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Experts Query Daily Digest : 23 November 2014
Accounts

Posted by : Akash Unadkat
Posted On : 11/23/2014 11:26:53 AM
Fixed asset procure for replacement
If i Buy a New Plant & Machinery / Furniture / Office Equipment, I Buy it NEW and pay amount of it.
But above New PROCUREMENT is actually REPLACEMENT of an OLD that Item.
[Suppose, IF i had 20 years old CNC Machine, now its Not Working and its life of working is over, and i Buy NEW in REPLACE of that]

now my QUESTION is What is Accounting Treatment ??
to Capitalise above [due to its life is more than one year] ???
or Book it as Expense [due to replacement of an old] ??
- AKASH UNADKAT
 

Posted by : CA PRASANNA AMT SWAMY
Posted On : 11/23/2014 10:12:27 AM
Icai should start 7*24 helpline for students
when ever I call icai Chennai they did not respond properly
 

Posted by : Announced
Posted On : 11/23/2014 9:47:40 AM
Trade mark
require trademark for gift goods selling which form n how is procedure
 
Audit


Posted by : Anonymous
Posted On : 11/23/2014 10:45:55 AM
Co-operative society audit
My Assessee is Co-Operative Society. its turnover is 32 crore. whether it is liable to get Audited u/s 44AB.
 
Posted by : sudarsanavalli
Posted On : 11/23/2014 10:11:00 AM
Disa
tell me the prerequisites to work with DISA qualified auditor
 
Income Tax
Posted by : Sanjana
Posted On : 11/23/2014 1:52:33 PM
Sales tax on sales
I am selling Bedsheets outside Maharashtra. I have purchased material and got the bedsheets printed on job work basis.

Do I need to charge Sales Tax if the Sales Value is only Rs. 1,00,000? The amount is not big.
 
Posted by : Balpreet singh
Posted On : 11/23/2014 1:50:22 PM
Commision or sales, which will be considered as calculating the limit of section 44ab, for a money exchanger?
To consider the limit of applicability of section 44AB for a money exchanger, is sales are relevant or commission received?Please help.
 


Posted by : Anonymous
Posted On : 11/23/2014 1:43:18 PM
Tds on hiring of car to municipalty---on hire charges
My client Town Municipal Council has taken a Lndica car on hire basis on mothly rent of Rs.25000/-from the proprieor of car Sri Shankar.I A.wef 01.04.2013.Proprietor has not furnshed the PAN Card /not hold the PAN Card till April 2014.But the TDS deducted amount has been remitted to Central Govt.in the name of Girish who is brother (of Shankar Proprietor of Car ) & Contractor taken Contract works at Municipalty hold PAN Card.What are consequences upon the Shankar, and how much TDS should have been deducted by the Municipality.What penality has to be borne by the Municipality for Wrong Deductions and Remittances made in other names. .
From April 2013 on wards my client has paid hire charges of Rs.24750/-(Rs.25000--250/-TDS) & deducting TDS@1% every month till March 2014.
 
Posted by : Vijay
Posted On : 11/23/2014 1:30:48 PM
Submission of document to charity commissioner
A charitable trust which is taxable as AOP (As trust is not registered u/s 12AA) is liable to submit its account to charity commissioner?
What are the regulation that I need to follow apart from filling return of income of this kind of trust??
 
Posted by : AMIT RATHI
Posted On : 11/23/2014 12:13:50 PM
Head of income
Please give Advice on the following Query:-

The Assessee is having industrial Built-up plot of 10000 Sq. Meter And doing Manufacturing on 1000/- Sq Meter. Remaining land of 9000 Sq Meter has been let out to other units on rent and received rent from it.

1. Whether the rental income can be included under the head Business Income.

Or

2. Whether rental income to be include the under the head income from other sources or House Property, If yes Which Kind Of expenses/ deductions will be allowed out of rental income.

If rental income to be taxed under the head other sources, how the valuation of 9000/- Sq meter area taken/computed under the Wealth Tax Act or would be exempted as business Assets.

Please reply with reported Case Laws. If any.
 
Posted by : surinder pabbi
Posted On : 11/23/2014 11:56:02 AM
Cash gift
can I give cash gift to my wife. how much in financial year.
 

Posted by : Akash Unadkat
Posted On : 11/23/2014 11:30:46 AM
Fixed asset treatment of depreciation of replacement
If i Buy a New Plant & Machinery / Furniture / Office Equipment, I Buy it NEW and pay amount of it.
But above New PROCUREMENT is actually REPLACEMENT of an OLD that Item.
[Suppose, IF i had 20 years old CNC Machine, now its Not Working and its life of working is over, and i Buy NEW in REPLACE of that]

now my QUESTION is What is Accounting Treatment ??
to Capitalise above [due to its life is more than one year] ???
or Book it as Expense [due to replacement of an old] ??
- AKASH UNADKAT
 

Posted by : Akash Unadkat
Posted On : 11/23/2014 11:21:23 AM
Shares / stocks / mf units income taxation
If i buy Shares/Stocks/ Mutual Fund Units, and hold it for 5 years, and Sell After 5 Years.

Then what could be Accounting & Income Taxable for Every year ??
What will be Accounting journal entry ?
How it be Consider in IT return Filing every year, if Market Value Increases/changes ??
- AKASH UNADKAT
 
Posted by : Mohammed
Posted On : 11/23/2014 11:20:23 AM
Software license fees
Software License fees for a year or two, will attract TDS u/s 194J as a Technical Fees?
 
Posted by : Kiran
Posted On : 11/23/2014 11:04:52 AM
Capital gain exemption u/so 54f
We are selling the property jointly owned by my parents.. since the capital gain will be too high is there possibilities they can gift property to me and sell thereon to get exemption under sec54F by purchasing a residential property in my name since I do not own any other properties as of now my parents cannot claim 54F since they already have another property ..is there time limit for donee to have pocession of property to claim sec 54F please clarify
 
Posted by : PAI
Posted On : 11/23/2014 9:15:48 AM
Recd gift in cash
one of my client recd from relative recd gift of Rs 15 lakhs from five person as capital to his business in cash drawn directly from their account whether same is to be reported in TAR REPORT IF YES WHERE I HAVE TO REPORT PLEASE HELP OR WHETHER QUALIFICATION IS SUFFICIENT IN REPORT
 
Posted by : vinod kumar pal
Posted On : 11/23/2014 8:57:37 AM
Itr file anywhere
hello experts any individual live in delhi or other state can we itr file one place of these individuals.
 

Posted by : mahesh
Posted On : 11/23/2014 8:32:57 AM
3 cd ratio calculations
Dear sir, l have a little confusion In ratio calculations in 3 CD... In Np ratio.. What does Np means whether it is before tax or after tax.... What does stock in trade means... Whether it includes RM, WIP, stores, spares and FG or only FG...
What does FG produced means?.... what does material Consumed... Whether it includes Rm consumed and packing material consumed or only Rm consumed. Anyone please give clarity on above confusion.. .please sir give reply as early as possible Thanks & regards Mahesh
 
VAT
Posted by : raj Sharma
Posted On : 11/23/2014 1:38:54 PM
Regarding vat chargeable or not.
on22 November 2014 sir. mere friend ko ak bank ne car purchase kr ke office use k lea dee thi. kuch time pahle 2yr back but ab mera friend vanha se resign kr k jaa raha he or bank se vo bol raha k ye car m purchase kr naaa chahata huu. bank vo car mere friend ko sale bhee kr raha he but bank ye bol raha he kii aap ko IS PR VAT BHEE DENA PADEGA .sir jab bank ne vo car dealer se buy kii hogi to vo to already VAt pay kr chukaa hoga to kya ab mere friend ko vat pay krna he agar haa to kyu or naahi to kaise please sir reply n car ki koi bhee value assume kr skte he pahle or ab k lea as example .... You need to be the querist or approved CAclub expert to take part in this query .
 
Posted by : Nitesh
Posted On : 11/23/2014 1:19:09 AM
Cashew process manufactures
Muje Cashew processing machine Lagana hai Is liye Muje Jan na hai us par VAT kitna hai Gujarat mai.??? Please Fast Ripley
 
Service Tax
Posted by : DIPANKAR KATHAIT
Posted On : 11/23/2014 10:25:20 AM
Regarding registration
A company already takes centralised registration in delhi. And they also open their new office in haryana also but billing and accounting is still from delhi. Is it mandatory to amend ST-1 for their new branch in haryana.
 
Corporate Law
Posted by : vikram
Posted On : 11/23/2014 12:49:36 PM
Incorporation of a company
How much minimum capital requirement is required to form a Pvt Ltd Co in the business of Forex ?
 
Students


Posted by : Anonymous
Posted On : 11/23/2014 1:45:10 PM
Aticles vacancy
Hello,

I completed my one year Article Training in Bangalore,and i want to join in firms where only indirect ax is there can any one pls guide me.,
and also provide information regarding Article Firms where indirect tax only in bangalore.,

THANKS IN ADVANCE
 
Posted by : Rajan sharma
Posted On : 11/23/2014 8:32:33 AM
Reference book
Hello everyone i missed my leasing and hedging lectrs in classes...so pls suggest me which reference book should i prefer for better understanding of these topics
 
Others


Posted by : Anonymous
Posted On : 11/23/2014 12:00:19 PM
Pension
Hi,

My friend was working in a company but has left job after long time. he has received his PF.
but he can get pension from pension account. Because some amount from his salary company was debited.

kindly suggest us
 


Posted by : Anonymous
Posted On : 11/23/2014 11:30:30 AM
Wealth tax
Capital Balance held in Partnership Firm, is it an asset exempt under wealth tax or the same is to be considered for wealth tax
 


Posted by : Anonymous
Posted On : 11/23/2014 11:21:32 AM
Return of net wealth
Dear Mentor,
As per notification issued on 23.06.2014, it is mandatory to file wealth tax return by an individual, HUF and company to whom section 44AB of Income Tax Act, 1961 is applicable in form BB and is to be furnished electronically under digital signature.
Can you please guide us on whether the above provisions are applicable to –
1. Partners of partnership firm to whom section 44AB is applicable?
2. Is it mandatory to file return of net wealth electronically for the above case?
 
Posted by : s jain(CA Clubindia)
Posted On : 11/23/2014 8:07:41 AM
Life insurance contract
I am expert of Life Insurance contract and its legal implications. Pl. add me as expert to your group
 


Posted by : Anonymous
Posted On : 11/23/2014 7:28:43 AM
Articleship leave- public holidays allowed or not
Dear members and experts, i am keen to know whether the work on the public holidays is given set off for articlshp. If yes, can i get the notification/regulation saying the same. I need to prove it to my principal.
Also , if there is any regulation making it compulsory to give compensation in hours worked after 35hrs. Please. Help all of us.
 
Posted by : apoorv verma
Posted On : 11/23/2014 1:19:56 AM
How to study for ca ipcc
I am going to appear for CA IPCC both group May'15 and I am doing self study and I am not taking coaching for any subject but I am facing problem in advance accountancy and cost & fm.Can anyone tell me how to study for them and any good book for them with easy language .
 
Excise
Posted by : Nitin G Haldikar
Posted On : 11/23/2014 11:55:10 AM
Related sales
We are register manufacturing sailing goods to our parent company who have takeover our business they provided funds and management is same can u told me that activity comes under related consept how we can pay the duty
 
Shares & Stock

Posted by : Akash Unadkat
Posted On : 11/23/2014 11:18:44 AM
Shares/stocks/ mf units accounting
If i buy Shares/Stocks/ Mutual Fund Units, and hold it for 5 years, and Sell After 5 Years.

Then what could be Accounting & Income Taxable for Every year ??
What will be Accounting journal entry ?
How it be Consider in IT return Filing every year, if Market Value Increases/changes ??
- AKASH UNADKAT
 
Exams
Posted by : rahul k sinha
Posted On : 11/23/2014 8:17:31 AM
Cs excutive
sir i m cs excutive student old course ..i want to be give attempt in dec. so i m confuse company act 2013applicable in the old course and another second grp subject such economic and labour law and sebi same applicable ya otherwise new topic will applicable on me some chapter add on both the subject such as economic and labour law and sebi...i m prepare as old course chapter ya new course chapter also ...plzz help me out
 


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