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FT STUDY CIRCLE INCOME TAX (AY:- 10-11) 

Mr. Raj

(Ex‐Shri Ram College of  Commerce)

Mob. No.:‐9560310191, 9350104021,

www.ftstudycircle.comPage 312 

3)  Companies having an average over exceeding Rs.5 Crores for a period

of three consecutive financial years immediately proceeding the financial year

concerned.

f)  Whether the provisions of section 58-A, 58-AA or any other relevant

provisions of the act and Companies (Acceptance of Deposits) Rule ,1975 have been

complied with regard to the deposits accepted from public. Whether any order has

been passed by Company Law Board, National Company Law Tribunal, RBI or any

other court.

g)  Whether cost records have been made and maintained, if prescribed by Central

Government U/s 209(1) of the act.

h)  Whether the company has defaulted in repayment of dues to a financial

intuition or bank or debenture holders.

i)  Whether adequate records have been maintained granting of loans and

advances on the basis of the security.

 j)  Terms loans were applied for the purpose for which the loans were obtained.

k)  Whether the funds raised on short term basis have been used for long term

investments except permanent working capital.

l) 

Whether or not securities or charges have been created in respect of debentures issued.

m)  Money raised by public issue:

1)  Whether the management has disclosed on the end, use of money

raised by public issues?

2)  Whether the end use of money raised from public issues is capable or

being determined? If not, state the reason.

3)  Whiter the end use of money disclosed the financial statements by a

way of note is significantly different from the actual end use?

4)  Examine the various documents submitted to SEBI and also examine

the report of Board of Directors to find out whether the funds have been utilized for

the purpose for with they were raised.

5)  In case of a listed company where the issue size is more than Rs. 500Crores ensure monitoring agency is appointed.

n)  Whether any fraud on or by the company has been noticed or reported during

the year, if yes, the nature and amount involved is to be indicated.

Revision Assignments:

1)  What are the reporting requirements in companies ( Auditor Report

Order in respect of money in respect of money raised by public issues?(Nov. 2005)

2)  What categories of companies are specifically exempted from the

application of CARO?( May 2005)