Hi,
We are primarily manufacturer of Industrial gases and we also provide onsite and consulting services for which we charge service tax billed from H.O.
We have input services relating to telephone,mobile,consulting services etc.
My question is
1.where we can utilise the service tax input credit for the same?
2.If yes to what extent I.e,20% of output tax liability or 100% of Input Credit.
3.What records we are suppose to maintain.

please vet the answers with provisions or case laws if any.
thx. n waiting for early reply

Dear All,

If we do remittance to some country abroad where we are forming a company and and for the company formation purpose we are sending fees to our consultant in that country. If we show this transaction as loan in our system in India and later on we will recover the loan from that company in that country.

Is it a right treatment given in accoun t records?

New Hydralic Exavator purchases [ on hire purpose ] value Rs.2081682 on 4.7.07 total income arrived at Rs 255341/= for various sources. How to calculate Depreciation and
Income tax computation.

Q.1.At a time how many article can trained by a CA?
Q.2.I have completed 17 month training as article assistant now if i leave the training and Not re register under any CA then would i eligible to take attempt PCE MAY 09?
plz tell me as soon as possible

Dear Sir,

In our company we are rendering three types of services

1 transport of goods by road

2 transport of goods by rail

3 transport of goods by air

but we do not maintain separate accounts for each of them. Service tax liability arise on transport of goods by air.

My question is can we take input credit of service tax paid on telephone service, postage, courier etc. against our service tax liability on transport of goods by air though we do not bifurcate the specifically paid for rendering service of transport of goods by air.

Please reply

Dear Experts

U/s. 80C housing loan principal repayment is allowed as deduction from income subject to limit of Rs. 1 Lac.

My total principal Repayment comes to Rs. 45000/- and total Investment u/s. 80C is Rs. 60000/- inclg above 45000/-

Now i can invest 35K more and get dudcution u/s. 80C of Max Rs. 1Lac.

So if i repay the principal amount of housing loan for Rs. 35K/- then whehter it will be allowed as deduction u/s. 80C within the limit of Rs. 1Lac.????

Thanks

Rohit

Is it mandatory to made provision for deferred tax liability/ Assets?

A company had not made provision of deferred tax from last 4 years.
my question is whether provision for current year to be made or to leave it as it had not been made in last years.

Clause C of Para 99.1 say : That the amalgamating company has held continously as on date of amalgamation at least 3/4 of the book value of fixed assets held by it two years prior to date of amalgamation .

What is book value ? Gross block or Net block after Depreciation .


In books of account the system is to book the assets at full value and create a Accumulated Dep account .

In that case which value of assets i should take

can a minor be a shareholder in a private limited company

Mr. X is a whole time director and has been allotted rent free co. owned accommodation by the company . In addition, he is also on the board of various other group/non-group cos. (all of which are independent public cos.) as an non-executive director. He is paid sitting fees for board meetings attended by him and is also paid commission (along with other non-executive directors) by these other cos. based on certain criteria/performance of the respective co.
Can the commission received by him from these cos. be considered as forming part of salary (as received from other "EMPLOYERS") for the purpose of valuation of benefit under rule 3 for rent free co. owned accommodation provided to him.