sir
during the audit the auditee's finance deptt converted loan o/s in $ @ the sbi's billssell rate & book the erv accordingly. is it right step or should be booked at ttsell rate. Secondly the other department book the foreign consultancy income at ttbuy rate of sbi.
pls guide me ty & regards

An individual is doing business as a wholesaler and files his return under the "business" head.

If he makes payment from his saving bank a/c which is not a part of his business balance sheet to a construction co. for construction of a building that will be used for rental purposes and the income will be shown in the Head " House Property",

Will the TDS provisions be applicable?

Does the liability to deduct TDS arise?

Please reply

Dear Experts

we have purchase machinery to make one product. machine is not product specific , making of product depend upon the tool & die.

query is , whether the tool installed on machinery is capitalized with machine or capitalized separately.

Please elaborate..

Dear Sir,

Our company is into the process of PF registration as the number of employees has been increased to 20. So now my query is that as Basic Pay of all employees is more than Rs 6500/- Whether we are required to deduct PF on any one's salary...???
And whether employer is required to make any contribution for PF..??

dear experts , please suggest with what amt to file roc for AY 2008 09 where the cos authorised capital is 10lacs n paid up is 40,000 but while filing itr co showed authorised capital as 10lacs n paid up 14,00,000. Since d itr is 5 years old it cannot b revised... wat can b done in dis case Regards, Jyoti Article

Dear experts, how to convert corpus fund into regular income for the AY2014-15. In previous AY's it has shown as corpus fund.

Dear experts, we have a memorial trust and it is formed for construction of a temple. while commencing the construction a separate amount as shown as corpus fund in b/s and amount spent was shown as advance for construction in asset side. Construction went on for two years and returns were filed. Now the construction has been completed. How to shown this effect in B/s asset and liability side. We want to close the trust now as it met the requirement and no more needed.

If a society is carrying on charitable activities of education institutions and is approved u/c 10(23C) and the following defects are found in the return after the scrutiny u/s 142 started:

1) On some expenses TDS was not deducted
2) Payments were made which were ineligible as deduction due to 40(A)(3) dis allowance.

Since, the entire income is exempt under section 10(23C), will any tax be leviable on these amounts or not?

Please reply. Its very urgent.

does sales invoice could be issued to creditors or no?

XYZ Company sells goods on a gross profit of 25% depreciation is taken into account as a part of cost production. The following are the annual figures given to you: Sale (Two month's Credit)18,00,000 Materials consumed (One month's credit)4,50,000 Wages paid (One month lag in payment)3,60,000 Cash manufacturing expenses (One month lag in payment)4,80,000 Administration expenses (One month lag in payment)1,20,000 Sales preomotion expenses (Paid quarterly in advance)60,000 Income tax payable in four installments of which one lies in the (next year) 1,50,000 The company keeps one month's stock of both raw-materials and finished goods. It also keeps Rs. 1,00,000 in cash. You are required to estimate the working capital requirements of the company on cash cost basis assuming 10% safety margin.