Is purchase of foxed assets deducted & sale of fixed assets added in cash flow statement in investing activities?
If yes then why?

Please give your views on the follwoing matter:

Mr. A has booked a Flat on Jan 2004 and paid 1 lacs as booking advance:

He has received the allotment letter in May 2004 and he paid 90% consideration of the total Flat on July and Aug'2004.

Till Aug '08 he has neither received the possession nor the agreemnet has been executed.

Now if Mr A sells/ transfer the nomination to other person with the consent of the builder he will incurr Capital gains.

My Query/ clarifiaction

The Capital Gains shall be Long Term as the allotment was made in May 2004.

Indexation will be available on the basis of the payments made .

Exemption shall be claimed under section 54 and not 54F as the assest will be treated as "CAPITAL ASSET" and not House Property.

Please give your views if you all differ.

Hi Everyone,

When we get a foreign exchange remittance from oversea the banks usually provide a credit note stating the total amount (in Rupees) less bank charges. This amount is credited in the customer's account.

But being a customer of the bank, How can we verify that the amount credited was actually realized by the bank? They may credit less amount although they may have realized higher amount due to foreign exchange fluctuation.

Dear all, I need your help. Case is that we had to sale our property for 50 Lac and we had received Rs. 5 Lac as an advance. Now the party has cancelled the deal and accordingly we have forfeited the advance amount of Rs. 5 Lac. My entity is properietorship. I am taking depreciation on this property.
My query is that whether Rs. 5 Lac is my Other sources Income or its capital receipt and will adjust whenever I will sale this property.

Pl express your opinion with supporting case laws if any
A widely held Public Limited Company (Say A Ltd, a holding company of several other companies) invests Rs.30 Lakhs in a private limited company (Say B Pvt Ltd) by way of equity capital out of proceeds of its own equity (not from borrowed funds) say in AY 2003-04. B Pvt Ltd is regular in paying dividend to its shareholders incl. A Ltd.
In AY 2006-07, A Ltd for its general business purposes including investment in capital of various private limited companies, borrows money on interest from B Pvt Ltd Rs.20L at the ruling market interest rates on the basis of a loan agreement with all usual terms and conditions

The Assessing Officer (AO) while assessing the income of A Ltd would like to invoke the provisions of Sec 14A holding that the loan is nothing but withdrawl of capital investment in the guise of loan and investments are made in other companies after taking this loan.

IS THE ACTION OF AO JUSTIFIED?

Sir i am an articled clerk.Presently i am auditing in a pvt co.The co. has spent some amount for sending message through mobile and treated it as sales promotion exp.
pls explain the difference between the above duo.and kindly clarify the above mentioned situation considering FBT

Should we deduct tds on followings Expenses, if yes in which section:-
1. Repair & Maintenance to Motor Car
2. Design & eng Charges
3. Exhibition & seminar
4. Export & Clearing charges
5. Internet Charges
6. Legal Exp
7. Machinery hire Charges
8. Repair & Maintenance other than Motor Car
9. Traveling exp
10. Water Charges

Hello sir,

I face one problem due to unclarity in the companies act, 1956. According to Section 205A all unpaid/unclaimed dividend beyond 7 years has to be transferred to Investor Protection Fund. However, what if upaid dividend arises due to the disputes regarding the beneficial of dividend and for that reason it is upaid for more than 7 years ? Will it also requires to be transfeered to Investor Protection Fund ? Please guide us.

Dear Sir/Mam,

A Co. is imported material, at the time of payment they are debited/credited the exchange diff. in respective material a/c. When i told to them that according to AS-11 this diff. should be debited/credited to P&L a/c instead of Material a/c , but they said that purchase a/c is also a part of P&L a/c.
So now tell to me that whether it should debit or credit in respective material a/c or in P&L a/c?
Also they are doing same treatment with Sale.

The date of deposit of TDS is beyond the due dates. But no interest was paid at that time.

If at the end of the financial year total interest payable is computed and a separate challan (Form 281, showing only interest) is filled up for the interest part, is it correct way to do so. Will the banks or the net banking facility accept such challans? If the answer is affirmative, how to file the E-tds return for the last quarter?

What is the solution if the banks dosen't accept such challans. How to pay the interest part later to avoid disallowance for tax audit purpose?

Thank you in advance