Dear Experts,

- A Cooperative Bank enjoyed the tax benefit of 100% deduction on its Total Income till AY 2006-07 (u/s 80P(2))

- Till AY 2006-07, in the tax computations, the BDDR provisions where disallowed and therefore, taxable income was significantly higher than book profit (though NO TAX was paid b'coz of dedn u/s 80P)

- Now, from AY 13-14, amounts are recoverable against the BDDR provisions, and the recovery proceeds are recoverable over next few years (based on court orders allowing deferred payments by defaulters).

- Can the entire tax savings on such BDDR provisions be considered as 'Deferred Tax Asset' for AY 2013-14?

Thanks in advance for response

hi i want to know that one of my client recorded their sales inclusive of vat means no separate accounting done for input vat receivable and output vat payable and vat paid directly to department through entry vat payable a/c dr. and bank a/c cr. therefor vat payable appear as dr. balance in the balance sheet. therefor i want to know that how dr. balance of vat payable be disclose in the books.

i will pass the jv for the sundry bal.written off then profit will increase what is the another way the ledger amount is 210000. if i pay to the creditors on voucher is it possible?

I just want to ask three questions, regarding the unlisted limited company:-

1) First of all, Whether any antique Sculptures bought for the decoration in the office can be shown under Furniture or not???

2) Secondly, if there is any increase in the market value of that sculptures(shown under Fixed Assets in the books), then can we revalue that asset? If yes, then what is the full procedures of Creating revaluation reserves?
3) And Lastly, What effect would be on the

Dear Sir,

purchase price of my plant & machinery is Rs.100000/- bookvalue of it is Rs.60000/- and sale value of it is Rs.120000/- then RS.20000/- capital profit where i can transfer in case of Individual?????? reserve & surplus are not in the balancesheet then where I transfer it??????

a cement packaging company incorporated in july 2012, it has incurred formation expenses of Rs. 50000, after incorporation company has not started its business operations till mar,31,2013 sice construction of building & plants was going on...company has incurred office expenses during JULY-12 to MAR.13 amounting to Rs.100000(on salary of employees & other office expenses)& capital expenditure Rs. 5000000 on construction of plant & building etc.

what will be accounting treatment of RS. 50000,RS.1000000, & RS.5000000 in fin. statements for 2012-13

please explain

A company was ordered a machine with some specifications to foreign supplier. An employee goes to the place of supplier for trial of the machine ordered. The query is that the travelling expenses related to above visit either capitalized or transferred to P&l A/c. Please give a reference of Accounting Standard also, if possible.

Hello Everyone,

How the Deferred Rent(Computation has been done)accounted in the Books of accounts ?

i want know that how to close the old/past creditors dummy accounts.

While accounting for school student should be taken under which head either Sundry Debotors or someother head.

Reply as early as possible.