Good Evening everybody,

A disputed issue needs suggestions and strong case laws -

ABC Warehouse Pvt. Ltd. has been formed for doing business of warehousing and let out of godown. Its MOA & AOA mentions warehousing business as main business activity. The company is not involved in any other activity.

They have constructed 2 godown buildings simultaneously, by rasing common loan from bank.

1st godown building has been used in for purpose of grain godown warehousing, where various grain bags are kept in safe custody and warehousing rental charges are recovered for the said service from various customers.

The second godown, has been let out on rent for limited period to another company by entering into rent agreement .

My opinion is , income from both the godowns should be taken under the head income from business because the basic objective of company is to conduct business of warehousing & let-out of godown, hence I want to take a stand that godown buildings are used for the purpose of our business and hence will not fall under Income from House Property.

This issue has a record of dispute under income tax and in most of cases, the judgements suggest that such type of income will be taxed under the head of house property.

Kindly share your view on above situation.
Thank You

A Pvt.Ltd. Company is a dealer under APVAT act for executing works contracts.In execution of the above said work the Company has given a part of the labour work to the sub-contract, and if any material required that will be supplied by the contractor to the sub-contractor at free of cost. All the sub-contract payments are made by cheques and deducted Income Tax TDS and also the company is having the sub-contract agreements.As per the APVAT Act any labour work executed by the contractor/sub-contractor VAT registration is not necessary.The Commercial Tax department has issued a show cause notice if sub-contractor's books of accounts and vouchers are not produced before the Assessing Authority labour sub-contract will not be allowed as labour.How it is possible to produce the books and vouchers of the sub-contractor, by the contractor.What is the necessary evidence to produce before Assessing authority to prove, it is labour charges. Kindly give advise.

Hi ,
may i know what is the intention our Institute ,whats happening on?why everything is revised ,exam application form from 60-100 rupees,CPT reg.from 3500 - 6000.

Mrs. X the propriertor was paying the Rent to Mr. B now in the year May 09 Mrs. X has converted their propriertorship in to a Pvt Ltd Company. Now My question can the same agreement will be enough between X & B?
Or can Comapny pay the rent to B and avail the rent as allowable expenses.

i have to ask that what is the passed out %of pcc students at all over india level ?

Sir, I want to know regarding Costing paper checking, whether there is step marking...

Secondluy I also want to know regarding cheking in thoery part...

Thirdly, what presentation should be there in writing practical questions of costing....

Dear Experts,

We need your urgent attention here for the following matter -:

We exported some goods through our company in Jan 09 and Feb 09

Now our customer wants return some goods due to Quality Control Rejections.

Our customer wants us to issue some credit notes due to the amount of USD 25,000

How can we show the entries to the books.

And to what Invoice nos we show credit note as ?

Please help ?

section 194C talking about deduction of tds from contractors @2% and from subcontractors @1% upon crediting or on payment whichever is earlier.My question is that which are the situation where we are paying to subcontractors. i thing the responsibility of payment to sub contractor is on main contractor.Or is the contractee have any oblication to pay to the sub contractor because the contract between contractor and the sub contractor is nothing to the main contractee.

if i have 2 take cenvat credit on capital goods then whether education cess & highier education cess also to be taken as cenvat credit. For Example

cost of machiene 100
add- Exice Duty 16
Add Edu.cess @3% .48
----
116.48
Vat - 4.65
-----
121.14
-------
Now what amount should be trancefred 2 cenvat credit and what amount 2 machine a/c/

while computing specified limit of an audit as per 224(1B), the paid capital of 25 lacs shall be seen on which date. means the material date to decise whether the company has a paid up capital of less then 25 Lacs or not