As per Guidance Note on Accounting for State-level Value Added Tax issued by the Institute of Chartered Accountants of India, assessees are advised to disclose purchases and sales are Net of VAT. Accordingly the books of account are maintained and (finalized) the annual accounts as per entries and manner prescribed in the Guidance Note on VAT. As per entries recommended in the Guidance Note, the VAT paid on purchases has been adjusted against VAT collected on sales and no entries relating to VAT on purchase and sales are reflected in the profit and loss account
of the entity. Now, in the new ITR returns forms the assessees are required to disclose the VAT received or receivable on goods sold, VAT paid or payable on goods purchased and VAT paid or payable to Government separately.(Refer Clause No.2c, 8f & 34c in ITR 4). When the books of account are maintained in conformity with VAT Guidance Note, it is difficult to capture the above information on the basis of trial balance given by the assessee. What is the remedy available to us?

FFF

sir,
What's the board norms for the current asst. year and can u provide me the comparison with the previous year norms.

Whether usage of internet is liable to FBT ?
If liable what is FBT rate ?

In a company,Some of the executives are given Service Charges as a part of their salary every month and for which the company takes a receipt from them.The payment is also made through Cash.
So in this case TDS should be deducted or not and under which Section?

Please resolve my query urgently.

Hi,

I am planning to invest in the name of my wife and kid in mutual funds, PPF, FD, etc. from my salaried income.

Query: Can anybody suggest whether I will get deduction u/s 80c or any other section? Please provide the information for any decided cases or any links from which I can review for the same.

Regards,
Rajen Pandya

A company deducted TDS from payment made to some one friend in previous year 2005-06. The required TDS certificate is not being supplied by deductor. Where he may approach now on the issue.

Sir,
We have remitted TDS deductions to the Govt. under various challans for each different section of TDS.
After the final verification, we have found that the total remittance u/s 194C for the year has been made more and U/s194I for rent there is a deficit.
1.Can these remittances during the same year be set off against each other excess versus deficit under different sections?
2.If yes, is there any explicit section/rule which allows inter-challan(sections) set off within the same year.
3.Can excess remittance made under Sec.194 I be adjusted against the sec.195(foreing payments)?

Where can i download fillable-forms for fringe benefit tax?

Dear sir

we are a 100%EOU company. During the financial year 2006-07, we have unabsorbed depreciation of Rs. 32 Lakh. Interest income for the current year (FY 2006-07) is Rs. 10 Lakh. whether we will be allowed to set off unabsorbed depreciation with interest income?

please advise

Regards
Satyajit Roy Chowdhury