A Consultant has taken loan against property.

He wants to set off the payment of interest paid on such loan against his professional receipts.

My question is can he claim such interest paid on loan.

One point is here that he is not showing property in the balance sheet.

Can he do so.

Dear All,
Please kindly let me know in the Profit and Loss account statement of a company whether we should take the depreciation value as per IT Act or Company Act.
Thanks & Regards,
Don Bosco

Dear Sir,
We purchases certain vehicles (for commercial use) and financed the same from bank. we paid Processing fees for loan. My query is whether this processing fees should be capitalised ?

plz define as 18 related party transaction
what is exactly mening of related party transaction

If I am a commission agent/broker. But the whole monetary transaction is Going through my bank account, then it will be Considered as trading business or there is no problem in making transactions through my account??? For eg: I sell fruits on behalf of a Farmer and the customer pays full amount to me then i deduct my commission from it and pay the balance amt to the farmer... Is there any problem in doing transactions like this or i have to show this as a trading business and go for Audit if transaction crossess 60 lakhs??

how to reverse a provision which is in excess of actual required for ex ; car charges Rs 50000 provided but actually ascertained as 45000 only how to reverse the provision

What is the meaning of non-trade investment and trade investment? Kindly explain with examples. Please give the answer from the point of view of a non-investment company.

why is fixed OH recovered on the basis of normal capacity when actual production is less than or equal to normal production and recovered on actual production basis when actual production is more than normal capacity? and what actually is fixed production and overhead recovery means ? please

Please tell me if a dealer registered under DVAT and CST fails to file qtrly return as well as tax deposit due to some reason. but return filed and tax deposted late. what are the conciquencies

Dear Sir,
1) We are purchasing come commercial vehicles & paying RTO & Insurance chgs., as per my understanding these RTO & Insu. is to be capitalised along with vehicle. Pls explaim m i correct?
2)Pls tell we also pays insurance every year then why next year we expense out these charges.

Many Thanks

Rahul