Experts Query Daily Digest :30 April 2016



30 April 2016 at 12:45

Bonus act 2015

As we know bonus act has been amended with retrospective effect from 01.04.2014.So in current year there will be two bonus i.e. Bonus of current financial year and Bonus for F.Y. 2014-15.
So I just want to know the treatment of Bonus of 2014-15.
: Whether it will be a exceptional item as per AS 5.?
: Whether this bonus will also be loaded to Current year Inventory?? ( In case of Manufacturing Co.)??
: Or it will just charged to Normal employee benefit cost...


30 April 2016 at 11:08

Depreciation

For calculating depreciation in case of sale of fixed assets , should date of sale be included or excluded


30 April 2016 at 08:58

Food and beverage budget

hi friends I need a help . how I describe budget in food and beverage . give me details in spreadsheet in excel


30 April 2016 at 08:55

Food and beverage cost control

hi friends I need small help . Please give a cost control food and beverage spread sheet in detail . how I control . give me in excel sheet with formula


30 April 2016 at 15:32

dufficulties in performing audit

I hv been doing the municipal audits of chattisgarh from past 4 months but was facing difficulties in finding queries regarding the preaudit system so is a humble request if any 1 guides me for the same


Anonymous
30 April 2016 at 18:34

Password for 16b

I have just downloaded Form 16B zip file but unable to open it. it is asking the password. What will be password for it.


Anonymous
30 April 2016 at 18:31

Intraday share trading

Income from Intraday share trading, which ITR to file?


Anonymous
30 April 2016 at 16:22

Tds applicable on exemption u/s 26aab

If Building rent paid above Rs. 180000/- to agricultural product market committee or board . herefore TDS deduction is applicable or not


30 April 2016 at 16:04

Tds

1) I AM PAYING TRANSPORT CHARGES .NOW ITS GOING TO EXCEEDING TURNOVER 70000/-

MY QUESTION IS I HAVE TO DEDUCT TDS ON TOTAL INCLUDING 70000/- OR EXCLUDING 70000/- 1% ON REMAINING AMOUNT .

2) I AM PAYING 12000/- P M TO MANPOWER SUPPLIERS (FOR TWO SECURITY GUARD OUTSIDE MY OFFICE ) AN THEY ARE GIVING BILL WITHOUT SERVICE TAX.. IS THERE REQUIRED TO PAY SERVICE TAX OR TDS ON TOTAL AMOUNT



Anonymous
30 April 2016 at 14:27

E filling of income tax

Sir
At the time of filing itr5 for male business individual a challan for advance tax payment of RS 300/ wrongly entered twice, should I have to revise the return & what is last date to do so.


30 April 2016 at 14:09

prepaid insurance

company has paid 12000 as insurance of building on 1/8/2015. so as per income tax act how much amount to be allowed as deduction?


30 April 2016 at 14:05

Incentives for promoting housing for all – section 80-iba

what is the effect of section 115jc on section 80-iba of Income Tax act


30 April 2016 at 13:44

Incentives for promoting housing for all – section 80-iba

what is the effect of section 115jc on section 80-iba of Income Tax act


30 April 2016 at 13:06

Corpus fund by member is taxable

Hi

Can anyone suggest me corpus fund given by member is taxable for an educational society,
the society in not registered in 12 A or 80 G


Anonymous
30 April 2016 at 11:29

Tds on single bill of materials and service charge

Hello Experts,
Our contractor.has raised the single
Invoice containing materials and service
charge separately. Plz guide me should
i deduct TDS on service charge inclusive
Materials or excluding materials,

Thanx & Regard
Mohit Goyal


30 April 2016 at 14:15

cenvat credit availability of section 3(5) special cvdof custom act

I have purchased imported machine on which 1000 has been paid as BCD 500 as cvd and 250 as special cvd. so what is the treatment of special cvd to take cenvat credit availabilment?


Anonymous
30 April 2016 at 18:31

Appeal against h form rejection

sales tax authority passed ex party order by rejecting H form sale stating reason "No export order number on it" and charged cst @10% + penalty. (FY 2006-2007)

Now we are filing appeal for the same my query is what option should be select while making E-payment like selection of Act,From Date & To Date ,form id & Account head.


30 April 2016 at 12:59

Return under upvat

Anyone kindly tell me what is the monetary limits for return filing under UPVAT.
What is the limit for quarterly filing and for monthly filing.'

Thanks


30 April 2016 at 11:35

dvat

a regular composition dealer needs to submit WC 01 form every year before 30th April


30 April 2016 at 11:33

vat registration

hi, what is process of vat registration under the government contractor.


30 April 2016 at 17:14

Commission received from foreign

Sir,
A company received commission on sale from outside india.
condition is.
The seller and the buyer both are in abroad company got its commission for sale generation.
so kindly suggest me According to POPS the company is liable to pay service tax on commission recd or not.




Regards,
Deepak Kemni.


30 April 2016 at 16:42

Eligibility of input service credit on health care service

A manufacturing company having contract with a foreign expert to commission and erect plant and machinery at its premises.in the contract itself it is fixed that 24hr medical service will be extended to the foreign experts. for providing medical services to such experts company awarded contract to a professional company dealing with medical services exclusively to foreign Experts. Company has availed CENVAT credit on health care service extended to foreign experts. my query is weather cenvat credit is available for this service ??

Thanking in advance.
Saroj Rout


30 April 2016 at 14:11

Is Penalty Will be levied ?

Sir I have filed return on 24.4.16 but on 30.04.16 I saw that return is rejected due to exceess Rs.1 entered in challan section is rs 500 mandatory to pay


30 April 2016 at 11:25

Service provided from j&k

An ad agency having 2 place of business, one in J&K and other in Delhi.. Has to apply for Service Tax Number. What should be the best option?
1. Doing Centralised Billing and accounting frm J&K and do not get regd under service tax laws?
or 2. Having Service Tax Number for Delhi Office?


30 April 2016 at 08:18

Bus service came under rent a cab

HELLO EXPERTS,
I AM ALWAYS CONFUSED ABOUT RENT A CAB SERVICE,I WANT TO KNOW THAT IF BUS (42 SEATER) HIRED BY COMPANY FOR THEIR EMPLOYEE.THEN WILL THAT SERVICE WILL CAME UNDER RENT A CAB


30 April 2016 at 00:36

SERVICE TAX ON FOOD

Sir Plz tell me one thing, Whats the ratio of service tax and VAT on food bills where service charges are inclusive in the price of food items? Somewhere i found the ratio as 40 and 60 but some place it was given that VAT will be charged on whole bill irrespective of service tax. Reply ASAP. VAT for UP


30 April 2016 at 15:18

Registration of new company

I want open a microfinance company in rajasthan where i register it


Anonymous
30 April 2016 at 16:59

Registration for articleship by taking transfer

dear sir,
i have started my articleship with "A" ca firm. After 4 months i took transfer to "B" ca firm. now .when i have completed 16 months of my term, can i take transfer from"B" ca frim on the grounds given by ICAI and join back "A" ca firm?
intensively waiting for the reply
regards


Anonymous
30 April 2016 at 16:46

Transfer of atricleship

dear sir
in course of taking transfer of articleship in the 2nd year of training,we need to write a letter ti ICAI with consent of principal. will you plz tell me that how much time will be taken by ICAI to reply the letter.
plzz reply
regards


30 April 2016 at 16:22

Cs denovo registeration validity

how much long validity of cs denovo registeration


30 April 2016 at 17:37

Difference between property tax and land revenue tax in maha

Plz help me in understanding Difference between Property Tax and Land Revenue Tax in Maharashtra.
I have a Warehouse in bhiwandi. I pay to local gram panchayat the Ghar Patti (property Tax ) directly. While the company who has developed the Land and maintenance it is asking for Share of the Land Revenue Tax .

Thanking in Advance and Anticipation.

CA Jigar Parikh


30 April 2016 at 16:28

Club

Dear All,
I want suggestion of u all on one issue- i want to start social club which will provide service to it members such as hall for marriage place for event organization and similar related services.
i want to ask u all whether i should register it as trust or society from both income tax and compliance view point.


30 April 2016 at 14:56

Costing

Tax implement is different on agency or distributer ?In agency I directly sale my item Ane In ditribution I appoint some persons to sale my item in market


30 April 2016 at 14:49

Demerger

A company ABC Ltd wants to demerge with PQR Pvt Ltd its group company by transferring an undertaking along with all its assets and liabilities. ABC Ltd is a Debt listed company and it has issued debentures in past against the undertaking which will be transferred.

Now in this demerger the debentures issued in the name of ABC Ltd will also be transferred to PQR Pvt Ltd, so the question is that how this change will be intimated to ROC as Form PAS-3 (issue of securities) and Form CHG-9 (creation of charge for debentures) is already filed with ROC by ABC Ltd. ABC Ltd cannot redeem the debentures and satisfy the charge due to insufficient fund. So what are the other ways to intimate ROC for the said change other than the filing of High Court order in (Form INC-28).


30 April 2016 at 14:01

Seminar

Dear Sir/Madam,
i receive mails so many times from CA Club regarding seminar on Davt/Income Tax etc. dated so & so, my question is that who can attend this seminar.
1. Who is the paid member.
2. Who is a CA
3. or anybody.

Thanks & Regards,
Arpit Aggarwal.


30 April 2016 at 12:19

Reversal of renewal charges debited by bank on cc facility

Dear Sir,

I have a Overdraft facility with Corporation Bank. This facility was sanctioned on 21.10.2014. Its renewal was mandaotory upto 21.04.2016, otherwise it will become NPA as per RBI norms.

So what bank has done is that they have charged renewal fee from 21.10.2014 to 21.04.2016 seperately and anuual renewal fee from 22.04.2016 to 22.04.2017.

Now my account has been take over by SBBJ bank on 28.04.2016.

I requested to bank to kindly reverse the renewal charges propotionately of 11 months.
As I am not going to use this facility. And charges are of Anuual basis and thus shall be reversed.

I wanted to ask experts whether i can do this?

Please help.


30 April 2016 at 10:51

Wct tds or tds u/s 194 c

If our Contractor has charged us WCT tax and Service Tax in invoice raised on us for civil Maintenance Contract. Under which Section do we have to Deduct TDS-
1.WCT TDS
or
2. TDS u/s 194 C. Which is Correct?.


30 April 2016 at 10:34

Professional tax

how to pay the professional tax renewal ? and how to validate the challan and how to get the RC Renewal.


30 April 2016 at 18:05

Excise duty on water

Hi,

I am launching an unsweetened beverage in India and want to understand the excise duty implication. As per the recent budget, the excise duty on packaged water has been increased to 21% from 18% and that too based on MRP.

To my understanding all colas and bottled water brands will come under this. However, I believe juices will not be coming in this category. My product should fall under unsweetened flavoured water category, hence I am keen to understand the excise duty implication for my product.

Please advise.

Thanks,
Sumit Khandelwal


30 April 2016 at 15:02

Excise duty implement on namkeen product

Excise duty implement on namkeen product ? Yes then how I count pls give me example


Anonymous
30 April 2016 at 13:35

Trading item exporting to nepal procedure

We are register excise unit(SSI) and also having LUT Exporting regularly our excisable goods different countries. Now We are purchasing a machine from the other manufacturer(not having EXCISE REGISTRATION) and exporting the same to Nepal(Trading activity). Please clarify the procedure for the same.


Anonymous
30 April 2016 at 10:04

Self sealing procedure under excise

Dear Experts,
Can we seal the consignment under
Self sealing procedure if yes will i have
To intimate the deptt. For self sealing
& what its procedure as per excise rule,

Regard
Rakesh jain


30 April 2016 at 09:08

limitation period in demand promissory note

what is the limitation period in demand promissory note and when does the period starts? Is there any difference between the limitation period of demand pro note and delayed demand pro note?


30 April 2016 at 18:26

Willing to do ca

My question is - If a person is already working in a company/firm as an accountant only and is willing to do CA . What will be the criteria for joining CA? Does that person needs to do articleship or his experience of accountant will serve that need? Please reply.


Anonymous
30 April 2016 at 17:59

To gift my properties to someone not related.

I am 65 years old single man. I brought up a girl child since she was only 8 years old. Now she is married and attained the age 25. I could not adopt the child due to some legal hurdles. I wish to gift my properties to her during my lifetime. Can I gift her by way of "Power of attorney" ? Please advise me some ways except "Will", which can be challenged afterwards by my other relatives for one or the other reasons due to their greediness. What is probate? Is there any format of full proof will which can not be challenged? Please advice me. My mail ID


30 April 2016 at 14:18

ESIC

one employee is not ready to pay his portion in esic scheme. he says that he is not required to join esic scheme. so let me know that whether the employee can deny it


30 April 2016 at 14:28

Mca held in abeyance

I have upload INC-7 Dir-12 and INC-22 on 14.04.2016 for new company Registration but my application status show in Held in Abeyance.. and I spoke to bangalore ROC, they said that they don't have control in Registration process they ask me to contact Delhi CRP... Can any one help to solve this issue..





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