Sir,

Fixed assets has been imported from outside India on loan from an Indian bank at an agreed price.

Although on completion of loan due to fluctuation in currency rate Indian bank has to paid more to foreign party.

Now the Indian bank has asked us for the excess payment which he has paid to foreign party.

So how the excess payment paid by us to bank to be accounted in the books?

Should the value of original asset be increased or what to be done...?

Kindly direct how to account.

ref to the cbdt circular dated 13.01.14 where it was clarified that no tax to be deducted on SVC tax in case of 194J. would like to clarify is applicability is for 194C also. Means any payment to resident in such case TDS will not be on the service tax component

I am not able to understand why do we prepare p&l app Ac? And what all Items do wew take in it? And is it prepared only for companies?

I need a clarification regarding booking of purchase under high sea sale basis.
1.how does purchase are booked under high sea sale?
2.When are risk & reward are said to be transferred under High sea sales?
3.what about treatment in case goods are not received as on closing date?
4.Treatment of expense of custom duty paid in said case (i.e., goods not received on closing date) ?
5.Reference of any accounting standard & guidance notes if any.

what is form 3cb & 3cd ?

My relative has F.D.s in (A) Banks as well as (B) Corporates . Is it necessary for him to show the Interest earned from these two sources in seperate accounts in his Books of Accounts or can he just credit the interest earned from both to the same account , namely , "FD Interest A/c" ?

In other words , does the I-T Act have any different rules regarding the Taxation aspect of these two types of income or from the taxability point-of-view they are just one & the same ?

while filling ITR 1 and claiming exemption under 80G there is a box that is demanding the PAN No of donee to be be put in. As I have donated towards CM Relief Fund and there is no mention of PAN No in the account. Now what should i do to file ITR1 to claim exemption under 80G. Without the mention of PAN No the relevant column is not functional.

actually we have one vender who sign as a proprietor. but when I saw his Pan its last digit is F. so I m confused wht amt of tds to deduct

last yr accrued commission income was Rs.431000 nd received in current year for Rs.360000,here,tds claimed last yr on accrued comm. was 50000.So,my ques. is how to treat this 50000 nd remaining balance of 21000 in accounts??Whether to write off it through capital a/c ?? ( proprietorship concern)

sir i import goods. i make the entry of impor t taking us dollar rate of the receiving date. But i made payment afterwards by taking that day exchange rate. then what should be the exact accounting entry for exhcnage rate fluctuation