Whether SSI exemption of Rs.10.00 Lacs is also available to service provider who is engaged in Franchisees Services i.e. providing UC MAS Services to Students at coaching Centre on behalf of Franchiser.

We are manufacturer of Industrial Machinery and its spare parts and supplying to various domestic comapanies as well as exporting to various countries.

Our unit has practice to remove some input items "as such" by payment of full excise duty from Cenvat Credit/PLA on enhanced value of input.

Whereas as per Excise Rule we should charge an amount equal to the credit availed in respect of such input sold as such.
Now, Excise Deptt is asking that it is illegal to charge full amount of duty while selling input as such. So we should refund the excess amount charged in our invoice along with interest thereon.

Our stand is that whatever amount has been charged in invoice, is utilized from Cenvat credit/PLA, and if we have to refund the excess amount, we should be allowed to avail the credit of this amount because there cannot be double duty on single sale.
But they are denying for availing the credit of this amount.

Pls advise on the matter.

(Anil Arora)
Manager Finance

Working in PVT Ltd Company

I want to know whether Cash Received from Customer utilized for meeting day to day expenses is correct accounting practice.
Suggest for internal control system with link available

Dealer ship Deposit Non Refundable is grouped under sales is correct accounting practice.Please suggest where to be accounted.

What is the cash limit for expenses paid in cash.

Can any partnership firm or proprietorship firm open a bank account of employee for transaction of firm

hi friends, I have wrongly file ITR for ay 2011-12 in form, but it was for ay 2012-13. now what to do kindly suggest thanks

hai friends , goods were purchased by manufacturer and seller levied excise duty on the product . product was received in stores and stores raised miir and send a copy to accounts dept . my doubt is when will the manufacturer take credit on such goods 1. at factory , 2. in accounts dept or if at different place pls specify.

Hi experts,

My wife is a home maker. She is currently doing multiple small businesses from home which includes the following.

1. Teaching people to Craft, Paper quilling, Terracotta jewelry making, flower making etc. She charges on a per hour basis or a package basis case by case. Most of her students include, friends, relatives, neighbors.

2. She also makes art works and sells them to a couple of nearby gift shops.

She deposits her monthly earnings by cash (which varies by season) in a bank either in fixed deposits or recurring deposits. She has given her PAN in the bank as well.

I checked her previous financial year interest earned and it is below 2 lakh.

Questions:

1. Should my wife still file an income tax return or do any e-filing? She hasn't mentioned any source of income / employment in her PAN card application when she applied.
2. Till now the bank or any IT department hasn't asked her the source of her income. Will it become a problem if her bank balance goes up in FDs?

Please advise both as per the law and as per the latest trend of people in such cases.

Note: She cannot get or provide any receipts in her home business.

1) I'd registered for my articleship on 15th April 2013.

Now I want to take a transfer. My boss is ready to give transfer provided that I work till 14th April. I'm okay with working till 14th April.

As per the rules we can take transfer within 1st year so will I be eligible to take a transfer exactly on 14th April 2014?

Fill I face any problem?


2)My current firm is in my hometown, ie, Khandala, where there isn't enough exposure o te articles so I'm taking a transfer to Pune city.
The distance between Khandala and Pune is 62 kms. There is a good local train facility which helps for easy transport.

Will ICAI raise any issue if I take transfer to Pune city?

(a friend of mine was telling me about some 50kms rule. I dont know about it, please explain if any such rule exists).

Hello Experts,
I'm in my first year of articleship and now I've taken a transfer.
My old principal signed my form 109.

Now I'm joining another firm. While filling form 103 there is an option no 17 where they ask you about your other courses.
I've already filled form no 112 during my initial registration.

Am I suppose to again submit form 112?

Hi,
I got an exemption is CA Final Nov-2013 in Costing(Paper 5)with 61 Marks but dint clear in rest 7 subjects.

I have applied for both the groups i.e. pending 7 subjects in May2014 CA Final Exams.

Query:

Can I use my Paper 5 exemption in Group1 to set off and make an aggregate?

for example if i score:
Paper1 - 40
Paper2 - 40
Paper3 - 40
Paper4 - 40
TOTAL-----------160

Paper5 - 61 EX in Nov2013
Paper6 - 60
Paper7 - 60
Paper8 - 60
TOTAL-----------241

GRAND TOTAL ----401

Is this Possible?
Can i set of my exemption in Group1