Is P.F. deduction of employees above Rs.6500/- is compulsory for the Partnership Firm.

In case due to defects, fixed assets already capitalised are returned to the supplier can it be shown as a deletion in the block?

The scheme says that the premimum paid by the Company for the Life Insurance cover on the life of their Employee will be exempt from tax u/s 37(1) and the maturity proceeds will also be tax free in the hands of the Employee U/s 10(10)D.

Please be kind enough to enlighten me weather the above sections are correct or not.

Please clarify

Awaiting your reply.

If a subsidiary co. has made a loss and parent co. has capitalsed it, then whether it requires qualification in auditor's report? Please also give reference to support the answer.

PLS GIVE DEFINITION OF SOME TERMINOLOGY RELATED TO BANK.......
1.TERM LOAN
2.CASH CREDIT
3.OVERDRAFT
4.DEMAND LOAN
5.BRIDGE LOAN
6.PACKING CREDIT
7.LETTER OF CREDIT
8.BANK GUARANTEE

pls give some terminology related to bank......
1.TERM LOAN
2.CASH CREDIT
3.OVERDRAFT
4.DEMAND LOAN
5.BRIDGE LOAN
6.PACKING CREDIT
7.LETTER OF CREDIT
8.BANK GUARANTEE

could u tell me plz that what is the maximum amount as a transport allowance, which i can give to the employees in a private company?

(4000*25/100= 1000 or 800 whichever is lower)
what will be the payment in the above case,if the employee salary does not comes under tax liability.

An educational school registered as society received fees Of Rs 15 Lacs during the FY 2008-09.
It has surplus of Rs 1.20 lacs after accounting of expenses(i.e Fees-Expenses)

Above mentioned society wants to take tax benefit u/s 10(23C)(iiiab) .
1.As its income is less than Rs 1.50(below Exemption Limit) even then it requires to get its accounts audited and file IT Return ?

2.Whether audit depends upon the receipts of fees ?
Please give views.

A Director of XYZ Ltd. went on Foreign Tour for business Purpose and following expenses were incurred on that tour.

Hotel Stay Charges (on 21.05.08) USD 2000
Telephone Exp. (on 22.05.08) USD 50
Taxi Hire Charges (---D0---) USD 150
Shopping Bill (---DO---) USD 750
Amusement Park Bill(on 23.05.08) USD 250

Total USD 3200

a) What Accounting entry will be passed for the above expenses?

b) What exchange rate will be used for translation of USD 3200 into INR?

c) Whether Shopping Bill and Amusement Park Bill will be allowed as expenses to XYZ Ltd. or not?

d) Whether expenses mentioned in (c) above are Director's personal expenses?
If yes then which expense head will be debited for those expenses.

we are comm. agent & as so we receive comm on sale.

(for sale/pur it is 40 lacs for a/c to be audited).

what is the limit for "a/c to be audited" in our case?