Does Sec 40A(3) apply to acquisition of fixed assets on which depreciation is claimed.

Cost of the asset is not climed as expenses but only the depreciation is claimed.In such a case what should be reported in tax audit report.

In Taxman's ready reckoner 2008-09,in Page A-109 in para 49.3.3 it is mentioned that Sec.40A(3) is applicable if an assessee purchases a depreciable asset.

Kindly clarify.

An assessee has incurred car expenses of Rs.40000/- in cash and disallowance is made as per the provisions of Sec40A(3).
Should FBT be paid on this amount or not?

Experts opinion is sought.

Does Sec 40A(3) apply to acquisition of fixed assets on which depreciation is claimed.

Cost of the asset is not climed as expenses but only the depreciation is claimed.In such a case what should be reported in tax audit report.

In Taxman's ready reckoner 2008-09,in Page A-109 in para 49.3.3 it is mentioned that Sec.40A(3) is applicable if an assessee purchases a depreciable asset.

Kindly clarify.

In correction/revised TDS return 24Q, i am not able to delete a challan wrongly entered. The sofware i used has been downloaded from tin-nsdl.com site, which is VB based.

pls advice

should tds be deducted on total payments(including service tax) made to service providers
or

the service tax amount be excluded from the total payments made for calculation of tds

regards

thanks

vishnu

In the year 2005-06 accounting, we have wrongly accounted a fixed asset (Machinery) twice, one based on the proforma invoice and another based on regular invoice. This came to light in 2006-07 when the party's account was reconciled for payment. We have claimed depreciation twice due to this double accounting of the same machinery.
1.Kindly let me know how we can rectify the same in the current audit period 2006-07? Is there any prescribed rule to make this deletion from fixed asset?
2.What will be the tax implication and the action that will be taken by the IT department?
3.What are the disclosures to be made in the current year?
4.How will this affect the auditor and his report of last year?
5.I want to know whether it is possible to rectify the same without reopening previous years books or without revised returns?

In case an employee goes to USA for business development. The company allows him to take his spouse & child. Does the company have to charge only FBT @ 20% on the expenses incurred in this regard??

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

Whether TDS is liable to be deducted by the broker on Transaction fees charged by commodity exchange(NCDEX)??
Under what section??