sir , we are registered vat dealer , our business is used car puchases and sales. we puchases used cars from un-registered vat dealers , can we take input credit on that without purcahse invoices . our business is located in andhra pradesh.

Insurance premium paid on insurance of fixed asset is capital expenditure OR revenue expenditure.????

Sir,

I request a formula for propotionate calculation of expense to sale achieved , where the details is as follows;

Month = June -14

Expense = 15 K for the month

Budget = 63.75 lkhs (Till 20/06/14)

Actual = 43.41 Lkhs (till 20/06/14)

Please consider this as very imp:

Thanks

What is fictitious assets? what is the treatment of such assets?

Dear sir,
While studying ICWA inter i could see the loan amount is not taken in to partners capital account.
Why don't we take loan amount which is provided by one partner in to partners capital account.

regards
Shyamlal

Actually One of our vendor submitted the lower TDS certificate with effect from 06-Jun-2014, my question is for May 2014 services Vendor raised the Invoice on 2nd June 2014 in this case whether lower TDS will attract or as actual.

A manufacturing unit used Furnace oil for the purpose of heat treatment of the material manufactured (Explosive item. It is a mandatory process under Explosive Rule, without which onward process should not be supposed). Here, Furnace oil burnt in a Furnace machine covered (inside) with Fire bricks and material get heat treatment in the machine. I think in this case, Furnace oil should come under consumable item and not under Power & fuel. Where, we should claim CENVAT and VAT credit on the Furnace oil.
Please help.

I have a debit card which i use it like a prepaid card for paying bills so should i classify it in current assets? under debtors?

hi, one individual having a commision income. he has ppf a/c the person who files his itr maked a computation he disclosed his ppf interest in p&l account instead of capital a/c and does not disclose his ppf closing balance in balance sheet in last two years.so i want to know that how to rectify it in current year return.

Hi friends

For stock audit purpose, the auditor appointed by bank and bank credited some amount for audit fee.
is it comes under bank charges or required to maintain separate head if any ??????

on more doubt bank credited loan renewal expenditure is it comes under bank charges or if any ?????