Dear Sir

Based on sale turnover in order to encouraging our hotel staff we are paying monthly incentives approximately Rs 5000/.
Any statutory such as PF ans ESI attracted for this amount. We are paying Income tax for this .
Kindly clarify.

How can I differentiate between a fixed asset and an expense? What factors should be considered for categorization? If I purchase something under Rs. 10,000 and it has a durability of more than one year, should it be considered a fixed asset?

Auto Dealership Car Vehicle Closing Stock Valuation : Is it right to Reduce Incentives like MAC , DRF to reduce from Year End Closing Stock ? Please guide as per IndAS.Thanks

Income tax is a indirect expense or current liability.

One of my clients is a trader in computer goods. Purchases were made from HP India Sales Private Limited. In 26AS Under Section 194R - under paid/credit Rs.61,160 is appearing and TDS of Rs.6,116.07. Kindly suggest me mode of treatment of this in books of accounts.
Waiting for reply
R S Sai Kumar

Our organisation has accepted a Bank Guarantee from one of it's vendors in lieu of Security Deposit payable by the vendor to our organisation for work order related to services rendered to our organisation. Kindly let me know the accounting treatment and consequent disclosure in the financial statements. We are not a Company, it is an organisation exempt u/s. 10(23C)(iv) of the Income Tax Act, 1961.

Regards.

Dear Expert,

We have purchase Quick Heal licenses from a proprietor.

What rate of TDS is applicable on this ?

Is it correct if purchaser issue debit note to return material?

A house is sold by Mr. R to Mr.X. At present electricity bill is in the name of Mr.K(expired) father of Mr. R. now as per will house is in the name of Mr. R and he is planning to sale to Mr.X ..So before registry Mr. R is required to get electricity bill in his name or not needed?

We bought solar panels and got 30% subsidy from government, how to pass entries in tally. how much amount to be capitalize and 30% where to transfer for Society books of accounts.