Dear Sir,
In the Budget 2009 speech today the Honbl. Finance Minister has announced the abolishment of FBT.

Since the payment of FBT for the 1st Quarter is due on or before 15th July, 2009, please clarify whether we should pay this amount or not.

Practically, the Finance Bill is yet to be passed in the parliament.

Regards
S. Anand

We manufacture an electrical product which falls under MRP based valuation. For contract manufacturing for a BRAND, we pay excise duty based on Brand's MRP.

Some brand now advises us that we can print the brand and mark ISI but dont pack it, but despatch it as a wholesale pack. They would pack it and release it in their dealer market after paying MRP based excise. I.e. we are sending unpacked branded good ISI marked.

AND they want us to bill it and charge excise at transaction value and not on MRP-abatement.They would take the CENVAT, pack it and charge excise based on their MRP. They wish to show MANUFACTURING at their for some purpose.

The question is CAN WE charge excise from them at transaction value?? if we are selling brand printed but in unpacked condition in wholesale packing(so unsuitable for direct retailing and hence would not attract MRP based valuation acc. to Weights and Measures Sec 4). i understand there is reference case - VISHVAM supplying to CANON industries, Ernakulum.

Thanks for your cooperation and advice.

Friends,

Whether VAT input credit can be availed and utilised in the following scenario ?

1 The company's Finished Product is exempted from VAT.
2 It pays VAT at the time of purchasing Raw Materials etc.
3 Scrap is generated during manufacture of Finished Product and the same is sold. VAT is collected and paid during such sales.
4 Can the company avail input credit on purchase of Raw Materials etc. and then utilise the same against VAT liability arising on account of sale of scrap?
5 Is there any provision for claiming input refund of VAT paid on purchase of inputs(ie Raw Materials etc.).

A private limited company has changed its name & altered the article Now what about the existing share certificate. Does company need to reissue the certificate with new name or can make any modification to existing certificate Or need not to do nay thing??

Dear All,

I have querry regarding TDS on Expenditure Disallowed in earlier year.
During the finalisation of IT return of F.Y. 2007-2008. An Expenditure of Rs. 1,00,000/- incurred on July 2007 disallowed by my Chartered Accountant due to non payment of TDS on that expenditure. But later on after filing the return we deposit the TDS with interest & penalty etc. on 30.10.2008. Now what is the treatment of this kind of tds in both Income Tax retrun & TDS return. In which F.Y. the TDS & expenditure can be claimed . because the F.Y. 2007-08 is filed if I claim it in 2008-09 then the date of payment/credit is July 2007 hence the TDS Return not validate. Or If I claim it in 2007-2008 then I have to revised my both TDS & IT retrun for the F.Y. 2007-2008.

As per IT Act what is the treatment of such kind of exps. & TDS (disallowed earlier year)


Thanks & Regards

Sushil Kumar kataria

Please give formula for calculation of MAT

Can any body tell me whether wealth tax is abolished or not?? if yes then plz tell me the effective date... as i had received a notice from tax department to furnish wealth tax return for the property purchased in feb 06...

haii
i want to know that what are the consequences about doing an another course alternatively with CA..i have already joined one another course,CWA ...is it compulsory to inform this matter to institute??? and i want to know that what are the problems i have to face it ..if i did nt follow the institute procedures?????

Dear Sir
In the Acc software tally i have one big doubt
presently i am working in construction company inthis case all materials like cement, bricks, interest on loans, etc charged to building account as an asset. at the year end there must be entry for depreciation , i am confusing in tally soft ware how to pass this entry
because after passing there is opening balance in next year in the above materials like cement, bricks, interest on loans etc accounts .how this is resolve in tally?
Will you please clarify me Sir

Are Touring expenses of employee family paid by the company allowed in P&L A/c?