Dear Sir
Based on sale turnover in order to encouraging our hotel staff we are paying monthly incentives approximately Rs 5000/.
Any statutory such as PF ans ESI attracted for this amount. We are paying Income tax for this .
Kindly clarify.
Fixed asset and Expense
How can I differentiate between a fixed asset and an expense? What factors should be considered for categorization? If I purchase something under Rs. 10,000 and it has a durability of more than one year, should it be considered a fixed asset?
Dealership Car Vehicle Closing Stock Valuation
Auto Dealership Car Vehicle Closing Stock Valuation : Is it right to Reduce Incentives like MAC , DRF to reduce from Year End Closing Stock ? Please guide as per IndAS
unsold stock ,to come at correct valuation ,is it appropriate to reduce MAC [Wholesale Incentive] & DRF from Closing Stock?
Auto Dealership Car Vehicle Closing Stock Valuation
Auto Dealership Car Vehicle Closing Stock Valuation : Is it right to Reduce Incentives like MAC , DRF to reduce from Year End Closing Stock ? Please guide as per IndAS.Thanks
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How to record gift voucher given when sale exceed certain amount
1.if the voucher is claimed by us
2.if the voucher is claimed to someother company for the voucher of them
Is income tax is a indirect expense
Income tax is a indirect expense or current liability.
194R treatment in accounts
One of my clients is a trader in computer goods. Purchases were made from HP India Sales Private Limited. In 26AS Under Section 194R - under paid/credit Rs.61,160 is appearing and TDS of Rs.6,116.07. Kindly suggest me mode of treatment of this in books of accounts.
Waiting for reply
R S Sai Kumar
Treatment of Bank Guarantee
Our organisation has accepted a Bank Guarantee from one of it's vendors in lieu of Security Deposit payable by the vendor to our organisation for work order related to services rendered to our organisation. Kindly let me know the accounting treatment and consequent disclosure in the financial statements. We are not a Company, it is an organisation exempt u/s. 10(23C)(iv) of the Income Tax Act, 1961.
Regards.
TDS on Quick Heal Software
Dear Expert,
We have purchase Quick Heal licenses from a proprietor.
What rate of TDS is applicable on this ?
DEBIT NOTE ISSUED BY PURCHASER
Is it correct if purchaser issue debit note to return material?
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PF and ESI on Incentives payments