A manufacturing while selling goods in this form:

Sales Value: 100
Excise Duty: 8

Total 108

Here, co passes sales entry as:
Party A/c Dr 108
To Sales A/c 108

& after month end it passes entry for excise liability as:

Excise Exp A/c Dr 8
To Excise Payable 8

Now, I wants to know that whether it is must to do pass entries this way or Company can alternatively pass entries as:

On Selling Goods:

Party A/c Dr 108
To Sales 100
To Excise Payable 8

Payment at Month end for excise:

Excise Payable A/c Dr 8
To Bank A/c 8

Can u pls tell which of these two methods is required to be followed as per Excise rules?

Can a Proprietor liable to get his books audited u/s 44AB get his books audited and his balance sheet signed from his Son who is Practising Chartered Accountant or some rule prevents such audits?

Dear Expert,

We had issued TDS certificates for the Financial Years 2007 - 08 and 2008 - 09 to Blue Dart Express towards the Freight charges.

Now it has been noticed that there is a mistake in the Certificates issued to them. The name of Blue Dart Express were wrongly written as Blue Dart Express Private Limited instead of Blue Dart Express Limited.

My quries are.

1. Should we have to issue a new certificate or can the word Private in the old certificates can be manually cut and affix the authorised signatory and sign.

2. As the quarterly return of TDS for 2007 - 08 and 2008 - 09 has been already done should we have to file a revised quarterly TDS returns for these years with the new name i.e. without the word Private.

Please note there is no difference in the amount or PAN number.

Kindly clarify.

Regards

Subramanian

Hi, its been heard that for students eligible for nov 2010 final exam are eligible for may 2010 exam due to some changes in GST. Is this true..????

Dear sir,
I would like to know how many section are available for claiming deduction from paying income tax, i want to know only U/S No. only.

Dear All,

We have a branch in USA and we have a staff in the USA branch. we are paying his salary from India office. Now what is the tax needs to be deducted from his payment? What is the tax rebate to him while filing a return in the USA.

Regards

Dear All

If car has taken on lease how much is the Rate of TDS and which section is applicable please give me detailed explanation along with examples. It is very urgent for me.

Dear Sir,

I have a query on the TDS certificate.

Our company had issued TDS certificates to Blue Dart Express for the freight / courier charges for the Financial Years 2007 - 08 and 2008 - 09 (except last qtr).

In the certificates the name of Blue Dart was wrongly written as Blue Dart Express Private Ltd instead of Blue Dart Express Ltd.

Now they want us to correct the same and issue us a new certificate.

My query is

1. Is it ok if we cut the word Private and put a sign and signature or should we issue a new one
2. Before giving the corrected certificate should we have to once again file the quarterly returns for the year 2007 - 08 and 2008 - 09 with the revised name. ( Please note the amounts and PAN no is not changed).

Please do clarify.

Thanks and Regards

Subramanian.

I would like to know if the minutes can be written in loose leaf format and maintained instead of writing in a book register? Is there any new regulations in this regard. I would highly appreciate the replies.
thank you
BR
shankaR

Dear Expert
Hello,

As per the Provisions of the Income Tax Act, Section 36 (1)(vii), the Sundry Crediotrs/Debtors may be written off if taken in books so.
Plz advise the a/cg treatment, taxation aspect and allowability of all above i.e., sundry debtors, creditors, fixed assets(including amortisation etc.)
High regards

Nagendra Pd. Gupta
ACA