what is status code?
Where ca i find the status code for filing the ITR

In case of a lease transaction, who has the right to capitalise the asset?,lessee or the lessor. In this regard, is there any contradiction b/w AS and income tax act. To be precise in IT we treat lessor as the legal owner of the asset though he donot capitalise it. Please give me an expert opinion.

In case of a lease transaction, who has the right to capitalise the asset?,lessee or the lessor. In this regard, is there any contradiction b/w AS and income tax act. To be precise in IT we treat lessor as the legal owner of the asset though he donot capitalise it. Please give me an expert opinion.

we are a mfr, availing full cenvat credits on inputs & charging full excise on finished goods. we are also having service tax regn. (we are not service provider)taken only to pay service tax on freight on inward goods (abatment-25% of value of freight). we pay this service tax by cash under TR-6. Now, (1) can we take cenvat credit of this service tax paid (at leser value) on inward freight ? and (2) as an excisable unit, can we take cenvat credit (in excise)of service tax paid for input services like BSNL telephone bill, general insurance premium, courier bill, ISO audit fees bill, legal & prof. charges' bill (all bills in the name of the company).
If yes, please provide relevant reference of rules /noti. etc

regards
anckoora

we are a mfr, availing full cenvat credits on inputs & charging full excise on finished goods. we are also having service tax regn. (we are not service provider)taken only to pay service tax on freight on inward goods (abatment-25% of value of freight). we pay this service tax by cash under TR-6. Now, (1) can we take cenvat credit of this service tax paid (at leser value) on inward freight ? and (2) as an excisable unit, can we take cenvat credit (in excise)of service tax paid for input services like BSNL telephone bill, general insurance premium, courier bill, ISO audit fees bill, legal & prof. charges' bill (all bills in the name of the company).
If yes, please provide relevant reference of rules /noti. etc

regards
anckoora

Whether a civil contractor raised a bill to us Rs. 1,00,000/- plus 4% WCT Rs. 4,000/- bill amt Rs. 1,04,000/- and add on service tax @3.09% Rs.3214/- on total bill amt Rs. 104000/-. Please clarify that Service Tax deduct on Rs 1 Lac or Rs. 1.04 Lac.

Please Urgent

In my one of the co., we have received the income in foreign remittance, and i have raised the bills for each month last date, so, how should i book the income into my books of account and at which rate it should be consider ?

Regards
Mihir Bhagat

Iam appeared for ICWA final examination, in future if i go for practice in income tax and costing field, what help or knowledge i get if i join CFA course, whether it helps me in practice or not.

Mr. A purchased a flat for rs. 35 lakhs for which he made payment in 2 installments - rs. 17 lakhs through a bank loan and the balance through the proceeds from the sale of a residential house. he eventually bought another house with the balance money, and invested a small part of it in an agriculturral land. the loan got for purchase is still there. the flat was piurchased before the house was sold. the second house was purchaesd after the sale. Can both the houses be shown as investement of sale proceeds for the purpose of capital gains? and how should the loan be treated?

further details:

Sale of House property : 15/2/2007 : Rs. 75 Lakhs

House No. 1:
* Construction Agreement for the flat : March 2005
* Loan taken for the flat : March 05: Rs. 17.50 lakhs
* Balance amount paid for flat : 20/2/2007 : Rs. 23 lakhs
* Possession of Flat taken : 8/5/2006

House No 2:
* Payment and Registration : 24/4/2007 : Rs. 36,07,600

Agricultural Land:
* Purchase of land : 5/3/2007 : Rs. 16.50 lakhs

Can we claim exemption for capital gains?

Hello Sirs,
Can some body guide me in the following issue ?
Though the ST liability was fully paid by us , erroniously they were paid under different ST category account heads instead of to the actual services categories provided by us. Can we now get them rectified to Our actual service catogories and file the ST returns ? if so what is the proceedure to be followed.