Dear Experts,

We have registered dealer under the Delhi Vat Act 2004 and Central Sales TAx Act 1956. We have filling the quarterlly return both Dvat & CST Act on regular basis, but one invoice raised against central sales @ 12.5%, we have wrongly considered in the return by twice bare in the IIIrd quarter & IVth quarter (i.e. accounting year 2007-08) and thereafter deposit the excess tax under the CST Act 1956. Please give me advice, How can take the credit under the CST Act 1956. Whether option is that, sales tax return we have revised filled for both quarter & excess tax deposit to be carried forward to next quarter or Financial Year.

hello

solatium received on compulsory acquisition forms part of consideration and must be considered in computing capital gains. my question is what is "solatium" ?

thank you
tima

hello

in case of listed securities if they are held for not more than 12 months before their transfer they are "Short term capital gains" - becasue they r financial assets.

what about "non listed securities" ? are they financial assets or not? period of holding is 12 months or 36 months for determination of short term or long term capital gains?

thank you
tima

hello

Sec 2(14) says Capital asset does not include "personal effects of movable nature"
ex: car used for personal purpose not a capital asset
but
ex: car used for business purpose is a capital asset.

now my question is what will happen if a single car is used for both personal n private use?

thanks in advance
tima

Items like MODEMS have since been rendered as obsolete before completing their useful life and these are being carried at their book value. However, it is clear that these are of no use any more. How the same should be dealt with in accounts and what are the implications in Income Tax and Companies Act.

Is TDS is required to be deducted while making payment to NTPC?

FURTHER TO MY EARLIER QUERY,I AM GIVING BELOW THE DETAILS OF OUT PUT SERVICE RENDERED BY US.

1. ERECTION,COMMISSIONING AND INSTALLATION.
2. BUSINESS AUXILARY SERVICE(COMMISSION)
3. MAINTENANCE AND REPAIR.

THERE ARE VARIOUS INPUTS SERVICE WHICH ARE RECEIVED BY US. BESIDES SERVICES RELATED TO THE ABOVE,WE ALSO GET SERVICES FROM OUR CHARTERED ACCOUTANT,TELEPHONE,INSURANCE ETC. ARE WE ELIGIBLE TO TAKE INPUT SERVICE TAX CREDIT ON THESE SERVICES WHILE CALCULATING THE SERVICE TAX LIABILITY ON THE SERVICE PROVIDED BY US AS PER THE DETAILS FURNISHED ABOVE?

A school started by an individual will be assessed for IT Act under which category of Person assuming if it is not a charitable trust or not registered as trust

if long term investments are made in mutual funds, at what amount it will be carried in books.
bcoz as per AS15 long term investments are carried at cost whereas it is difficult to identify cost in case of mutual funds.
whether it is correct to show mutual funds at NAV as on the date of balance sheet with what reason.

if any money has been given for purchase of shares but the allotment is still pending, how it will be treated in our books?
whether it will be shown under investments since we have paid money for that or will it be shown as advance since allotment is pending.