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

In a mfg industry, there are around 50 workers. Their basic salary is Rs. 8000/-or more. My query is if PF is to be deducted or not as the basic salary exceeds the limit of Rs. 6500/-??????????

hi everyone
Mr. x who lives in delhi gets salary from a proprietorship firm for two months Rs. 30,000/- p.m. [ Included Conveyance Allowance Rs. 800/- p.m. & HRA Rs. 7,200/-p.m. ]
after that
Mr. x gets director remunaration from his Pvt. Ltd. co. for ten months Rs. 30,000/- p.m. [ Included Conveyance Allowance Rs. 800/- p.m. & HRA Rs. 7,200/- p.m. ]
His LIP is Rs. 27,744/- & His tution fee is Rs. 7,200/-.
He pay Rent 7,000/- p.m.
Pls. calculate TDS.
Thanks in advance
I am waiting for your reply.
Mukesh Kumar
Delhi

hi....

my name is shubhangi.....i hv completed PE-I....i m giving PCC june 2009 exam...

apart from dis i m doin MBA full time...after PE-I....due to sum reason i was unable to complete CA....meanwhile i cleared CET n got admission for MBA....nw i wanted to do CA...i hv heard that similar to ICWA....if any professional like MBA....wants to do CA...n if he is working in a co whose annual turnover is more than Rs 5 crore....den there is no need to do articleship for such student...as he is a professional....n he'll be given certificate of completion of CA after clearing the exams....

i just wanted to confirm dis....

are there any exemptions for MBA....

a share holder of a company who holds majority of shares in a company wants to transfer 50 % of the shares held by to another person. Does this transfer attract the provisions of Capital gains? (the above mentioned shares are equity shares)

Hello,

Does the notation "advalorem rate of CVD" include education cess on CVD? Or is it just the basic rate of additional duty of customs?
My question is with reference to the formula given under rule 3(7) of CENVAT credit rules which restricts the cenvat credit on inputs acquired in DTA from 100% EOU.