Dear Experts,
This is the third time i am putting this query still not replied sir. It will be great if the experts reply me for this question.
If a firm purchases fixed assets such as
(1) Plant & Machinery
(2) Furniture & Fittings
(3) Wind Mill
(4) Vehicles
Will the firm be eligible to take Input Tax Credit on the VAT paid on all these fixed assets or only on Plant & Machinery.
VAT provisions are applicable as per Tamil Nadu state's act.
Please provide me the link or quote the section (under Income Tax Act or respective VAT act) based on which i should take or not take input tax credit on the above items.
Your help is highly appreciated.
With regards,
Rajesh.

Hello,
What is the nature of these two expense A/cs? I mean what kind of expenses are debited to these accounts?
1. Rates & Taxes
2. Fees & Stamps (does it include postal & agreement related stamps?)

thank you.

DEMERGER IS APPROVED BY HIGH COURT. APPROVAL IS GRANTED IN OCT 09 AND APPOINTED DATE IS 1/04/2009. NOW ENTRY FOR DEMERGER IN THE BOOKS OF DEMERGED COMPANY TO BE PASSED IN THE M/O OCT WHEN APPROVAL GRANTED OR IN BACK DATE ON APPOINTED DATE AND BALANCE TO BE TAKEN FOR ASSETS AND LIABILITIES STANDING IN BOOKS ON APPOINTED DATE OR APPROVAL DATE. IF APPOINTED DATE THAN WHAT TREATMENT FOR TRANSACTIONS DONE B/W PERIOD APRIL TO OCTBER. SEPARETE JV NEED TO BE PASSED. WHAT SHOULD BE DONE.
KINDLY LET ME KNOW ASAP
I WILL REALLY BE OBLIGED.

Continget liability if any should be shown in balance sheet or will it do if we show it in foot to balance sheet

i am incorporate a pvt. ltd. company then what is the procedure of its accounting because my firm already a proprietership firm now become a pvt. ltd. co.
can may i merge its business before the registration of co.

Hi I M student of IPCC i can Know to You Some Basic Tips For Solving This Chapter Pls Provide Early as Possible
1 Partnership question
2 Dissolution,Sale Conversion,Redemption Of Debenture
3 Departmental A/c
4 Amalgmation Advanced Problem
Pls Provide Early I Hv Need

Sir,

In a partnership firm I have a land in my books at Rs. 2 lacs since
the year 2000.
It has a market value of Rs. 30 lacs as on date.
For the purpose of bank loan i wish to show my balance sheet as strong as possible.
for that purpose i want to show the land at current market price in my Balance sheet

How shall i do it and will there be any tax implications of the same?

Sir,

I have a land in my books at Rs. 2 lacs since
the year 2000.
It has a market value of Rs. 30 lacs as on date.
For the purpose of bank loan i wish to show my balance sheet as strong as possible.
for that purpose i want to show the land at current market price in my Balance sheet

How shall i do it and will there be any tax implications of the same?

what is Profit & Loss Appropriation A/C? kindly explain with example

HELLO ALL. I WANT TO KNOW DAT IF WE MADE PURCHASE AS OUR ROUTINE BUSINESS PURCHASE DEN ON DAT PURCHASE WE HAVE TO PAY SOME FREIGHT CHARGES AS INCLUDE IN ALL BILLS. SO CAN WE HAVE TO SHOWN IT AS FREIGHT EXPENSE OR MAY BE INCLUDE IN PURCHASE...?
I THINK IF WE ADD IT IN PURCHASE DEN TOTAL PURCHASE WILL BE INCREASE AND D FREIGHT EXPENSE WILL GET NO PLACE AND WHICH VIOLATE D TRUE AND FAIR PRESENTATION OF ACCOUNTS...SO PLZ CONFIRM ME WHETHER I HAVE TO SEGREGATE DIS EXPENSE OR NOT???
ALSO INPUT VAT IM SHOWING IN ACCOUNTS AS TRADER DEN WHT ABT CST PURCHASE..WHETHER I HAVE TO SEGREGATE CST OR INCLUDE IN PURCHASE????
WAITING 4 D BEST REPLY.....
RAKESH CHAUHAN
(MUKUND PATEL & CO. CA'S-ANAND)