If i m selling goods, whose VAT rate in maharashtra is 12.5%, to a dealer in other state, say gujarat, and he will NOT provide me Form C, What rate should i charge in my Tax Invoice - 4%, 2%, or 12.5%?

Dear,

Let me know about the entry to be passed and the effect of the transaction as given:

One flat is purchased in the underconstruction builidng which will be completed in next 3 years but advance to be paid from the 1st year i.e. on the date of purchase so how can i show it in financial and the effect of it.

Will appreaciate if any of the Experts can educate me on the Whether TDs needs to be deducted on Freight paid to Korean(flag) shipping Company for loading of cargo done in India.
If TDS is to be deducted then at what rate ?

Hi All

Can we net-off the foreign transaction ?

For example : Suppose we are liable to pay dividend to one of our group company X in Europe , and at the same time X compnay is liable to pay professional fees to our company in India

If the outcome of both the transaction is same say Euro 10,000. Could we pass the journal entry by debiting divend payable and crediting professional fees receivable a/c ?

Please help me.
Amit

I cleared ca final in nov 08 exams & my articleship is pending for 4 & 1/2 months. Recently i got a job from a pvt ltd. co but they r telling that they will enroll my name on their job roll as well as they will deduct pf, etc & payment will b done through cheque only.

My query is :
1) If i opt for secondment, then whether new employer can enroll my name as their employee.
2) My new employer can pay me salary & deduct Pf, etc. bcoz i will b getting stipend from old employer only.
3) Is their any other way as i want this job.

Plz reply ASAP.
Thanks

I have a house which is rented out, the income coming by way of rent should it be declared as income from other sources after deducting the expenses incurred as Muncipal Corporation taxes towards that property?

I have a housing loan towards which I pay an interest of Rs. 2.4 lacs p.a the house is rented out @Rs.2000 per month. As this current house is far away from my place of work eventhough in the same city I have rented out a house for Rs. 9000 p.m., my company gives me an HRA of Rs. 8000 p.m.

Can I claim tax exemption on HRA (of course as per its specfic rules whichever is lowest of the 3 options) along with full deduction of Rs. 2.4 lacs minus Rs. 24000 rent receipts from my taxable Income.?
How do I need to declare this rent receipts of Rs. 24000 p.a. as my company issues me Form16?

Hi All

Can we net-off the foreign transaction ?

For example : Suppose we are liable to pay dividend to one of our group company X in Europe , and at the same time X compnay is liable to pay professional fees to our company in India

If the outcome of both the transaction is same say Euro 10,000. Could we pass the journal entry by debiting divend payable and crediting professional fees receivable a/c ?

Please help me.
Amit

Hi All

Can we net-off the foreign transaction ?

For example : Suppose we are liable to pay dividend to one of our group company X in Europe , and at the same time X compnay is liable to pay professional fees to our company in India

If the outcome of both the transaction is same say Euro 10,000. Could we pass the journal entry by debiting divend payable and crediting professional fees receivable a/c ?

Please help me.
Amit

An NRI brother wants to gift his
1. sister
2. Niece ( minor age)
3. brother-in-law
each with Rs. 15 lacs thru an interbank money transfer mode.

How will it be viewed by the Income Tax Authorities of the gains made by
1. sister
2. Niece (minor age)
3. brother-in-law ?
Will it be taxed in the hands of the beneficiaries?
By what rate ?