R/All,

We were working as proprietorship firm from year 2004 and same has been converted in pvt. ltd. concern from july 2011. All assets and liabilities of prop. Firm has been taking over by pvt. ltd. concern.

As we are in process of excise audit, auditor have raise following queries-

01 Some of our suppliers have raised invoice in the name of prop. Concern in the month of Oct. and Nov. 11. We have availed CENVET credit of same bill. Do it will be disallowed.

02 Excise auditors are asking for bill of Commission paid, we have paid commission
to individuals and deduct TDS on the same. Individuals do not have service tax registration and did not provide bills for commission. We have deducted tax and deposit and provide PAN nos. of individuals to ITD in our audit report. Can it be disallowed and do Excise auditors are concerned in this regard.

03 Credit of service tax has been utilized as CENVET input. It is allowed or not.

Kindly suggest ASAP as excise audit is in progress and auditors are creating presser on account dept. by asking for documents, related to Income tax only.

Regards

Anuj Verma

A company has created a provision for expenditure in last 4 financial years . In current financial year it comes to know that there was no need to create provision for that expenditure at all as it was not applicable to the company. Now the whole provision created in last 4 years have been written back. Whether this write back income is prior period or not?

I had rcvd the intimation under section 143(1) for AY 2012-13 last week. I realized that my deductions from the bank were not taken into account as I have wrongly input TDS by the bank in the advance tax column. So there is a demand for tax to be paid. Is there a way to rectify this? Should I refile...I am not sure what to do...pls help

can we utilize share premium account for issuing of bonus share, currently if company do not have equity share premium but have issued convertible preference at a premium (fully paid)
my query is
1. can security premium of pref shares can be used for issue of bonus
2. whether pref.shares need to be converted into equity share before issue of bonus share?
3. is bonus shares are required to be issued when in future year the pref shares are converted into equity
4.Are there any guidelines for issue of bonus share by pvt.co.?

GOOD MORNING SIR\MADAM
CAN YOU SOLVE MY PROBLEM IN SERVICE TAX MATTER. OUR NEWLY COMPANY SITUATED IN UTTARAKHAND. WE HAVE NO REGISTRATION OF SERVICE TAX . THEN WE RECEIVED A GRN. AMOUNT IS 25 THOUSAND. THEN AS PER REVERSE CHARGES SERVICE TAX ON GTA WILL BE DEPOSITED BY SERVICE RECEIVER. BUT I HAVE NO SERVICE TAX NO. YET.THEN CAN I WILL MAKE ENTRY IN MY BOOKS WITHOUT ADD SERVICE TAX IN GRN.
OR AT THE TIME OF MAKING ENTRY BOOKS I WILL ADD SERVICE TAX ON GRN AND WHEN I WILL RECEIVE ST2 FROM SERVICE TAX DEPARTMENT THEN I WILL DEPOSIT IT WITH INTEREST @18%.
PLEASE ADVISE

Dear CA Clubindia

wat are d consequences of non deduction of TDS, wen is interest @ 1.5 & 1 % is
applicable, when penalty applicable

1. TDS Deducted on 6.4.2010
deposited on 4.8.2010
interst rate 1.5 or 1%, any penalty.

2.f.Y. 2011-12 TDS on Prof. Fees 35000/- not deducted, not paid, what is intrst rate 1.5 or 1 %, What is the penalty

thnx

Hi,

During the financial year 2012-13, there is a difference of Rs. 3400 between the TDS deducted and TDS deposited, where TDS deposited being short of this amount. Could you please tell me how this issue can be handled.

Also, it would be great if you could tell me regarding the penalties for the late deposition of TDS amount.

Thanks,
Mubashir
A novice in these topics

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Hi
My client is planning to start a business of importing metals and selling the same in the local market in India

Kindly suggest the entire procedure that has to be followed
Which all linences are supposed to be applied for eg VAT, Excise and Ghumasta etc

Also if he intends to re export it after some manufacturing then wat is the procedure

Thanks