This r the details available in respect of a consignment of 13250kgs of material of x.
a) Invoice price --rs. 20 per kg
b) Excise duty--- 25 percent on invoice price
c) Sales tax ---8 percent of invoice price including excise duty
d) Trade discount --10 percent on invoice price
e) insurance -- 1 percent of aggregate net price
delivery charges rs. 250
cost of container @rs. 60 per container for 50 kgs of material
rebats is allowed @ rs. 40 per container if returned within 6 weeks wich is normal.
One container load of material was rejected on inspection & not accepted.
Cost of unloading & handling @0.25percent of cost of material ultimately accepted.
On the basis of above information how to calculate laanded cost of per kg of material of x.
Plz answer in detail by giving working notes & some explanations?

I recently bought a independent house. The total cost of the project is 50Lacs, and the breakup is as follows:

Plot Value=9,33,000

Cost of construction=40,67,000 (Gross Value)

The builder is charging me Service Tax @ 4.12% on (40,67,000)=1,67,560/- (Compounded Rate). Why cant he charge at Normal Rate i.e. @ 12.36% on (33%*4067000)=12.36%(1342110)=1,65,884/-. The difference between Normal Rate and Compounded Rate being 1,676/-. Not that its a huge amount, but for my clarification. Would someone shed some light on this ?

Coming to the Main point, the builder is charging me VAT on (GrossValue+ST) as follows:

4%(4067000+167560)=4%(4234560)=1,69,382/-

Is the above calculation correct??? I was under the impression that VAT @ 4% is calculated on Gross Value only, but the builder is including the ST component in this calculation.

So which calculation is right? VAT@4%(GrossValue) or VAT@4%(GrossValue+ST)?

The difference between 4%(GrossValue) and 4%(Grossvalue+ST) is working out to Rs.6702/-. Hence I need the clarification. So can anyone enlighten me on this issue??

Thanks.

Please guide that whether a loan backed by Bank Guarantee should be treated as Secured Loan or as Unsecured Loan. Please mention the Section also

For the yr ending 31.3.06, no TDS was deducted. In scrutiny ITO intends to disallow Commissio but has not passed the order. Is any remey available before or after passing the Asstt Order?

Is is mandatory to attach signed copy of balance sheet and profit and loss account while filing Form 23AC and 23ACA

What is the difference between lease agreement & rent agreement.
Since operating lease is as good as rent agreement so why do we call it lease agreement.
whether there is any difference between operating lease agreement & renatl agreement or it is just substitution of words.

i want to just discuss the provision regarding the eligibility of minor to become the director of the company. In company law nowhere it is prohibited to appoint a minor as a director in the company but as per contract act minor will not be able to file his consent to the company or registrar of the company. but this sec 264(2) is not applicable in the private company and also to the public company where sec 264(2) is not applicable.
for ex. appointment of director as per sec 257 or appointment of director by central government by sec 408 and some others are.

can this view is correct that in those situation a minor is being able to work in the capacity of a director of the company.

Hi,
I have a franchisee from leading brand for Advance computer courses. I pay royalty to them on fees collected from students. There are two points of service tax :

1) Service Tax on Royalty which I know is necessary to be paid to the Franchisor
2) But I am not sure if I myself need to charge Service Tax from Students since I am sure my collection will be below 10 Lakhs limit. I was told by my friend that I would be required because I am a franchisee. If my institute was unbranded then only I can use 10 Lakhs limit.

Please advice..

Thanks
Ashish

supppose MR. is an NRI and he is having salary income in india on which TDS has been deducted by the company and he files return for it every year.

In year 2008 he purchased a House property through the amount remitted from abroad in his NRE account and takes a loan from Nationalised Banks say SBI from India.

Question is:

1. Whether interest i.e., loss on house property can be claimed agst the salary income or not.

2. Principal repayment will be allowed as deduction u/s 80C or not.

3. what if the loan repayment is done from NRE account.

4 What if the loan repayment is done from salary received in India.

5. Whether he can include his salary income in purchasing the House Property or not.

Can Capital gain or Loss arise in case of Transfer of Land (Capital Assets) in exchage of another land?