Dear Sir,
As Member Of This Community this is my first letter in which i would like to have solution from the members on a case, the details of which are given below.

I have sold spares to 'A' Customer under VAT@12.5% The Details of Proforma Invoice, Payment Received & Tax Invoice are as below.

A) Proforma Invoice B)Payment received
Dated 2/7/2008 Dated : 4/7/2008
Spares : Rs. 7095 Spares : Rs. 7095
VAT@12.5% : Rs. 887 CST@2% : Rs. 142
Transport : Rs. 130 Transport: Rs. 130
Total : Rs. 8112 Total : Rs. 7367

C) Tax Invoice:
Dated : 27/7/2008
Spares : Rs. 7095
VAT@12.5% : Rs. 887
Total : Rs. 7982

Now i would like to know, how to treat the above situation when the company has filed IT Return On Tax Invoice amount Of Rs. 7982.00 (Under Vat Billing)& Payment RECEIVED from client Rs. 8112 ( Under CST Billing) The Company is in Loss Of Rs. 725.00

Kindly guide me the above situation & give me the solution

Thanking You
Regards
Jayesh Kharche
Nagpur

what is the meaning of letter of credit & how many parties are involved in this.

i want to know the names of the author and the publishing house for ALL the reference books which are suggested by ICAI for the prepration of PCC.

OUR COMPANY IS SITUATED AT EXCISE FREE ZONE AND CONSUMED IMPORTED RAW MATERIAL FOR WHICH COMPANY HAD PAID A IMPORT DUTY AS WELL AS EXCISE DUTY.
OUR FINAL PRODUCT IS SALE WITHOUT CHARGING THE EXCISE DUTY.CAN A COMPOANY TAKE REFUND OF CVD.
PLS CLARIFY.

in the month of april'08 i received HRA for 10 days but actual rent paid was for 30 days. so my question is can i clam HRA exemption for 30 days or proportionate basis for 10 dyas .
for e.g.
HRA Recd. for 10 days Rs 1500
Actual rent paid for 30 days Rs 4000

then how much amount i claim on account of actual rent paid for HRA U/s 10(13A).
Please advise me.

it is my request to all the members that please elaborate how the interest rate is decided by the banks.

i came to know that if a exporter avail PCFC in foreign currency then the rate of interest is 5% to 6% and if it is availed in indian rupees then its rate of interest is 13% approximately. why it is so.

what are factors that affect interest rates.

i will be grateful for guidance in this respect.

anish jain

Can a Private Limited Company accept share application money more than its authorised Share capital? If it has accepted share application money more than its authorised capital, what would be the legal implication

Pl clarify the following
If a banker gives CC Lt of Rs.4.0Cr and a LC facility for Rs.1.0Cr to his client.

How would this be accounted in the clients books.
Will Rs.5.0cr (CC+LC) shown as liability of the client.

For the CC limit the client would be paying interest, what would he be paying for LC
Will the banker open 2 accounts one for CC and another for LC for his client.

Why is "loss on sale of plant" not taken in cost sheet?

Is this format..............
Opening Stock of Raw Material
Add: Purchase of Raw materials
Add: Purchase Expenses
Less: Closing stock of Raw Materials
and raw materials consumed or r same or this format calculations gives amount of raw materials consumed
I have got the format from this forum only?