HI,
OUR COMPANY FOLLOWS THE RATES OF DEPRECIATION AS PER INCOME TAX ACT,FOR PREPARATION OF ITS FINAL ACCOUNTS. MY QUERY IS WHETHER WE CAN USE THE RATES AS PER INCOME TAX ACT IRRESPECTIVE OF WHETHER THEY ARE MORE THAN THE MINIMUM RATES GIVEN IN COMPANIES ACT OR NOT. IS IT SUFFICIENT IF THE TOTAL DEPRECIATION CALCULATED AS PER INCOME TAX RATES IS MORE THAN THE ONE AS PER COMPANIES ACT OR IS IT THAT WE HAVE TO CONSIDER EACH ASSET CLASS INDIVIDUALLY.THANKING ALL YOU READERS IN ADVANCE.
are technology,skills and human resources are asset??if it so then which type of asset are they??
A acquire land on 1/4/1978 for rs 400000 fmv on 31/3/81 rs 700000 rs 200000 or 700000 cost of improvement on 1/7/1990. amount forfeited againest sale agreement on 31/3/95 rs 1000000 cost of improvement on 31/3/98 rs 500000 on 31/3/13 land sold for rs 9500000 require tax treatment ?
I PURCHASE GOODS FROM DEALERS & RECEIVE INVOICES FROM THEM.THE INVOICE AFTER CHARGING VAT & VALUE OFTEN ARE ROUNDED to Zero. I WOULD I LIKE TO ASK HOW TO SHOW THIS ROUND OFF IN BOOKS OF ACCOUNT. WHAT WILL BE THE ENTRY & NARRATION .Will this round off be transferred to purchase a/c. During sales also We make round off to Zero. How round off ( sales) & round off (purchases) will be maintained. What will be entrie & narrations both for Round off (purchase) And Round off (sales).I ALSO MAINTAIN ONE ROUND OFF ACCOUNT FOR ROUNDING TO ZERO FROM PARTIES RECEIVED OR PAID LESS. How this account will be maintained. will all Three accounts will be maintained separately. Please help me as I want to maintain accounts with perfection.
I want to know the provisions of tax collected at sorce on mining activity. My company carries on mining activity of limestone and the mines belong to the govt for which royalty is paid by us. the limestone is used for cement manufacturing. is my company supposed to pay tax cllected at source to the govt on the royalty amount? if yes , then am i supposed to directly deposit in bank or pay to the govt(my creditor)?
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Lien of shares