Sir,
pls explain me the term-
ASSET SECURITISATION/
DEBT SECURITISATION/
SECURITISATION?

How to maintain a work dairy and is there any prescribed format?

Can anyone please explain me what is an MNC companies in details? Which companies are said to be MNC?

My client has not adopted AS 22 till the year 2007-08. However from the year 2008-09 they are following the same.According to AS 22 - Transitional Provisions deferred tax for the previous year is also to be calculated and it is to be routed through reserve account. Please guide me regarding calculation of Deferred Tax for the year 2008-09 ( including the effect of the year 2007-08)in the following matter.

Figures for 2008-09

Depriciation as per co.s act 22223
Depriciation as per it act 113585

Donation as per books 11001
Donation eligible as per
Income tax 5500

Provision for leave encashment
( 2008-09) 210933
Leave encashment paid during
year 16260

Provision for Doubtful debts 20186
Provision for Bonus 365068

Figures for 2008-09 but related to previous year

Provision for leave encashment
as on 31.03.2008 641012

Bonus paid for the year 2007-08
in the year 2008-09 125849

Provision for Doubtful Debts as
on 31.03.2008 101582

Please guide me regarding defered tax calculation for the year 2008-09 and also for the previous year. Please guide me regarding entry to be passed for the previous years DTA/DTL which is to be routed through reserve a\c.

Thanks
My mail id is rajeshrangani@rediffmail.com

Pls. suggest the procedure/ applicable guidelines for issue of convertible debentures on private placement basis by a listed company

SIR/MADAM

1.AN INDIVIDUAL ASSESSEE HAS RECEIVED RS. 1,60,000 L.I.C. COMMISSION DURING THE F.Y. 2008-09. AFTER DEDUCTING HIS SAVINGS US 80C HIS TOTAL INCOME BELOW THE THRESH HOLD LIMIT IN THIS CASE MY DOUTS IS
1. WHICH ITR FORM IS FILING TO HIS
2. HE IS LIABLE FOR BOOKS PREPARION DURING THE F.Y. 2008-09

2. BOOKS OF ACCOUNTS IS MAINTENANED IS MANADTORY IN INDIVIDUAL CASES HOW MUCH

I am working in a public limited company.

This is company is under the project stage & Such revenue as such is there.

We are lending our temporary surplus to our sister concern.

Only the interest which we receive is taxable income which will off set against my regular expenses (Business)

Hence whatever be the TDS which our sister company is deducting will have to get refund from the income tax dept.

To avoid the same, we are planning to get exemption under TDS provision

Whether Form 13 can be used for the company TDS exemption ?

any other procedure to be followed?

Dear All,

I would like to know whether any tax is to be charged when a used car which was capitalized is sold.

Please reply at your earliest

dis is Divyank....well m a student....just wanted to know abt the options avialable after CA...specially if i wanted a career abroad...

The company in which I work was incorporated in the year 1996. The value of fixed assets as at closing of previous financial year (31.03.2008) was Rs.23.40 crores. Out of which plant & machinery is Rs.18.76 crores, building Rs.2.24 crores, other assets such as land, electrical equipment, tools & jigs, furnitures, computers...etc are Rs.2.40 crores, thus totalling to Rs.23.40 crores.

From the year 2005 onwards the company spent money on a new project. The amount spent for this new project is Rs.1.70 crores and the same was kept under Capital Work in Progress pending capitalisation. The project was completed, trial runs made and the company has commenced sales on this new project. The company intends to capitalise the CWIP during the year 2008-2009.

It is proposed to apportion and capitalise the CWIP of Rs.1.70 crores on the existing entire plant & machinery and building.

Some of my colleagues say that the CWIP of Rs.1.70 crores can be apportioned and capitalised on the plant & machinery specifically acquired for this new project.

Can the forum members guide me with their valuable reply how to capitalise the CWIP. Kindly give me a detailed reply touching on basis of accounting and accounding standards that are required to be followed in this connection

with regards

Muralidharan