Dear Sir,
Courier Service Provider providing the services of carrying the documents and he is mentioned Service Tax Registration number on the invoice and he is charging the Service Tax, so should I deduct the TDS..?

I have a query that a partnership firm purchased a water treatment plant for treatment of water for workers to drink .under income tax act 1961 depreciation on water pollution treatment plant is 100%. and no explanation given for the use of water treatement palnt .can partnership firm claim depreciation ?

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