Dear All,

X company had sent 100000 US$ @Rs.40/$ towards share application money in the month of may 08. In February they have received 50000 US$ @ Rs.50/$ towards returning of share application money.

Kindly let us know whether Diffarence of Rs.10/- per USD on 50000 $ needs to be taken as Forex gain or can we credit the same to Share application money account.

Please quote the answer with refarence to AS or any other pronouncement.

Thanks in advance,
Hari Krishna

An individual purchased Gold or silver utensil for household purpose and gold or silver bar or coins, is it debited to jewellery under Balance Sheet or under any other head.

Plz let me know whether the set off of earlier years' losses should be before availing the exemption u/s 10A or after that against the current year profits? Thank you.

DEAR ALL,


AFTER DEDUCTION OF RATE IN SERVICE TAX 12% TO 10 %, IN MONTH OF FEBUARY-09,

PLZ KNOW ME THAT HOW I CAN MAKE A LABOUR CHARGES BILL ( WE PROVIDED A LABOUR WHOLE MONTH)

THANK & REGARD

Please let me know that if we are paying amount towards octroi charges to agent (Fixed agent) than it is consider as a contract or as commission agent.

On what amount i would deduct TDS i.e. total bill amount or only service charges he added in his bill.

Also give your views in the case where agent is not fixed.

(1)I working with the pvt. life insurance co.
(2)MY TDS deducted from my commission at the rate of 11.33%.
(3)Now tell me what is the procedure of IT return to refund the deducted tax from my commission.(in detail)
(4)Can i refunded the others charges , which is deducted by the co. like recovery of commission from co.

Dear Sir,

1.Tax Liabilty of Local Bodies?

2.Is any recent circular has been issued bu the Income tax Dept regarding the taxation of local bodies,if yes please give the circular number with date of notification?

3.A Local Bodies registered in the State of Kerala has deposted an amount of Rs.10Lakhs as Investment in corporation established under section 4 of the Indian Companies Act,whether interest earned by such corporation is liabile to deduct TDS under Sec.194A if the Interest has crossed the ceiling limit of Rs.10000/- in FY 2008-09

The company is paying medical allowance and calculates FBT on Rs. 15,000 which is exempt in the hands of the employee but for those employees whose income is not liable under income tax act the company does not calculate FBT on the medical allowance paid to such employee. Is it correct?
Also, the medical allowance paid to such employee is dr to salary in the account but shown as medical allowance in the salary sheet, will it make any difference?

Sir,
I am completing my articleship on the 19th of March 2009,and it takes around 20-30 days to recieve the articleship completion certificate from the institute, and it is esential to submit the certificate along with the membership application form (Form 2).
Also a proof of application for membership is required for attending the campus.
So how i could send my membership application within 1st April 2009 to be eligible for campus to be held in April 2009.
Sir, can i submit Form 2 along with the articleship completion form (Form 108)and an application for the same, and would that suffice the requirement for attending the campus.

As per the decision of Punjab & Haryana High court in case of CIT v/s Pepsu Road Transport corpn. (2002) 121 Taxmann 232/ 253 ITR 303 If a machine is ready for use at any moment in a particular factory,the machinery can be said to be "used" for the purpose of business, although in fact it had not worked during the year.So assessee can claim depreciation on assets ready for use.

Now as per the decision given by Bombay High Court in case of Dinesh Kumar Gulabchand Agrawal v/s CIT (2004) 267 ITR 769 It was held that expression "used" means "actually used" for the purpose of business and not merely ready for use.Hence,depreciation shall not be allowed unless the asset is actually used for the business.

My question is which decision should be followed and why?