I am having a rental income from commercial property of Rs. 1 lakhs per month as well as from residential flat Rs.5000/- per month so service tax is to be paid on both the rents or only on commercial property and could you please tell me from when I have to pay service tax and what is the interest and penalty for late payment. I have not paid service tax till now.

Thanks.

We are an STPI organisation. 100 % involved in software export activity. Now, we want to diversify into some domestic activity also. so part of the office needs to be de-bonded under customs act. Till now we are covered u/s 10B of IT Act, 1961. What would be the overall impact on us so far as taxation is concerned? & ALSO, whether being an STPI organisation whether we are allowed to operate other than from a Custom Bonded Warehouse?

Reply urgent.

Subhash

We are an STPI organisation. 100 % involved in software export activity. Now, we want to diversify into some domestic activity also. so part of the office needs to be de-bonded under customs act. Till now we are covered u/s 10B of IT Act, 1961. What would be the overall impact on us so far as taxation is concerned? & ALSO, whether being an STPI organisation whether we are allowed to operate other than from a Custom Bonded Warehouse?

Reply urgent.

Subhash

Dear All,

Whether Packing Material supplied by buyer to be included for valuation of basic value for excise duty purpose or not.

Packing material is used for packing of finished good mfg by seller.

Please suggest with rule & case etc regarding it.

Thanks & Regards

CA. B.K.BANSAL


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I would like to have your kind opinion related to accounting issue while capitalising items for construction of a buliding in case of subsidiary where due to tax, admn. and finance reasons the road permits,bills etc.are made in name of Holding company.

In that scenrio, the subsidiary cannot capitalise for want of bill and holding company has no valid right for capitalisation also.Please give opinion what type of accounting / Contractual arrangemt be made between holding and subsidiary which are in financial and tax interest also.

We are an STPI organisation. 100 % involved in software export activity. Now, we want to diversify into some domestic activity also. so part of the office needs to be de-bonded. Till now we are covered u/s 10B of IT Act, 1961. What would be the overall impact on us so far as taxation is concerned? & ALSO, whether being an STPI organisation whether we are allowed to operate other than from a Custom Bonded Warehouse?

Reply urgent.

Subhash

Finished Goods worth Rs.20 lacs(MRP)were damaged due to floods.The accountant suggested the following entry:
Loss by Flooding a/c Dr 20 lacs
To Trading account Cr 20 lacs
(Being loss by floods)
The auditor suggested that no entry should be passed;logic he puts forward is that the closing stock valued at the close of the year has taken cognisance of the loss by not valuing so much of the stock as is lost.Who is correct.Why?

Pls tell what are the basic things need to be check before digi. Sign the Form 8 by the Director. Pls give the reply in brief.

What are the highest return investment for tax benefit u/s 80C?3
ULIP, ELSS, etc

when we provide depreciation for assets actually no cash is going outside.but we debit in p n l ac and reduce the amt from particular asset. so the balance sheet agreeing . but wat happens when the cash is not really going outside like other expenses?