dear all

it is given in the act that depreciation is mandatory to claim.

one of our client has motor vehicle used for business purpose but in his it return on a.y 08-09(wdv on 01/04/07 rs. 258376) depreciation is not taken.
is that okay if not
what will depreciation for 09-10???

Dear Friends,
Our company is Project Based Company.
We have taken a project.
We have given the whole contact to a sub contractor.
we have issued a Sale Bill of Rs. 6 Crore on our client.
The sub contractor has issued a bill of Rs. 7 Crore for the same project.
Can we book the whole Rs. 7 Crore Exp in the F Y 2008-09 or shoule we defer Rs. 1 Crore to next F Y?
The Project will be completed in the F Y 2010-11 & we are expecting overall profit from this.

When tax is deducted and amount on credited on the account of the recipient as on the last date of the account in year (31st March)

when is the due date of deduction of TDS?

pls provide me the relevant circular/notification

is it enxtended upto 30th september

A manufacturing Unit purchases an AC for its office and bill includes VAT also. Can it take the Input credit for the VAT amt paid?

A manufacturing unit has the liability to deposit Excise & it takes Cenvat credit upon its purchases. Now the situtation is like this that on Purchase of Raw material it is paying excise @8% while on finished goods it is collecting excise @4%(as per excise rates). This way, his Cenvat credit goes on increasing every month & a huge amt as Cenvat credit is appearing as an Asset in his books which although can't be recd from Deptt. What should the co. do so that correct picture be shown in its Final A/cs?

A company is expanding its unit and purchasing Cement & other materials on which it is Paying VAT to seller. Can this VAT amt be claimed as Input Credit or there are some restrictions?

For A.YR 2009-10:- A firm has:-

N/P as per P & La/c (after interest & before remuneration) =10000
Interest on capital @ 12% =45000
FBT paid in the p.yr =500
Income tax for the firm paid in the p.yr=1250
Depreciation provided =5000
Depreciation as per IT Rules =5500


What will be its total income?
Whether this firm can calculate profit as per Section 44 AF?
If so, what will be the profit & total income?

A company adds Corporat Attire as a Salary Component in Salary structure for its employees. Now as per IT rules, I think the amt paid will be exempt from employees hand upto amt actually incurrd by them and will also not attract any FBT for company. Am I right or not? If its possible, what precuations or records Company/Employee is required to maintain?

Hi,

A professional ,say, a fresher C.A wishes to start practice and open his own firm. He estimates his Yearly receipts around Rs 900000. Now,
a) Will he need to take Service Tax Registration? If yes, when shd he take? Either in
very beginning or when total billing crosses some limit!
b) Need he compulsorily maintain his books of A/c under any Act or Law?
c) If books maintained, Will he be required to get his A/cs audited every Yr?
d) Assets he purchase for business shd be on name of business only or these can be
on his personal name/
e) If he brings some personal assets for use in Office, how shd he calculate Cost to be
recorded if he has not got Invoice for that Asset?
f) Will there be some restriction if he pays salary to his brother or other family member if
they are also possessing qualifications in related field?
g) Will he be required to take TAN as salary being paid to staff is more than their exemption limits? & then deduct TDS from their salaries and file TDS returns?

HI,

A proprietor takes some loan from his wife and pays interest over this amt. Wife shows the Interest Income while filing her ITR while husband claims this expense in his P&L A/c. Will this Transaction valid in IT provisions or any rule prohibits or disallows such transactions?