Respected Sir,

Monthly prof. tax to be deducted should be on gross amount or net salary amount i.e. after deducting for absentees
i.e. if employee is earning 11000/- then we deduct Rs. 200/- but since he was absent so actual earned salary is only 9000/- then tds should be Rs. 175/- or Rs. 200/- i.e. prof. tax should be based on gross salary or net salary
Urgent pls clarify my doubt

My query is that what is the method of valuation of closing stock in case of business of real estate.

As per Notes appended to the Rates of Depreciation under the Companies Act as mentioned in Schedule XIV---

“4. Where, during any financial year, any addition has been made to any asset… the depreciation on such assets shall be calculated on a pro rata basis from the date of such addition…”.

“8…depreciation on assets, whose actual cost does not exceed five thousand rupees, shall be provided at the rate of hundred per cent”

Please advise whether, in case of buying a Cell Phone costing Rs 3000 in Jan, we should charge off in Accounts towards Depreciation in the year of acquisition

(a) Rs 3000 (entire cost being less than Rs 5000) as per Note 8; or

(b) Rs 756 (3000x100/100x91/365) only as per Note 4

If we charge off Rs 756 only in the year of acquisition and carry forward the balance to next year and go on calculating Depreciation at normal rate, it will lead to finding petty amounts in Assets Register

I purchased a old and used generator from gujrat when it comes from gujrat throw my own transport police deduct a challan of Rs 13000 due to overload of truck .so I want to ask that can i capital that challan amt. in generator cost ? if no where i can book that cost in my account. reply fast.

Deal All

pls help me on following:

software & hardware used in information technology industry will be depreciated at rate of plant & machinery (15%) or software(60%) or at some other special rate of depreciation??

Regards
Deepak

what will be requirement for preparation of final statement for a proprietorship form,

please send me information on my mail ID arunbsharma@in.com

Pls guide, what should be the a/cing head for various types of AMC chgs? in P & L A/C

Tnks.

Hi,
Can anyone tell me whether to capitalise interest on specific loan amount taken to purchase a vehicle if the order was placed with the dealer and the car was not delivered for two months.
Amount of the vehicle was already paid to the dealer.
Interest was regularly paid to the bank.
Will this asset be called as a qualifying asset under AS16.
Reply ASAP.

Dear friends..

My query is very simple regarding capitalization of certain expenditure. While purchasing a machine, i.e., import of a machinery, do we capitalize the customs duty paid for it?? All the other expenses related to the installation, etc are capitalized but what about the customs duty paid? is it to be treated as an expense or should it be capitalized?

Waiting for a reply...asap..

Dear experts

Please tell me if i have taken a unsecured loan on interest and has given this amount as advanced for purchasing a land then can interest be added in the cost of land? if yes
then plz elaborate under which provision?