Dear all

Please give me accountind entry in case if a firm purchase material from b , & b sent the material to a , & a give advanced payment for material , & material loss in transit

that the time what entry we will pass in a book & insurance calim received after one month from the date of loss in trasit ,


ple give reply


thanks

if a person has taken a loan for the purchase of plot of land

its emi includes interest as well as principal

interest would be allowed as preconstruction period interest after the completion of house

my quary relates to the principal component of the emi whether that will be eligible for the purpose of 80c or not

Whether companies bill, 2008 became companies Act,2008 or not?

whether it is passed in the parliament or not?

Now if we want to form a new company which act will apply whether companies Act, 1956 or Companies Act,2008.

As per Companies Bill/Act,2008. The Companies Should not accept the public deposits. Now can a company accept the deposits?

What is the effective date for applicability of the companies Act,2008.

Pls tell me sir

Dear All,

The matter is very urgent. Please advise , in case of construction contracts, whether service tax is payable on Liquidated Damages (LD) also. LD refers to a contractual penalty which the contractor has to pay for delay in executing a specific part of the project.

Let us take an example. Mr. X, a contractor, is executing a housing project. As per the contract agreement, the first floor of the building should be completed within 3 months of the contract, otherwise, Mr. X will have to pay LD of 10% of the contract price. Mr. X could construct 1st floor only within 5 months. In this case, the Running Bill of Mr. X for construction upto Ist floor of Rs. 10 lacs was raised to Contractee and the contractee deducted 10% from the contract price i.e. Rs. 1 lac (being 10% of contract price) and paid Rs. 9 lacs to Mr. X. Now, should Mr. X pay Service tax on Rs. 10 lacs or on Rs. 9 lacs.

Please answer this query on priority basis quoting the relevant rule or regulation or court judgment.

Dear Friends,
One of my friend cleared his CA in last attempt(May, 2008), but because of the recession he could not get job yet & we have seen one more result after that.

Can anyone tell me how he can get job ASAP now.

Dear Sir,

I would like to know the accounting treatment of free gift along with Fixed asset purchase.
Eg: If 10 gm of Gold Bar(M.V)-Rs.10000 is been gifted along with the Car(Cost)- rs. 10,00,000 then plz tell me the accounting treatment i.e, jounal entry.

A has sold his residential house and earned capital gains of Rs 50Lacs. He has been able to identify 2 Flats, one at Mumbai and the other at Pune, so that his entire capital gains can get exempted u/s 54. However his CA is of the view that investment in two properties may jeopardize his claim u/s 54F.
Mr A seek your advise.
If instead of capital gains arising out of the sale of residential house, the capital gains arising due to the sale of urban land and the claim is made u/s 54F, would the position be different.

A Company received Rs. 1 Crore as compentation for cancelling a Sale Agreement pertaining to acquisition of land. Is that receipt of Rs. 1 Crore to be shwon as revenue in the P/ L account or can it be treated as deferred income and taken to the P/ L Account for a period of next 4 years commencing from A. Y. 2008- 2009.
What are the Tax implications and is there any Tax Rebate available for that?

Please note that the property was never acquired by the Company, hence, there was no transfer of Capital Assets and Sec. 51 is is not applicable.

A Company received Rs. 1 Crore as compentation for cancelling a Sale Agreement pertaining to acquisition of land. Is that receipt of Rs. 1 Creore to be shwon as revenue in the P/ L account or can it be treated as deferred income and taken to the P/ L Account for a period of next 4 years commencing from A. Y. 2008- 2009.
What are the Tax implications and is there any Tax Rebate available for that?

I am paying office rent Rs.21000/- per month from october 2008 but I have not deducted TDS from rent. Now I have applied for TAN and will deduct tds from rent from January 2009 I want to know do I have to pay TDS from october.Plz help

Thanks