable
Disputed Dues
Mention the amount any T. Tax / Sales Tax / Wealth Tax / Service Tax / Customs Duty / Excise Duty
/ VAT or Cess which have not been deposited on account of any dispute
Also mention the forum where dispute is pending.
(NOTE: A mere representation to the concerned Department shall not constitute a dispute).
IEPF
Whether the amount required to be transferred to IEPF in accordance with Companies Act 1956 and
related rules has been transferred to such fund within time.

(8) Losses Incurred Accumulated Losses
In case of a company which has been registered for a period ≥ 5 years, whether its accumulated
losses at the end of the FY are ≥ 50% of its net worth
Cash Losses
Whether it has incurred cash losses in such FY and in the immediately preceding FY

(9) Debt Repayment Default
Whether the company has defaulted in repayment of dues to a financial institution or bank or
debenture holders?
If yes, the period and amount of default to be reported
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(10) Guarantee Given Terms & Conditions
Whether the company has given any guarantee for loans taken by others from bank or financial
institutions
Whether the terms and conditions whereof are prejudicial to the interest of the company

(11) Term Loan Utilization
Whether term loans were applied for the purpose for which the loans were obtained

(12) Fraud Fraud on/by Company
Whether any fraud on or by the company has been noticed or reported during the year
If yes, indicate the nature and the amount involved
PARA 4 – REASONS TO BE STATED FOR UNFAVOURABLE OR QUALIFIED ANSWERS
(1) Where, in the auditor's report, the answer to any of the questions referred to in paragraph 3 is unfavourable or qualified, the auditor's report shall also
state the reasons for such unfavourable or qualified answer, as the case may be.
(2) Where the auditor is unable to express any opinion in answer to a particular question, his report shall indicate such fact together with the reasons why
it is not possible for him to give an answer to such question. 

1.(a) Corporate identity number (CIN) or foreign company
 registration number (FCRN) of the company or Form 1A
 reference number (Service request number (SRN) of Form 1A)
(b) Global location number (GLN) of company

2.(a) Name of the company
 (b) Address of the
 registered office or
 of the principal place
 of business in India
 of the company



3. Name of the applicant (in case of under liquidation company or in case company has not been incorporated or
 where the service for which refund is sought does not belong to any company)

5. Payee details for the refund cheque
 (c) *City
 Line II
 (b) *Address Line I
 (g) *e-mail ID
 (d) *State
 (a) Name of payee
3. Name of the applicant (in case of under liquidation company or in case company has not been incorporated or
 where the service for which refund is sought does not belong to any company)
 (e) Country
6. *Bank account number
7. In case of direct deposit into your bank account, provide following details corresponding to above account number
Cheque Direct deposit into your bank account
(c) Type of account
(d) MICR code
 (a) Bank name


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