Dear Sir, i would like to know that if in the case of sales Tax proceedings the officer reduces the amount of ITC as claimed, what should be accounting treatment in this situation.

Example: ITC carried forward as per the balance sheet for the year 2010-11 was Rs. 75000, and the same ITC was claimed in next year.

ITC carried forward in the balance sheet of year 2012-13 was Rs. 25,000.

During Sales tax proceedings officer disallowed the ITC of 2010-11 and passed order for carry forward of ITC of Rs. 15,000 only.

how to reflect this position in books?
should we require to amend the audited balance sheet for 2011-12 and 2012-13

Please give me guidance in this regard.

Thanking You.

Profit nd loss a/c - e.g. we have an expenditure of Rs. 150000, and annual sale of Rs. 1250000, I want to ask whether such expenditure will be shown as separate item in P nd L A/C or will be added under the head of other expenses.

dear sir,

can i deducted interest on recurring deposit in bank in 80C or not if it is deductabel so which section can i deducted interest?

namaskar ji,

a clients residential house along with the agricultural land which is situated outside the limits of municipality is compulsorily acquired by the govt.

now capital gain on agricultural land is exempt but is there any exemption for residential building compulsorily acquired or we have to pay capital gain tax.

please reply urgently


thanks in advance

Hi Sir ,
I am sarath, passed Ipcc ( August 2012) joined articles on 03.10.2012 And took transfer on 28.02.2013 and reregistered on 25.03.2012. I will be completing my articles on 28.10.2015.For which attempt I will be eligible ,May 2015 or Nov 2015

Regards,
sarath

respected sir,
if i want to cancel my articleship due to b.com problems and want to continue after 1 year so can it be possible or not. and should i have to pay the fee again . if there is any issue plz reply soon

Whether Service Recipient(Company) is liable to pay service tax under Reverse Charge if the entire service tax ( portion of service recipient also )is paid by the GTA(Co.) itself?

and what if the service recipient is other than company?

Dear Sirs,
In Feb,2013 I sold a res. flat gifted to me in july 2009 by my eldest brother in 27,50,000/-(stamp value 29.17 lac).I declared my capital gains as 27,50,000/- as the capital gains calculations were very complicated because the gifted flat was landowner's share of my brother who under a development agreement had given his land(purchased in 1979) for construction of multi storeyed apartment.
Anyway,I with my husband as co-applicant had booked a flat in Noida earlier in 2010 and had paid 40% of the demand money to the builder till date. From out of the sales proceeds I paid Rs 4 lac to the builder before July 31st 2013 directly from my bank a/c .I also transferred the remaining 23.5 lac in capital gains a/c before july 31st,2013.
My questions are
1)Will I get exemption u/s 54 for Rs 4 lac given to the builder directly?
2) Rs 3 lac will remain unutilised in the C.G. A/c after paying all the demands of the builder. So can I utilize the remaing amount in booking another flat and still get exemption under sec 54 for the second flat?
please respond quickly.
THANKS!

we are the Partnership firm. we hire employees for field work.we pay them charges including salary of employees which we hire. under which head these expenses are shown?

please assist in it...

Dear All,

If we have purchased a software from a developer cum dealer for operating a machine,
then where it should be booked in royalty and deduct tds or as a Intangible Assests.

My client is arguing that it can not be booked as royalty,as IT Act specify the royalty treatment of software when the payment was made for licence or updation not for purchase.