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Anonymous
This Query has 1 replies

This Query has 1 replies

I had submitted my 26QB Correction documents with Lucknow's Assesing Officer. He has verified the documents but he is unable to approve it because he is unaware of the new technology and the mechanism to approve it online. Kindly help as in what should I do now.

Thanks in advance!



Anonymous
This Query has 1 replies

This Query has 1 replies

25 May 2016 at 17:27

Wrong emi calculation

DETAILED CASE HISTORY.
1)My son had taken a loan of Rs 3000000 from one HFC some 5 years back.on 18 year term on floating rate of interest
2To dispose off the loan at the earliest he paid off against principal outstanding balance from time to time. He had some Rs 910961 to be  paid in 19 more installments at 9.5% ROI.His EMI was Rs 51831 accordingly
3)Whenever the EMI increases due to increase in rate of interest etc it takes immediate effect.But when it decrease due to our prepayment etc the company always delays a lot unless forced
4)On 01/05/2016 he again paid back Rs 298988 out of total payable balance of Rs 910961 and opted for 13 more installments to totally pay off the loan. Current Rate of Interest is 9.5%.After paying this Rs 298988 the outstanding principal balance as on date is Rs 611973 payable in 13 installments at 9.5% ROI
5)CORRESPONDING TO EMI FORMULA AND CALCULATION OF SBI AND OTHERS 
EMI = [P x R x (1+R)^N]/[(1+R)^N-1], where P stands for the loan amount or principal,(P=611973) R is the interest rate per month [if the interest rate per annum is 9.5%, then the rate of interest will be 9.5/(12 x 100)], and N is the number of monthly instalments.(N=13) .By simply putting these values in the formulae EMI comes out to be Rs 49725 and NOT R s 51831.AS SHOWN BY HDFC IN THE AMORTIZATION SCHEDULE
6)CORRECT FIGURE SHOULD BE
Loan Amount:    Rs. 611973
Number of EMIs:    13
Annual Interest Rate:    .0950
Monthly EMI Payment:    Rs. 49724.71
Total Loan Amount Payable:    Rs. 646421.26
Total Interest Payable:    Rs. 34448.26
7)IN THE LAST MONTH of the Amortization Schedule SUPPLIED BY HDFC THE INTEREST COMPONENT(Always Decreasing Interest Method) HAS SHOOT UP TO Rs 28903.Last but one month interest will be only Rs 567 .HOW AND WHY?
TOTAL ACTUAL INTEREST IN LAST 13 MONTHS=Rs 34448 HDFC TOTAL INTEREST IN 13 MONTHS=Rs 61830
8).By HDFC method one is to loose a total of Rs 27378 /27382(EXTRA EMI OF Rs 2106X13 Months=Rs 27378) against interest value.THE AMORTIZATION SCHEDULE of HDFC  DOES NOT SHOW ANYTHING ABOUT THE REFUND
                             COMPERATIVE FIGURES ARE DETAILED BELOW
9)Opening Balance     ROI     EMI       INTEREST COMPONENT       PRINCIPAL COMPONENT       CLOSING PRINCIPAL
   HDFC  01/05/16 to 31/05/16      611973                 9.5      51831               4845                                46986                                    564987
              01/06/16 to 30/06/16      564987                 9.5      51831               4473                                47358                                    517629
              01/07/16 to 31/07/16      517629                 9.5      51831               4098                                47733                                    469896
              01/08/16 to 31/08/16      469896                 9.5      51831               3720                                48111                                    421785
              01/.09/16 to 30/09/16      421785                9.5       51831              3339                                48492                                    373293
              01/10/16 to 31/10/16       373293                9.5       51831               2955                               48876                                    324417
              01/11/16 to 30/11/16       324417                9.5       51831              2568                                 49263                                   275154
              01/12/16 to 31/12/16       275154                 9.5       51831             2178                                49653                                    225501
              01/01/17 to 31/01/17        225501               9.5       51831              1785                                50046                                   175455
              01/02/17 to 28/02/17        175455               9.5        51831             1389                                50442                                    125013
              01/03/17 to 31/03/17        125013                9.5       51831              990                                  50841                                    74172
              01/04/17 to 30/04/17        74172                 9.5         51831             587                                  51244                                     22928
              01/05/17 to 31/05/17         22928                 9.5       51831             28903                                22928                                       0
                                                     TOTAL INTEREST  IN 13 INSTALLMENTS=61830
THE LAST  INTEREST COMPONENT(Always Decreasing Interest Method) HAS SHOOT UP TO Rs 28903.Last but one month interest will be only Rs 567 .
FOR AN OUTSTANDING PRINCIPAL BALANCE OF Rs 22928 AS ON 01/05/17 INTEREST IS Rs 28903.HOW AND WHY?
           
     

OTHERS  Month & Year    Starting Balance    Interest Paid    Principle Paid         EMI            Ending Balance
                 May 2016               611973                   4844.79      44879.92           49724.71        567093.08
                 Jun 2016               567093.08               4489.49        45235.22          49724.71        521857.86
                 Jul 2016                521857.86               4131.37         45593.34         49724.71        476264.52
                 Aug 2016              476264.52                3770.43         45954.28         49724.71        430310.24
                 Sep 2016               430310.24               3406.62         46318.09          49724.71        383992.15
                 Oct 2016               383992.15                3039.94        46684.77           49724.71        337307.38
                 Nov 2016               337307.38                2670.35        47054.36           49724.71        290253.02
                 Dec 2016               290253.02                2297.84        47426.88           49724.72        242826.14
                 Jan 2017                242826.14               1922.37         47802.35          49724.72         195023.79
                 Feb 2017               195023.79               1543.94          48180.77          49724.71         146843.02
                 Mar 2017               146843.02                1162.51         48562.21          49724.72          98280.81
                 Apr 2017                98280.81                  778.06           48946.65          49724.71          49334.16
                 May 2017               49334.16                  390.56           49334.16          49724.72               0
                  TOTAL INTEREST  IN 13 INSTALLMENTS=34448
                        Please offer your comments
   
      
      


Nishtha
This Query has 3 replies

This Query has 3 replies

sir,
pls elaborate the receivables (debtors) Turover ratios with examples.
actually i want to reduce my debtors in the firm which is over due by many months.
How i regulate the debtors turnover ratio in my firm.

pls suggest me asap.



Anonymous
This Query has 3 replies

This Query has 3 replies

25 May 2016 at 10:48

Gratuity

Can Gratuity be a part of CTC ? Pls clarify


Jatin Kumar
This Query has 2 replies

This Query has 2 replies

Respected Members, I've a query regarding articleship Extension letter received from ICAI that from which date i should commence my extension period? Is that from the day next after my articleship actuly compled or from the day i received extension letter at my home? Thanks in advance.



Anonymous
This Query has 3 replies

This Query has 3 replies

24 May 2016 at 11:23

Articleship training

A, an articles assistant who has appeared In CA Final examination and waiting for the result but 4 months are pending for completion of his articleship training.
a. You are requested to please tell me that if his principal has terminated him than whether he has to do the remaining articleship or he has to do it for complete 3 years ?


CA Sayur Jain
This Query has 2 replies

This Query has 2 replies

23 May 2016 at 23:45

Client

sir my client are two brothers one among them have sold the ancestral property by making forged sign but no questions raised by my client, my client is residing in a house which is also ancestrol and now his brother is claiming division by frightening my client that he will be going court for making partion. can pz any1 suggest me what consultancy should be given by me to my client??? thanks in advance



Anonymous
This Query has 1 replies

This Query has 1 replies

Hi,

I am about to go for stampduty n registration for purchasing a flat in Mumbai.
However, original pan card has been misplaced for one of the co- owners.
Can any one please provide info about, will it be fine if one of the co- owner doesn't have original pan at the time of registration.

Thanks in advance.


Mohan Raj
This Query has 1 replies

This Query has 1 replies

23 May 2016 at 20:54

Tds of selling software

Basically we are doing software freelancing (Not a registered company). Recently we worked on service and quoted an amount and the buyer settled 20% shorter than asked amount. He's arguing he can pay only whatever comes after deducting TDS from the quoted amount. My understanding is that when a customer buys a product he priced more than actual price in terms of tax, Not the seller cuts off the price.


Atul M
This Query has 4 replies

This Query has 4 replies

23 May 2016 at 14:14

professional Tax Maharashtra

Dear Experts,  We have a Partnership Firm ,its main objects are trading of Medicines and surgical items. Sir we recently registered MVAT on Jan-2015 am not has been done for Professional Tax Enrollment . So we don't have any employee till date, All has been done by our Partners.  So my question is that we are liable for Maharashtra Professional Tax ? If yes, then Explain us ?  Regards,  Atul Mishra






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