Dear Sir/Madam,
we have an agreement with the Courier agency , who rendering the services of Couriering the Samples (Beer Samples for Tasting , sending to Denmark Copenhegen)he is not charging the Service Tax, and he is not providing the PAN on his invoice, so should I deduct the TDS..Under 194C..?

i m taking traing under accountant, pls give me some solution how can i get complete knowledge (procedure) of taxation, i mean(how to make all return of vat,tds,service tax)pls sir help me,its a humble request to u,hop u ll definitely give me some benifitial tips to me

wat all amendments have come up for nov 2015 attempt for ca final?

Dear Experts,

My company capitalize one asset on 31.01.2015. After commencement of asset some parts found to be of poor quality. and for which company invoke the guarantee given by the vendor.
Now my question is what is the treatment of the sum received against guarantee invocation?
Should it be reduced from the assets value?
(if yes, what should be the treatment of depreciation provided on this amount.)or it should be recognized as income in the profit and loss account?

Sir,

When WDV of Asset is less than Scrap Value As per new companies Act 2013's than what to do.

What is the difference between accrued expenses, O/s expenses and contingent liabilities?

TDS deduct under section 194DA. so which ITR we should file?can we consider it other income?

kindly reply

J.P Uniyal
Rishikesh

Note 7 of Schedule II of Companies Act 2013 specified that:
“From the date this Schedule comes into effect, the carrying amount of the asset as on that date, shall be depreciated over the remaining useful life of the asset as per this schedule”.
A plain reading of this will imply that the Depreciation working for F.Y.2014-15 will be as follows:
Rs.

(1) Cost of Asset (Original) 100000
(2) Method adopted upto 31/03/2014 WDV
(3)Rate adopted upto 31/03/2014 10%
(4) W.D.V on 01/04/2014 65610
(5) UsefulLife As per new Schedule II 8 Years
(6) Remaining useful Life 4 Years
(Since Rs. 34390/- has been w/off over past 4 years)
(7) Depreciation for 2014-15,2015-16 65610/4
2016-17 & 2017-18 16403

(Residual Value assumed: NIL)
However, if AS-6 is to be followed, we will have to work out Depreciation by 3 Methods for 2014-15:

Rs
(A) As per above 16403
(B) By giving Retrospective effect to useful life of 8 years (Rs.12500/- for 2014-15 &Rs. 15610/- for earlier 4 years.) 28110
(C) By continuing the WDV method followed upto 31/03/2014 just for disclosing change in method & effect thereof. 6561

In my view, workings out A & C are proper & difference of Rs. 9842/- to be disclosed by way of a Note saying “profit is stated at a lower figure by Rs. 9842/- due to change in Method of Depreciation.”
It may view correct? If not what is the correct Method of
(a) Charge to P & L A/c in 2014-15.
(b) Note to Accounts?


(1) An expert practicing in Pune has stated that you do not have to change Method of Depreciation from existing WDV (upto 31/03/2014) to SLM. But you have to work out a new Rate of Depreciation for continuing WDV Method which will enable you to write off the WDV of 01/04/2014 over remaining useful life.
In the illustration given earlier, the new rate will be nearly 53%.
Does not this sound illogical?

(2) One more view is that the WDV of 01/04/2014 will be reworked following SLM Method from the beginning. So, if the book WDV is more than Re-worked WDV, difference will be debited to P & L A/c.
Please opine which Method should be adopted.

Please let me have your opinion.

Thanks & regards.

R.V.Marathe
Chartered Accountant

A does the business of organising study trips for various foreign universities who send their students for study trips in India.

The payment of project typically consists a certain % as payment professional service charges and reimbursement of expenses on actual basis incurred by A which includes tavelling/lodging boarding/site visits of the students during the study trip in India and educational seminars etc.Funds are released by clients in advance or partly advance and partly in the course of program.

While there is no issue in accounting of the serevice charges received by A which is booked under his professional/consultancy income. But how to show the expenses in tally(under which group) which are incurred by A and ultimately reimbursable by client. In short, can we we route these expenses and payment received against them through P&L a/c of A since they are not his business expenses. Or we have to show them as a current a/c of the client like we open an account for a particular project in Debtor group in which credit all the receipts and debit all the expenses. But there many such clients.

Can anyone CA friend please guide and also let me know if there is any accounting standard of ICAI to deal with this types of accounting.

Thanks & Regards

P.C. Joshi

how i calculate forex gain or loss on 31 march as per AS 11 when more than one time goods sold to party and payment recieve.

also tell about if advance received against sell loss\proit required to calculate or not

please help