'A' Pvt. Ltd. has taken land on lease from its sister concern 'B' Pvt. Ltd.with 10years lease period for monthly lease payment of Rs.19000, on which 'A' has constructed a Building for its factory use.Whether this Building is to be treated as Leasehold Improvement?If no what should be the proper treatment?Kindly reply

Plz. do tell me on which amount penal interest is to be charged?? Suppose if interest is charged @10% and amount of intt is Rs.5000, then whether penal intt is to be charged on 5000 or any other amount???
And what is MDA return??? what is the due date of filing of MDA return in Banks???

45 is the maximum limit for Tax audit assignments. In sec 44AD, if the assessee declares lower income than 8%, then he needs to maintain books as per sec 44AA and to get the books audited us 44AB. This type of compulsory audit will be included in the 45 count or not? Some professionals say yes and some say no. Anybody could clarify this with proof? Thank you...

Dear Sir / Ma'am,

Can you please tell me what is the due date for payment of Sales Tax?

My brother has just started a business a month back & this would be the 1st month to pay Sales Tax?

Turn over not known as of now..
Also if he has been charged Sales Tax on purchases as well, as far as i know the sales tax for his sales would reduce as it is calculated as Sales (Tax) - Purchase (Tax), is tht correct?

Also, I have asked him to fill in the 704 Form for paying the Sales Tax, is tht correct?

Can any one pls tell me why do we take Balance confirmation from our InterCompany . I mean importance & need of it. also Balance confirmation from Vendors & Customers.

While Conducting audit it was found that payment for Employees Provident Fund for the PY09-10 has been made in PY11-12 and no provision for the Employees Provident Fund was made in the PY09-10.Is it right? If not then what should be done?

If an employee of a company spends money in a restaurant for food then will it be debited to travelling Expenses. In my opinion it should be debited to staff welfare. Plz tell me whether I'm right or not. The Accountants at the Client Place are saying that it is rightly debited to travelling expenses

A company started construction of labour quarters in its premises and in the balance sheet for the year ending 31/3/2011 was shown as Capital WIP.During the financial year ending 31/3/2012 there was no addition in capital WIP due to dispute with labour and as per the explanation from management construction will start in the year 2013-14. so how the above matter should be taken care of in accounts for the year ending 31/3/2012.

Respected Members',
what can be the possible effect when an adverse report is given to a listed company? 2)What tax or legal implication the company has to face? 3)Can the company carry on its normal day to day operating activities after the report being given? 4) After all what should the next step be for the company after receiving such report?

Please Suggest...

Dear Sir / Ma'am,

If we have purchased goods from a company & they have given us a discount on that bill, although they have not mentioned the discount on the bill, but while making the payment we asked for a discount & they gave us the discount & mentioned it with a pen, nothing much.

Now in tally under which heading will the Discount recvd come in Assets??

I mean will in come under Direct Income or Indirect Income??