Accounting head

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

24 November 2012 Hi Dear professionals,

I am working in software company, company had purchased wooden flooring material, this material on which account head will be.

CA Siddhartha Bhardwaj

CA Siddhartha Bhardwaj (Expert)
Follow

24 November 2012 Repair & Maintenance Building

Querist : Anonymous

Querist : Anonymous (Querist)

24 November 2012 thank u

Querist : Anonymous

Querist : Anonymous (Querist)

24 November 2012 Hi, experts

I am confusing any time suppose advances paid to employees. how to make entries. suppose 500 employees taken a advances. each employee name would create ledger or advances to employees create head.

Querist : Anonymous

Querist : Anonymous (Querist)

CA Siddhartha Bhardwaj

CA Siddhartha Bhardwaj (Expert)
Follow

24 November 2012 You would have to create a separate ledger for each and every employee. This will also help in easy tracking of the advances.

Querist : Anonymous

Querist : Anonymous (Querist)

24 November 2012 THX, I HAVE DOUBT, ONE EMPLOYEE CREATE LEDGER IN THE NAME OF RAMANA A/C UNDER SALARIES FOR SALARY, BUT TAKEN ADVANCE WHAT IS THE NAME?

CA Siddhartha Bhardwaj

CA Siddhartha Bhardwaj (Expert)
Follow

24 November 2012 Ramana - Advance A/c

Querist : Anonymous

Querist : Anonymous (Querist)

24 November 2012 THX, I am not able to understand this matter.
In order to bring such Companies under the Income Tax net, Section
115JA was introduced with effect from the assessment year 1997-98.
According to this section, if the taxable income of the company thus
computed is less than 30% of its book profits, then the total income of
such assesses chargeable to tax shall be deemed to an amount equal to
30% of such book profits.

CA Siddhartha Bhardwaj

CA Siddhartha Bhardwaj (Expert)
Follow

24 November 2012 This provision is known as Minimum Alternate Tax (MAT).

Every company has to pay a tax which is HIGHER of the following:

Mat - 18.5% of BOOK PROFIT
Income Tax as per normal provisions.

You have mentioned the old provision. The current position is as above.

Querist : Anonymous

Querist : Anonymous (Querist)

24 November 2012 What is MAT Credit

CA Siddhartha Bhardwaj

CA Siddhartha Bhardwaj (Expert)
Follow

24 November 2012 When tax is paid as per MAT provisions, MAT credit is allowed to the assessee.

MAT credit = MAT - Normal Income Tax

Querist : Anonymous

Querist : Anonymous (Querist)

24 November 2012 Hi,Siddhartha I have doubt I am working as accountant in small software company was established 7-02-2008, still i am not filing returns, we have paid salaries each person Rs 700000 laks pa. no tds deducted. what will facing problem in future. pz tell me asap

Querist : Anonymous

Querist : Anonymous (Querist)

24 November 2012 Hi, what is difference between the MAT & AMT

CA Siddhartha Bhardwaj

CA Siddhartha Bhardwaj (Expert)
Follow

24 November 2012 MAT is levied on COMPANIES
AMT (Alternate Minimum Tax) is levied on LLP (Limited Liability Partnership)

Querist : Anonymous

Querist : Anonymous (Querist)

24 November 2012 THX, Non-Applicability Of MAT

CA Siddhartha Bhardwaj

CA Siddhartha Bhardwaj (Expert)
Follow

24 November 2012 Applicable on ALL companies. NOT applicable on non-companies.

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now

Similar Resolved Queries

Unanswered Queries

Popular
Recent

Trending Online Classes

Direct Tax Laws & International Taxation May 26,Sept 26 & Jan 27

CA Arvind Tuli

Enroll Now
Audit Fast Track Recorded Batch For May 26,Sept 26 & Jan 27

CA Aarti Lahoti

Enroll Now
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English

CA Bhanwar Borana & CA Shubham Keswani

Enroll Now

view all classess

Meet our CAclubindia PRO Members

swaminathan

ASHOK B GONDKAR

Shameem ahmed

Nayan shetty

Pratap Kumar De

Subscribe Now

Accounting head

Similar Resolved Queries

Trending Online Classes

Meet our CAclubindia PRO Members

Quick Links

Browse by Category

Latest Job Openings

CA Final

Manager- Finance and Compliance

Senior Executive

GST CONSULTANCY

GST CONSULTANT

Accountant