A client is using Tally 9.0 licensed version.He is in business of Trading of goods.He has purchased sold some shares in current year purchased before 2-3yrs and also sold shares purchased before 6 months.

In the above case entries are made in Tally9.0 but now for Income Tax purpose how to differentiate the Short Term Capital Gains and Long Term Capital Gains?

Sir,

Thanks for expert for answering my query.

I have to pay current premium amount For Rs.29504, Service Tax on Premium amount Rs.3611 and total is Rs.33115 to Reliance General insurance. Insurance Policy covered up to 26.04.2007 to 25.04.2008. I want to know that what will be Prepaid insurance and what Journal Entry will be passed in the book. my financial year is 2007-08. Service tax input can avail on insurance or not.
Thanks SIr.

Can any one please tell me about site from where TT buying & selling rates of USD to INR for each day of F.Y.2007-08 be seen to comply with A.S.11.

whether preliminary expenses should be written off within one year or it canbe written off for the period of 5 years?

Sir,

in my privious query i asked about the journal entry of provision for current year when i will make the provision for fbt and taxes

Goood Morning Sir,

When we maked Balnace Sheet as on 31.03.2007, we have provided the provision for taxation and provison for FBT.
Now, next year shows in the trial balance as a opening balance, so you requested to guide me that in current year how should it adjusted and and what will be the entry in current year for provision of taxation and fbt
Pleas reply us as early as possible

Thanks

A company is getting commission from a manufacturing & Trading company for selling their goods in market.

But bills are in the name of Manufacturer or Trader whose goods are being sold.

So on what basis will the company getting commission account its transactions?
1)Company is not having any sales on its own name.
2)What will be audit evidence for auditors.
3)How will the company show its income for tax purpose.
4)What papers can be shown in case of Scrutiny.

Pls help me out!!!!

Hi all,

Please help me with a correct Journal Entry. Suppose, a Co. has a Development Fund and it wants to purchase some Fixed Asset utilising the said fund. It has a particular Bank A/c (say D.Fund Bank A/c) which represents the D.Fund Value. Now, I think-
Fixed Asset A/c is to be Debited & D.Fund Bank A/c is to be Credited (Current Asset is converting into Fixed Asset)
Again, Development Fund A/c is required to be Debited because of its utilisation (Fund gives Cr. Balance) then which A/c should be credited in this case under Double Entry System of Accounting.

Kindly reply

Thanks in advance

Hi All tell me the difference between net profit and consolidated net profit

if i issued a work order to a contractor labour+material both cost & i also pay him 5% Vat , 4.125% S.Tax extra on Contract amount can u suggest me what tax i have to deduct T.D.S or W.C.T what & what %