Hi,
A company imports a Fixed Asset for say 10000 USD in Oct 08 and books the asset @50/USD. Payment is not made till 31st Mar 09 while the exchange rate goes up to Rs 51/USD. Now,
a) Shd the company increase the cost of Asset in Books from 500000 to 510000 or diff or Rs 10000 be charged to P&L A/c as Forex Loss?
b) If charged as Forex Loss, will it be an allowable exp under Income Tax Act for books closing on 31Mar 09?
c) Suppose, Payment is made in June 09 at the conversion rate of 50.5/USD, what will be the treatment in books now? Will diff be reduced from asset cost again or will it be credited to P&L A/c.
d) Dep will be charged on which value for 2008-09 & 2009-10?

Pls keep the Query OPEN after your replies to let other experts insert their views also.

Hi,
I have opened my own recruitment agency.As per my clients requirement for empanelment, I have got the service tax no as well as the Pan no.I want to send an invoice to my clients for the service now.Kindly help me with raising the bill other than my service charged.Can I include the service tax and pay it on the companys behalf?When is this service tax to be filed?Kindly advice....

Dear All,

we had made a bill in june 2008 of service charge and now we want to cancel this bill. please suggest me can we do this.

thanks

sir i have terminated my articles as on 30.04.09 based upon the extension notification.(15.5.09)from chennai.i hav 8 months service pending now.i hav reregistered with another firm as on 4.5.09 at my hometown in calicut. now institute has issued new notification as on 19.5.09 dated 27.3.09 in which termination is not allowed in last 12 months. i hav not submitted my 109 & 103 in the institute. whether my termination and reregistration will be inavalid now?
if i take my 109 back dated as on 26.3.09 can i submit my records now? please advice.

We imported a demo medical equipment from USA. It is a life saving equipment and is being imported by us for conducting trial.

This equipment has been supplied to us free of cost as it is a demo piece.

Its commercial price is US $ 1095/-

The proposed resale price in India is US $ 3600 which includes duties,taxes, freight and handling cost.

Customs appraiser charged duty on resale value i.e. US $ 3600 but not on commercial invoice. The same equipment was imported by a firm in Mumbai and they were charged duty on Commerical Invoice value US $ 1095/-

Can we get it re-appraised and by which authority? Can any experts help us out?

we are manufacturar exporter
we are paying service tax on GTA

some of our suppliers paying the freight to the transporter and charging it from us by adding it seperately on the material invoice but not calculating the service tax seperatly on that amount.

i want to know that are we liable to pay the service tax on that freight which was indirectly paid by us.

please advice us

My father wants to become First Stage Dealer. How can my father issue invoice to purchaser so that he can avail CENVAT Credit and also the gross margin of the business is not disclosed to the purchaser.

Suppose, 5 item purchased for Rs. 2,10,000. One item is sold for Rs. 45,000. Whether my father can issue bill for total of Rs. 48,460.8 i. total of Rs. 45,000 and proportionate excise duty of Rs. 3,460.8 (8.24% of Rs. 42,000)

hai i need details regarding IT refund.I undertaken a contract to hire cabs in the year 2007. the contract has been from august 2007 to december 2008. the income tax has been deducted earlier every month from the contract price. can i claim refud of such amount and what is the time limit for such claim. please suggest me

dear sir/madam

can any one tell me if a person is enrolled in Intermediate on the basis of their graduation and completed his/her articleship, after coversion in pcc in june 2009 is it compulsory to complete 3months articleship and 100hrs of it training.

pls answer

thanking you
xyz

Please explain in detail abt if any donation is given to charitable trust why deduction is not available under section 80G?Also how deduction can be availed in such situation?Pls explain case law if any