Dear Experts,
Kindly guide whether to show the VAT collected on sales along with sales and VAT paid on purchases along with the Purchases in the Trading Account. Eg. Sales Rs. 1000/- + VAT collected Rs. 50/- Total sales Rs. 1050/- and like wise for purchases.

I have come across some of the audit reports that gives this treatment and shows the VAT paid by challan in the Profit & Loss Account.

Whether this treatment is correct? Whether this method reflects the true amount of profit? Whether section 145A of the Income Tax Act gets affected?

Other treatment that is common is, not to show the VAT at all in the trading and profit & loss account and to show it directly as payable or receivable in Balance Sheet?

Kindly guide on both the methods and also suggest which is the appropriate method?

is it mandatory to re-register under Service Tax provisions in case of change of partnership into proprietory ?

I have opened a Optical shop in UP 8 months ago. I am the sole owner and the shop is on rent. Sale is around 40,000/- per month as its a starting stage.

Want to know if
1. Proprioter ship firm registration needed?

2. Sales Tax, Tin No and VAT registration required at this stage.

If yes, Whst is the procedure?

If No, What all records must be maintaned by me.

please guide in detail.

I am running a restaurant. In bills we are charging 5% service charges on Total Bill. some customers paid tips through credit card. I am paying salary + service charges + tips by cheque to employees. I am deducting pf and esi on salary.

I want to know whether pf and esi is applicable on service charges and tips or not.

If suppose we are a unit in SEZ and we are taking some services from the outside and vendor is also charging service tax on these services amount then what will be the procedure for the same we have to pay first the service tax then claim the refund or we can refuse to pay the service tax to vendor.

What knoweldges and skills required to become a finance professional.

Is it possible to offset receivables from an affiliated entity in Germany with payable to the same company?

pls explain with notification/circular, if any?

Can a person use the Sales collection amount towards his salary and regular branch expenses in the followng case:

a)The company (HO) is not reimbursing legitimate expenses made foor the branch

b) The HO is due for more than 6 months

Would there any legal implications incase the employee uses the sales collection for meeting his salary and other branch expenses?

Can someone please advise me on the above case!!!

If one wants to transfer the Post office RDA from one city to another , then what is the procedure and documents required????????

My question is

What is replacement cost risk?
can u please explain this with an example.