I read somewhere, as per ICAI revised guideline, gain / loss on foreign exchange currency valuation should be transfer to profit and loss account instead of capitalization of same. Could any one please confirm the correct ness of this. Any Guidance note issued by ICAI in this regards. Thank you.

Happy New Year

Respected Sir,

I want know Educational Allowance allowed as per Income Tax Act Financial Year 2007-08 ?

Is it Undersection 80C ?

In which Section Provident Fund Employee
contribution is exampt?

Your immediate reply will be highly appreaciated

Thanking you

Your faithfully


Vilas Choudhari

Dear Sir,

Yesterday due to heavy load over servers the server if IT was working very slower or not accepting the Returns smoothly. In the evening the peoples were seen rushing from one cafe centre to another or enquiring about the status of working of server. Under such circumstances many returns of Income could not be filed or if accepted by the system the receipt generated dated 1/4/2008. Now what will be the position of the assessees who keep on trying right from 7 pm to 12 midnight but were successful after 12.02 am .Whether they will be liable for any penalty in the following cases
a) where the Income filed is below taxable limits
b) where the Income is taxable and taxes have been paid in advance.

Final Attempt- please see.
Hi all,

Friends If someone cleared pe-2 in nov 2007 then His final attempt will be due in nov 2010. (Under new scheme)

But on the other side If a student cleared pe-2 in may 2007 then he will be elegible for final exam in Nov 2009. (under old Scheme)

Friends Its totally unfair for all those who cleared pe-2 in nov 2007, so I want to know-

1. Who will be elegible in May 2010 ?
2. Is There any Students union which can request to Institute, to save the important time of students ?.
3. How can we tell these things to President and other honorable members of the institute.

Hai Friends,

Can anyone please provide me a soft copy of any internal stock audit procedure especially for cotton industry.

Please mail me the copy at myaudit@rediffmail.com

thanks a lot friends

Mr "A' is engaged in the business of Exports of goods to US. He is paying comission to Mr.X (US resident) for securing Export Orders. Whehter TDS is to be deducted on such amount paid?

Sir,
Is there anybody having a freeware utility that can generate Form 16/16A directly from FVU file.
If yes, please mail me the same.
Thanks in advance.

CA Mahesh Mundada

Can anyone please let me know what naming conventions are normally followed by big organizations / MNCs while numbering the Fixed Assets?

Kindly explain with an example.

Thanks

Company X a Public LTD Company has given advance of Rs.6000000 to a private limited company (Co.Y). And the same was refunded. No contract copy was provided. Henceforth we didn’t know terms & Conditions of contract. Would above transaction covered under any provision of the company’s act? Please explain us.