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Varun asked 1 year ago

If auditor has purchased something of rs 7lac at arm length and same has to be adjusted with full audit fee so is he indebted.

1 Answers
RaviRavi Staff answered 1 year ago

we have to see net indebtedness
if there is receivable or payable net it off
audit fees is receivable and there is payable for purchase from company net them
yes personal nature purchase transaction can be done just ensure net payable should not exceed 5,00,000
adjusting against audit fees is fine 

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