Historical cost of asset Rs 100
Written down value Rs 75

Sold the assets at Rs 150. That means profit of 75 Rs.

I heard that out of this 75 Rs profit, 25 Rs will be credited to P&L A/c and 50 Rs will be transferred to capital reserve. Is this treatment correct?

If yes, under which AS/ASI can I read about this treatment method?

Suppose
1)FIRC not taken from the bank and bank is also forget to give then what is the liability of assessee ?

2)After receiving again we can send back to the person who has send the foreign currency ?

A fixed asset with historical cost of Rs 150 & WDV of Rs 100 have been revalued Rs 150 and accordingly revaluation reserve of Rs 50 has been created.

Lets assume, the asset is subsequently sold for
Situation A for Rs 175
Situation B for Rs 120

What will the accounting entry and finally where will be balance in revaluation reserve be transfered?

Company A is seling goods in india imported from europe.For selling goods Company A received reimbuserment of expenses incurred in india like advertisement ect. from abroad in foreign currency.
1) Is service tax applicable ? co selling goods only.
2) Is reimbuserment in terms of foreign currency attract ECB rule ? if yes then what ?
3)If FRIC is forget to take then what ?

If an old Fixed asset (WDV - Rs 5000) exchanged for new machinery (fair market value - Rs 10000)

What will be the accounting treatment?

Whether Self acquired property and running business of deceased who dies intestate can be claimed by his only alive son in his HUF by forming his Individual HUF after his fathers death?

Hello everyone
In the notification 8/2003 it is written in respect of inputs used in relation to first clearances upto 150 lakhs cenvat credit cannot be availed.but someone told me that there was an ammendment under which cenvat credit is not available to SSI even after the clearances of 150 lakhs.Can someone please tell what the exact present situation is?

Please clarify. For the purpose of Calculating HRA exemption out of three considerations , for an employee living in rented apartment at Bangalore, 50% of the Basic should be considered or 40%. Since Bangalore is a Metro City.

Thanks

Please clarify. For the purpose of Calculating HRA exemption out of three considerations , for an employee living in rented apartment at Bangalore, 50% of the Basic should be considered or 40%. Since Bangalore is a Metro City.

Thanks

Hello everyone
My query is regarding section11AC of central excise act.Under this section there is a provision for reduced amount of penalty in first and second proviso if the duty with interest and penalty is deposited within 30 days.This is when assessee does not go for appeal
But when assessee goes for appeal and loses in it then under third proviso he will be liable to pay the duty and interest and penalty on the amount determined under appeal whether increased or decreased.
Query:-Under fourth proviso the exact wordings are "provided also that in that case the benefit of reduced penalty shall be available if the amount of duty so increased and the interest payable thereon and consequential penalty paid within 30 days.
Does this mean that if the amount is determined under appeal and there is fraudcase the amount of penalty shall be reduced only in respect of the increemental amount of duty?i.e supose original duty determined was 50 lakhs and now if duty determined is 70 lakhs then reduction will be available for 20 lakhs only and in in other cases suppose duty determined is 30 lakhs then no reduction will be there.
please explain.