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,

Hi

Please help me with the following. In my company we provide mobile phone to our managers. It is considered as company assets. now we need to depreciate it just like all other assets and we are following the depreciation as per companies act 2013.. So under which head and at what rate am I supposed to depreciate the the mobile phones.

Hello Friends,

In case of an investment Company, How to :-

1) Enter Closing rates for stock valuation in Tally ERP 9 ?

& 2) How to Select the valuation Method of Invetories ?

What is the accounting treatment when redemption of mutual fund is made where such mutual fund investment is shown as investment?

is there is any restriction of recieving buisiness income in saving account or there is any linit of max amount recieved in savings account

How to prepare accounts of school anniversary event?? Which format to follow

One of my client is construction company and he prepared his contract account for 2012-13, in which he stated work certified as sales..Now in the current financial year (i.e. 2013-14) he realize his mistake and want to change his sales into work certified, which done previously..he can do so. if yes then what kind of disclosure may be made in his notes of account..