Dear Sir/Madam
Please temme the procedure for opening a Sole Proprietorship Firm.

Kind Attn : Dear Sir/Mam

Pls adv on the following:
-While making payment to our CA, for the F.Y.2013-14, paid in Sept14. How to account for, as we haven't passed any entry on 31-3-14.

- What about the TDS part. Do we need to pay the same alongwith the interest, if so, for how may months, pls adv calculation.

-Also, I read somewhere that the TDS is ro be deducted only on the bill amt exluding service tax, i.e. No TDS to be deducted on service tax part. Is it true?

- If the abv is correct, does this needs to be implied only on professional servuices or all type of billing, whether contractor etc.

Thnx and regards
Gurvinder Singh

Suppose cost of asset is 100000/- and accumulated de preciation existing is 40000/-, salvage value is 5000/- and useful life remaining is 5 yrs.
Impaiment loss was calculated to be 25000/-. what are the entries, and the effect of the loss in accounts, what is the accounting treatment for acc. depn?

Dear All,

Our company has purchase computer on 1 of July 14, with 5 % vat.
How much setoff can be taken on input tax amount paid by our company.

And please provide details infomation on input set off for Vat 5 % and 12.5 % and cst 2% and also on all fixed assets purchased

Waiting for your valuable reply...

Regards,
Irfan Momin

a mobile recharge shopkeeper received value amounting Rs 50000 from Reliance to recharge customer's mobile no. & he treated the above mentioned value as his purchase. if some amount is still left at the year end, can we treat that amount as closing stock.

When adv tax is paid in partnership firm in lst year than how the adv tax will be utilized in current year??(it will be charged agnst current yr provision or will be adjusted from partners capital account??)

Do we have to make provision for penalty and interest on sales tax in 2013-14 which is paid in 2014-15? Or the provision is to be made only for the interest on sales tax?

Dear All,

I have a query regarding the depreciation rates as per Companies Act 2013 as follows.

1. Under the heading Plant & Machinery point b(VI)there is no specific rate mentioned for Solar power plant. So which rates should be considered?

2. If we consider the rate mentioned in point a(i) other than continuous process plant it is 6.33% and plant life assumed is 15 yrs whereas the actual life of solar power plant in 25 yrs.

3. The plant life assumed by the Companies Act 2013 is different from the actual life given by manufacturer as given below.

a. Solar - As per Co. Act: 15 yrs
As per Mfg : 25 yrs

b. Wind - As per Co. Act : 22 yrs
As per Mfg : 20 yrs

c. Hydro - As per Co. Act : 40 yrs
As per Mfg : 35 yrs

So can we consider the depreciation rates as per the Companies Act 2013 given the difference in the plant life?

Regards

Vaibhav Suryavanshi

Sir, Whether schedule vi applicable for non corporate entities? Is it optional to a firm to follow schedule vi?

Hi i was working with a MNC bank where my PF account was running for less than 5 yrs. Now i am working abroad with another company. Now I am am aware that if i withdraw the PF amount my previous employer (the MNC bank) would deduct tax (TDS) @ 30%. The bank's PF trust would keep the account open and pay interest for 6 months and within that time i am suppose to withdraw the PF or instruct them to transfer to the new employer's PF trust.

What should i do? I can't transfer PF as i am working abroad and i can't withdraw as i would pay TDS. How do i save tax. I don't need the PF money now.

Can I,

1. Withdraw the PF after TDS @ 30% and then claim for refund of the 30% deducted along with my IT filling next year?

2. Transfer the PF money to PPF account and hence escape the TDS and still enjoy receiving the interest? Please help. thanks,