Sir,
Can we do our industrial traing from any industries or there is some specific industries from where we can do pur industrial training

Dear sir,

We are a Production house, producing & directing Tv commercials and a PVt. Ltd. co.

For the FY 2012-13, we have done a project in the M/o Feb'13 and it is completed before Mar'13. For the same project, the Musician had sent a bill for 01/04/2013, and we have accounted the same in the m/o Mar'13 and deducted TDS on it. Now, the accountant of our Music director saying that they are following mercantile system and have raised the bill for current FY and they can not claim the TDS, so that our Co have to revised the TDS return.

Now, our Co's IT return is already filed. In this case how could we revised the return?

Also, do Music director can claim the TDS for current FY?

Kindly suggest.

Thanks & regards,
Chetan.

Hello Everyone,

I have employed with one of the Pvt.Ltd.Co. We have done registration of one of our Co. in November'2012 and have failed to make Profession tax payment.
My query is if we are making an payment now how much penalty will be imposed and how it should be calculated? Our previous year tax liablity is below Rs.50,000/p.a.

Please advice.

ABC Company - Brief facts of the case:
1. Date of incorporation : 23/05/2006
2. Share Holding pattern of company ABC
XYZ an Indian Company : 49%
PQR an Foreign Company : 51%
3. Receipt of Share Application Money amounting to Rs.20,00,000 on 08/12/2006 from PQR foreign company. The same is being remitted in Indian currency and no foreign currency has been received.
4. The same is also not kept in separate bank account and also used by the company in the normal course of business.
5. Due to some dispute between the Directors no further calls were made and share application money is pending in the books of accounts.
6. The same is being represented in the Balance Sheet of ABC under head “Share Application Money Pending Refund”.
7. During year 2010-11 , XYZ Indian Company has acquired shares of PQR foreign company and thus ABC company is subsidiary to the XYZ Indian Company who held previously 49% of shares.

Issues
M/s ABC is merging with XYZ and following issues needs to be resolved
1. Whether the “Share Application Money pending Allotment” can be forfeited in the current financial year and transfer to Capital Reserve or it is to be transferred to Investor Education Protection Fund?
2. What are the documents to be executed and procedure to be followed for the option as mentioned in 1 above?
3. With regards to Income tax, what should be the accounting treatment? Whether it has to be treated as Capital Receipt or Revenue Receipt.
4. Can the “Share Application Money pending allotment” treated as Long Term Capital gain in respect of cessation of rights as per definition of transfer under Section 2(47).
5. What are the violations under FEMA Act due to non-payment of Share Application Money.


Hope the details are clear.

I have purchase flat one year before in Ulwe near Navi Mumbai. Now flat is ready to use, builder asking for VAT & Service Tax on that. I have read that there is exemption available for small purchase area. Total 16 members in new building, have I need to pay both tax in this case?

I m a IPCC student &all ready passed 1st group. I want to be a income tax officer.

Hw do i deposit TDS on property.

Banks not accepting forms saying the same is not in their system.

Myself Rakesh, Accountant at HM Suites & Studios, Bangalore.

First I want to know about Ineligible VAT. Is it applicable when we are purchasing any fuel materials (Gas) from our vendor?

In the month of August, my Gas bill was,
Base Amount: 16355.9
VAT : 2371.61

Then what will be the amount of Ineligible VAT & How much VAT I have to pay, Rs. 2371.61 or 11.5% of 16355.9 i.e 1880.93?

Please inform.

A requirement to submit online . balance sheet and profit and loss a/c with 44AB please clarify balance sheet means balance sheet with all its annexures or balance sheet without any annexure only one page? ????

Dear Experts,

A citizen of India born in India, went to London for work on 15.06.2012 and he returned India on 10.04.2013. He worked for 9 months from Nov'12 till Mar'13. He earned $30,000 approx INR 16 Lakhs. He filed his Return in Netherlands and paid tax $9000.

How to calculate his tax liability in India?