I am writing with respect to gas filling company which brings LPG gas from third country and sell LPG gas in cylinders (cooking purpose). Cylinders are treated as fixed asset as per Income Tax Act. But as per International Accounting Standard Plant, Property and equipment, LPG cylinder neither falls in criteria of definition. So my firm's view is to treat it as stock item and charge impairment loss over its life (apparently 15 years) from the date of use.
So I want opinions of expert in this regard.

One of my client has manufacturing unit at Navi mumbai and other mfg. unit at Delhi. for mumbai unit VAT & CST has been applied but yet not received these no. due to some discrepancy in document. so now mumbai unit is transferring goods to Delhi unit. so what is the procedure for that and what document will be prepared by mumbai unit for their accounting purpose? like form or proforma invoices etc.

Dear Friends,

i am goin to write my CA final exams on May 2012.

could you please suggest whether i can buy MPV book now and start working or some of my friends saying the whole book going to be changes due to AS convergance.

Amalgamation, Consolidation concepts may change which leads to working problems will also change.

please share your thoughts.

Hi Experts,
One of our client taken lease for 10 years and the life of the asset is 15 yrs,and they recognized the lease asset as financial lease(because for subtanial period asset has taken on lease) and calcluated dep accordingly .However in the lease agreement it is mentioned that lessee has right to return the asset at any point of time,Now after 3 years our client want to return that lease asset because better machine available in the market than the lease asset.

My query is
1)Now,how to deal with the above situation?2)wat abt the dep which our client provided previously?
3)Suppose instead of returing the lease assset if our client retain the asset for 2 more years in such case it becomes operating lease in such case wat i should do for the entries which they have given based on finacial lease?and wat will be the prosecpective entries?

Pls guide me urgent

DEAR ALL

PLEASE CLEAR THE CONCEPT REGARDING SINDOOR STICK -WEATHER IT WUD BE TREATED AS TAX FREE OR TAXABLE ITEM ? IF IT IS TAXABLE THEN WHAT IS THE CORRECT RATE OF TAX?

If expenses (e.g. G&G, G&A exps) are written off in a financial year considering that these would not result in any econimic benifit in future years, is it possible to write on in later years if benefits are coming from the field for which these expenses are incurred.

Hi Experts,
In case of investement which accounting standard should be folllowed either AS-13 or 30?

Can anyone tell me the accounting of Buyers Credit????

Sir ,
As i am runing a hosiptal, may i claim that doctor who are come to service my patients are servicing directly to that patient, myself only collecting some amount as commission from doctors and patients thereby averting tds,Reciepts are made seperatly like,doctors fees(recieved onbehalf of doctors) and other hospital fees (for myself)? is it acceptable for income tax purpose? please guide me

how to treat cross holding in case of merger.

Example:two companies A & B will be merged with Company C