Our client has employed an individual who previously worked for another entity during the same financial year. This employee has given our client salary certificate from previous employer. Accordingly we calculated his income & deducted TDS. Now i want to know how to present this previous salary & corresponding TDS deducted by earlier employer in his salary certificate.

Daer Experts,

Kindly give me some suggestions for the issue mentioned below:

A private limited company is making losses from inception. Suppose in the first year income tax depreciation is Rs Rs 1,00,000/- and Companies Act Depreciation is Rs 80,0000/-. Should we create DTL of Rs 6,798/- (20000*33.99%) or DTA of Rs (6,798)/- (Negative).

Dear sir ,

please tell me rate of persantage PF, ESI, PT.


Regards
Ramu

A public limited company incorproated in the year 1983 has become defunct. There is no manufacturing activities. There is no income. There are no employees in the company. Every year the company is drawing / adopting the Annual Accounts and obtain approval of Members. The returns with ROC and IT are being filed regularly without any default.

Under Sundry Debtors there are five parties from whom the company has to receive payment to the extent of Rs.1.50 lacs. This amount can never be recovered. There are also some advances given by the company and the possibility of recovering the same is remote.

Under Sundry Creditors there are two parties to whom the company owes Rs.1.26 lacs. There is no claim from these creditors and the company is not going to make this payment.

Is it mandatory to write off / write back the above amounts in the books of accounts. Which Accounting Standard stipulates such write off / write back.

What will be consequences on the company under the income tax law for writing off / writing back such amounts.

Kindly advise

with regards

Muralidharan

like if a recived a bill from my client of RS 4000/- and i pay him 3800/- by cheque. what should be the accounting treatment of Rs 200/- difference.

ONE COMPANY HAS ARRANGED HIGHSEAS AGREEMENT ON A DATE OF FEB 2009. BUT THE DUTY PAID BY HIM IN APRIL 2009 AND MATERIAL COMES TO HIS WORKS IN APRIL 2009 ONLY.SELLING PARTY RAISE INVOCIE OF FEB 2009. NOW THE QUESTION IS :
1. IN WHICH F.Y. THE TRANSACTION IS TO BE RECORDED?

SECOND QUERY : WHEN THE MATERIAL IS FURTHER HIGHSEASED TO ANOTHER PARTY IN APRIL 09,SALES TAX CONSULTANT SAYS BOOK IN 09-10 SINCE MATERIAL IS NOT REACHED TO YOUR WORKS AND TO SHOW THE IMPACT OF ENTRY TAX ON FINAL OBLIGOR ...BUT ACCORDING TO T.P. ACT WE HAVE TO BOOK WHEN THE TITLE IS TRANSFERED.

WHAT SHALL BE THE RIGHT APPROACH.

Dear Sir,

Please clarify the Sale in Transit system begining from basic.

A is subsidiary company of B. and B transfer or sale some Spare & store items to A every month,

whether these transaction should be shown in disclosure of related party transaction or not and why

A pvt. Ltd. Co. incurs Rs. 39000/- on a trip for the enjoyment of employees(Only employees not their families). This exps. include bus fare Rs. 32000 and the balance is for their food etc.
My querries are
1 These expenses will be shown under which head of income....
2 Whehter these expenses are charged to FBT.....
Please answer as it is very urgent.
Thanx a lot

Dear Sir/Madam,

In the starting of month if Director of Company takes Advance for expenses then I pass entry in tally as
1) Advance for expenses.....Dr
(Under Current Assets)
To Cash
2) Then when they give me vourchers against the advance i pass entry as
Pass Entry in Tally in Journal Expenses Voucher
Expenses A/c .........Dr
To Advance for Expenses
To Cash (if expenses more then Advance given)
Is it right ?