Dear Sir,

Pl.guide me

i am working in foundry industries.I know excise but dont khow seles tax return.

i have purchase so meny items as follows please guide me creation ledgers as per sutaible for sales tax return.

1.Raw Materil 4% ,12.5%,3%
2.packing materil taxable
3.consumables
4.consubables taxable
5.Asset Like Machinery,Equipments office furnitury,computer,veical
6.elec.material for maintenence
7.hardware materil for maintenence
8.printing stationery

please give me some idea or chart of ledgers, with head .sutaible for sales tax return.

Regards,

Vinod.

Dear Friends,
We are following SLM Method to prapare Fixed Asset register under company law every year.

Rate of Depriciation on motor as per SLM is 9.50% & as per WDV is 25.89%.

We are selling our one car to our employee.

He wants that you calculate Dep on WDV method & give him car on the WDV arrived.

The value coming by this is lower than if we calculate according to 9.50% SLM.

The employee is saying that why you can not take WDV method to arrive at todays value.

How can we reply to the employee, that why we can not take WDV method?

Respected All,

Can anyone tell me what is the rate of depreciation for Computer Software.

Thanks.

hi experts
How to entry in capital work in progress in tally. Under which grounp i have to create and after completing contruction of building How to capitalised the enty, pLS Provide me Journal Entries in details, thanks in advane

vi

A Company has a Foreign Currency loan but the repayment is being made by a bank in India subsequent to an agreement it entered to repay that loan and the Company will pay the bank here in India a fixed sum in Indian Rupees only towards that Foreign Currency loan. The recording of transaction is in INR and the reporting currency is iNR. In this case, will there be any necessity to account for exchange fluctuation in the books of the Company as this is a Foreign Currency loan? But the issue here is the repayment is in iNR.

Dear sir/Mam

We purchade A DG set of amount 1.22 crore date 14-05-09.and we running (put to use) to it 20-06-09. know my qutation which date we start depreciation by SLM methoed.

Vishnu Aggarwal
9971294488

1. Can we change the method of accounting from Cash based to accural based. If yes, do we need prior approval from the income tax authorities or do we need to inform them about the changes.

2. Can the books kept on the cash based accounting be assessed under accural based accounting by the assessing officer.

3. Do we have to deduct TDS for the expenditure accured but not paid during the year under cash based accounting.

Awaiting an earliest reply.

Thank you in advance.

Before Production Intrest Income can be capitalised or not.


Intrest recd 50000 Production not start tds deduct 10000 & other exp 15000. it can be Capitalised or not

We have made ad hoc provision of Rs 2 lakh at the time of finalization of books for the year 2007-08. Now while finalizing books for 2008-09 some expenses pertaining to 2007-08 are incurred but for which there was no specific provision made in the books in the previous year. So we adjusted these expenses against this ad hoc provision but now auditor is not accepting this treatment and they say that since there is no specific provision for that expenses it is a prior period expenses. So now eventhough there is balance in the provision but still the expenses for 2007-08 are booked as prior period expenses. So is it correct treatment. I don't agree with the stand of the auditor.
To elaborate I am giving following example

F.Y.2007-08
Ad hoc provision under Miscellaneous exps Rs 200000

F.Y.2008-09

Freight expenses Rs 35000/-for 2007-08 to be deducted from this ad hoc provision. So provision balance will be Rs 165000/-
But audtior is not allowing this treatment and transferring this freight outward expenses Rs 35000/- to prior period expenses saying that there is no provision for freight exps but the provision is for misc exps.

Can anyone help me in the matter and if my view is correct then how do i tell this to the auditor

Thanks in advance