Experts Query Daily Digest :06 February 2016



06 February 2016 at 11:25

Sale&lease back of a public co's real estate affects finance

Hello,
I would like to know on how a sale and leaseback of a public corporation's real estate affects the balance sheet, income statement and financial ratios such as return on equity, return on assets, net operating income and stock price, accounting consequences.


06 February 2016 at 01:52

Stock audit of oil industry

Dear Sir,
I am a trainee article under CA. and i have appointed as to do stock audit of oil industry which is borrower of Union Bank of India. sir i want to know special considerations while doing stock audit of oil industry. so that i can performs as per requires SA & AS ./...

Thanks & Warm Regards :

Sumit Mangal


Anonymous
06 February 2016 at 12:05

Allowances

Respected sir,
One of my client is in Rajasthan Police Service. He gets Hard Duty Allowance (To perform his duty in odd hours or during curfew etc.), Mess allowance and Medical allowance…
In Income Tax Act, it is not elsewhere clearly written about these allowances. Whether these are taxable or tax free or exempted to a limit ?
Please guide..
With regards
Subhash Mishra


06 February 2016 at 11:55

Deduction of rent paid

Sir,
In one Pvt. Company, giving salary without segregation of Basic , DA, HRA ie at lumsum amount. Example suppose to X employee Rs 50000 per month salary and that X employee submitting Rent Receipt of 6000 per month. So my question is that wherther the company should deduct House rent for Rs 2000 per month for calculation of TDS on salary.


06 February 2016 at 11:44

Which income to show in itr 1 ?

DEAR EXPERTS, I WANTS TO FILE MY RETURN OF FY 14- 15 , BUT 26 AS AND FORM 16 IS SHOWING DIFFERENT INCOMES. 26 AS----- RS.1333366 TDS----- RS.3350 FORM 16- TOTAL INCOME---- RS 302510 WHICH INCOME SHOULD I SHOW IN INCOME DETAILS AND TAX DETAILS OF ITR 1.


06 February 2016 at 11:36

Tds

we deduct TDS on registration & recruitment charges?kindly guide us


06 February 2016 at 11:34

Return not filled

One of my clients had not filled return for A.Y. 2012-13 & A.Y. 2013-14 but he wants now to file the same ...how can he file the same now???


06 February 2016 at 11:15

Import

I m importing ram material- scarap, and I made advance payment to party for 100 M. T. But when it's reach to our factory, its has 2 to 5% weight shortage, can I book it as lose in Transport/transit/overseas. If yes then what will be the Tax & accounting treatment. Explain in brief. If now then is their any other way to show it in books of accounts.


Anonymous
06 February 2016 at 11:08

Valuation of shares

Dear Sir / Madam,

Please can your suggest an format for "valuation of shares" of a "Pvt. Ltd. Co." under section 11UA of the Income Tax Rules, 1962.

I Just need a format for the same.


Anonymous
06 February 2016 at 11:01

Supreme court judgements - 271(1)(c)

Dear Sir / Madam,

Please can you tell me any Supreme Court Judgements u/s 271(1)(C) given on or after the year 2014 in the favour of the Assessee.




Anonymous
06 February 2016 at 10:43

Preliminery expenses

Dear all
can anyone explain me about preliminary exp. what kind of exp. it is...
please clarify...

Regard
Manoj Gautam


Anonymous
06 February 2016 at 10:29

Tds on transportation for reimbursement by purchaser

Dear Expert

We sale to goods to purchser party and purchaser paid the transport cost to transporter and reimburse it from us.

my querty Shall we have to show it to Quartery return(26Q) while uploading tds return.

thanking you.



Anonymous
06 February 2016 at 09:36

Urgent

Dear Sir,
I have digital signature for e-filing. Whether this signature will also work for e tendering ?

Please advise me.


Anonymous
06 February 2016 at 10:06

Panality u/s.51(1) of tgvat act 2005 why should not pay.

i need to clarification u/s 51 (1) of TGAVT Act 2005. why should i pay penality. but i pay all vat returns


Anonymous
06 February 2016 at 09:10

Mvat prosecution notice

Dear Sir,

Would reuquest an expert to provide me some assistance.

My client has received a show cause prosecution notice from the audit department of Mvat, stating that it has not filed 6 half yearly returns spanning from 2012-2015. The notice is a prosecution notice under section 74(3)(f).

The client due to some financial constraints was unable to file the returns ad pay taxes and it has resulted in delay. I am unaware whether the officer has filed a complaint with the district magistrate.

Could you please guide me as to practically how to deal with the officer. The client is ready to file the returns and pay the tax and penalty. For eg, whether to write a letter and tell the officer in the personal meeting that the client would be going in compounding and will pay the tax, interest and penalty.

Could you please share drafts, if any Thanking you in advance and obliged

Regards



Anonymous
06 February 2016 at 01:40

Taxes for contractor in kerala state

1. What are the taxes a supply only contractor has to face with in Kerala state?
2. Similarly, a sub-contractor for civil works and installation, what all type of taxes it needs to pay and at what rate?


06 February 2016 at 12:04

When does service tax liability arise for a contractor

A is a main contractor and he assigns a part of the contract to B (Sub-Contractor). B (Sub-contractor) raises a bill of Rs 50 Lac in May, 15 which is passed by A (Main Contractor) in the m/o Sept, 15. Query is:

"When does service tax liability arise for B, either in May, 15 when bill is raised by B or at the time of passing of bill in Sept, 15 by A. "

Also provide any case law, section, rule and proviso to substantiate the answer.


Anonymous
06 February 2016 at 11:50

Services tax on chartered accountant services

whether chartered accountant services comes under continuous supply of services under service tax.


06 February 2016 at 11:22

Chit fund company service tax

want to know about service tax calculation for foreman commission for the financial year 2014-15,because earlier abatement was there after that amendment has been made to that, i want to know from when amendment has been made and rate of service tax with circular.


06 February 2016 at 09:20

Remady for delay in filing returns

We filed service tax returns by 266 days delay and the assessing officer imposed penaly upon us. But the delay was due to some tecnical isues and we have the copy of correspondences with Service tax service desk. Is there any remedies available to us to escape from penalty.Kindly advise


06 February 2016 at 12:13

Articleship

I applied for the May 2016 CA FINAL exam in which I put under the category of that articleship will be completed as on 30/02/2016.Actually my articleship will be completed on 18/02/2016.After that only I have to submit to institute to get letter for articleship completion.But before 29/02/2016 I have to submit print out of exam with enclosures relating to articleship completion.So,pls help me what I have to do?


06 February 2016 at 11:03

Ca final

I hev just cleared my CA IPCC and will start Articleship very soon. but wanted to know that can I register for CA Final before few months of my Final examination attempt to get the latest study material?? plz reply soon


Anonymous
06 February 2016 at 06:29

About aop

Dear Sir/Madam, I would like to know about AOP and how to registere, where I have to registere and what are all documents required,

Actually we are doing social activities like helping the people, we are around 40 people and working and few are students we are not taking any money from outside presently, there are two three companies came to help now but our social activities is not registered before, they are asking to registere first.

One of our friend suggested to registere as a AOP but we need to know more about before registering

Please do the heedful.



Anonymous
06 February 2016 at 12:12

Exemption validity

I AM STUDENT OF IPCC 2 GROP I GOT EXEMPTION IN ADVANCE ACC IN MAY 2015 & I APPEARED IN NOV 2015 AND GOT EXEMPTION IN AUDIT STIL NOT PASSED SO MY AUDIT EXEMTION WIL BE VALID FOR NEXT ATTEMPT OR NOT.
MARKS DETAILS ARE AS FOLLOWS:

ADV ACNTS 61 ALREADY EXMPTD
AUDIT 64
SM IT 32


06 February 2016 at 02:43

Important

Study plan for ipcc may 2016.






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