Dear all, Rate of duty for small cars motor vehicles from chapter 8701 - 8705 has been reduced from 12 to 8%. In that case parts &accessories classified under same chapter also reduced, because input will be 12% but output will be 8%. please advice If so parts and accessories going into those

we can avail service tax input credit on advance payment and also provisional entry of service tax input ..
In Advance Thanks.

if an assesse failing under category A, i.e., duty paying more than Rs. 3 crores per year, can service tax threshold limit of Rs. 10,00,000 available to him?

I am located at Mumbai, one of wants to invest capital of Rs.3lac in to my business for period of time he wants agreement on stamp paper stating that i will be paying him interest monthly. My question to the experts is that, is this legal? and if yes than what amount of stamp paper is required and do same required to notaries and for what reason? Particularly for better view of experts below is the draft copy of agreement. please give your feedback.


DRAFT COPY

(To be executed on a non-judicial stamp paper of Rs 100/- or of appropriate value as per the Stamp Act applicable at the place of execution, whichever is higher)

This Agreement executed on this the ____ day of ________, 20 at ___________ by and between the parties with the following details:
COMPANY/FIRM
Name:
Owner:
Address:

INVESTOR
Name: M/s/Mr/Mrs.
Address:



The INVESTOR agrees to invest in the venture and policy of the COMPANY/FIRM for 12 months.
The invested amount: Rs_______________ (in words_________________ ____________________________________).
The INVESTOR understands the laws of investment and both the involved parties agrees to the following terms and conditions of this contract agreement:
• The FIRM agrees to have INVESTOR as one of the many INVESTORs for the investment related to the stock / derivatives / equity cash / commodities / forex /mutual fund business.
• The INVESTOR agrees to keep track of the developments of the venture or the policy during the course of the agreement
• The INVESTOR must put the invested amount in the bank account of the FIRM/ PROPERITOR as soon as the contract agreement commences.
• The INVESTOR will be paid 2.50% interest on invested amount either by cheque/cash monthly from next month the day of execution the agreement.
• The INVESTOR have the option of reinvesting interest paid amount to the capital invested and will be benefited with the interest (on capital investment + reinvested amount) of 2.50% from next month accordingly(Tick √ the box reinvest amount of interest paid).

(Signature of Investor)
• The INVESTOR agrees for the lock in period of invested amount till 3 month(any circumstances either withdrawal or termination), if INVESTOR wants to partly withdraw the invested amount(not more than 25% of capital invested) before LOCK IN period or maturity of agreement than will have to give a 15 day’s notice with specific reason & amount to be withdrawn.
• Either party to this Agreement may terminate this Agreement at any time without assigning any reason by giving 30 (thirty) days’ notice in writing to the other party.
• The INVESTOR must get the return of the capital amount within 5 working days of maturity of the agreement.
Both party shall strictly adhere to and abide the agreement clause; any amendment in the agreement by the OWNER will be bought to the notice of INVESTOR.
This Memorandum of understanding is covered by the laws of the Sovereign Republic of India and the States where the two parties are domiciled as Applicable. Any dispute will be attempted to be resolved amicably first, Then by mutually agreed Arbitration and finally under the law.
This agreement has been executed as on___________ and shall remain into effect for ____ months from execution date to Validation of agreement date: ___________

IN WITNESS WHEREOF, the parties hereto have set their hands and signatures on the day, month and year first above written

Signed for and on behalf of the Investor:


_____________________________________ __________________________
(Name of Investor) (Signature of Investor)

(Should be signed by individual / proprietor / designated partner(s) / designated director(s), as the case may be the guardian of the investor).

In the Presence of witness:

1. ______________________________


_____________________________
Name and Address Signature





Signed for and on behalf of the FIRM/ Proprietor:


__________________________________ __________________________
(Name of Proprietor) (Signature of Proprietor)

(Should be signed by Individual / Partner(s) / Proprietor)


In the Presence of witness:

1. _______________________________


_____________________________
Name and Address Signature

Sir please tell me is there any requirement under the income tax act to submit to the employer the PAN of landlord if an employee pays annual rent exceeding RS 100000/-

I got demand notice u/s 143(1) for the AY 12-13. Reason for demand is IT dept. has not considered the TDS amount(Salary income only). Now how can i update my details with department.Can i file rectification online(Filed the paper return online for the AY 2012-13). Thanx in advance.

At the end of current Year.

Audit Exp. A/C---Dr
Service Tax Input Dr--
Ec Input A/C Dr--
SHEC Input A/C D
To Provision for Audit exp.
To Provision For TDS Payablle.

At the Beginning of the Coming Financial Year On receipt of Invoice.

Provision for Audit exp. A/C Dr--
Provision for Tds Payable A/C Dr.--
TO Creditors For Audit fee
To Tds payable U/S-194 J
(Tds will be deducted in coming financial year)
Thanks In advance.

SIR

PLEASE TELL ME IF I HAVE TAKEN RS 250000/- AS CASH IN MY BOOK AS ADVANCE FROM THE PARTY IN A SINGLE DAY ,WILL IT BE PERMISSIBLE OR NOT AND WHAT IS THE LIMIT FOR CASH SALES IN A DAY, PLEASE TELL.

THANKS & RGDS

MUKESH KUMAR

An assessee hires cars and makes monthly payments, however some advaces have be made and deisel to be provided form our funds which is adjusted in final payments.

Exp: 1. Monthly payables 100000
2. Deisel for month provided from own fund 20000.
3. Advances given during the month
Rupees 30000

Now whether the TDS to be deducted on final payment(after deduction of deisel and advaces) or monthly payables.

Please suggests, Thanks!

Whether interest on borrowed capital to purchase property is allowable expenditure against the income from Short term capital gain