Company 'A' is engaged in exports.So it has availed the input VAT (GVAT) and calaimed the same as refund for F.Y. 2007-08. Now the Sales tax dept said no for granting the said refund.Can the company claim the vat of F.Y. 2007-08 as expenses in the current year 2008-09.

how do we draft the balance sheet of an individual ?1st time when he files the return....how we add his assets and liabilities...if he does nt carry any business or profession.

One client is having debit of Rs. 18 Lac to our company. He is trying to get VISA and may leave india.

Can anybody guide me how to stop his VISA?

A firm has 3 partners,2partners are having credit balance in thier Capital account the third partner has a debit balance.The firm pays interest @ 12%pa on the capital of the partners,it does not charge interest on the debit balance of the partner having Dr Balance in his capital account.

The Income Tax officer says it is mandatory to charge such interest and cerdit it to P&L account of the firm.Is he correct? If yes ,why?

Hello Experts

I have queyr about a case
the case is "We send some part to outside india for repair and their maintence" and we pay them for the maintenace or repair.

Now my question that Is there any liability for TDS my opinion about it that the service has been rendered outside india and the payment is also made them outside india so there should not be any liability for TDS.

as per latest decision is it required that service must be rendered in India and utlized in india?

is it fall under section 9 or not?

In accordance with assets which of the following option is beneficiary for private limited company

-To purchase assets directly on company's name or
-To purchase asset on director’s name and then director give it on lease to company.

Kindly answer with view of corporate law and Taxation.
Which option proves better at a time of amalgamation/ liquidation.

Dear all,
I am remitting an amount of Rs.300,000 to my sister in law in Ireland and quoting the reason as Gift. Is there any liability by me or her as per income tax act. or gift tax act? if so what is the amount?

Could anyone pls mail me MIS format

my id prasannacs_bhat@yahoo.co.in

Sir, I am unable to understand the way cross currency rates is calculated:

For E.g.,

Mumbai Market- Rs./$ Rs.34.05 - Rs.34.15
London Market- $/Pound $1.7250 - $1.7260
Italian Lira/Pound Lira 3.9575 - 3.9590

A customer has to buy Lira from Bank, hence what will be the relavant rate of Rs./ Lira?

Please advice?