Is there any necessity or rule to maintain minimum balance in escrow a/c.?

Dear Sir,

we are the regular importers of the membrane. we are selling to the different parts of the country under CST 2% against form c.

Pls clarify that we can apply for the sad refund because we are paying only 2% which is less than 4% of sad.

Pls clarify that we are eligible or not.

i uploaded my service tax return for the quarter ended 30.09.2012 on 02.04.13 but till date the same is not filed. the message shown as uploaded on the aces website under status of xml file.

what to do ?
narendra vanigota

Hi
i received intimation u/s 143(1) for A.Y 2012-13 0n 20dec 2012..through email. File was displaying as damaged file..so i waited for hardcopy..as no hardcopy is received until yet so i come to conclusion no demand or arrears of tax.

M i right??

Query for proprietor firm
1. Last year 2011-12, our firm was under the audit ie turnover was around 70 lacs . we had deducted tds on contractors as usual.
2. Current year 2012-13 our turnover is around 80 lacs, so i want to know whether we have liability to deduct TDS or not for FY 2012-13 on contractor having a single bill amount rs 115000.
please help as soon as possible due to you all know its already too late.

dear all,

i would like to know what is the accounting entries fir SAD 4% refund?

1) In 4% SAD refund, It is clearly mentioned that it should not be pass on to the customer. It means Importer should not consider 4% SAD in the Import cost sheet & as well as Import Purchase account.The same amount should show as SAD receivable at the time of TR6 duty paid.)

2) within 12 months of Tr6 paid, we can file SAD refund. Before SAD refund it is cleared that SAD refund receivable should show at time of Tr6 paid.

3) If actual SAD refund received 90% it is based on sales & balance 10% SAD refund not received then same can be written off as Expense which is allowed.

Someone argued on the subject & informed against the subject as said below-

1) According to him that we can show SAD amount in the Import cost sheet and accordinlgy can show in Import Purchase account.

2) According to him, SAD refund receivable should show at the time actual refund application only ( It means current year SAD refund would be shown in next year as refund application would be applied in between 11 to 12 months)

Entry
Debit SAD refund receivable A/c & Credit Purchase rebate,claim & discount a/c under Purchase group.


I have mentioned that his system is incorrect-

1) We are breaking laws as SAD refund amount should not be pass on to the customer so it should not be Included in the Import cost.
2) Inventory chart will not tally ( Inventory & Ledger & It will require reco at the year end.)
3) Vat & Cst reutrn to be revised as Net shell of Purchase would be changed.
4) If receivable not shown at the time Tr6 duty paid then it would be disallowed to get refund.

please inform me the correct tally entries

Dear All ,
I want to know about Central Excise Duty for MFG Unit , when we charged Excise on Invoice , I mean to say F.Y = 2012-13 our Trun over Total Below 4 Crores , So we charged Duty from st April 2013 or after trun over of 1.50 crores we charged duty ,

Pls guide me promptly .

Hi..
I received messg on my mobile' for A.Y2012-13 intimation U/s 143(1) will be sent on ur email id'on 21.03.2013??
I dont received any email from cpc yet..??
Wht should i do? intimation U/S 143(1) is it penalty???

i just want to know that when e filling side will be get updated for filling of returns for the A.Y. 2013-14. as so far the site is not updated.

A propreitory firm neither having Tax audit in previous year expects nor in the current year, pays salary above threshold limit to its employees is required to deduct TDS on the salary paid to them.

Regards