My Client has been Paying Fixed Allowances to their employees as Conveyance,Mobile & Fooding.Whether it will attract FBT Liability?if it than guide it.

Can an individual assessee file his/her IT return for the FY 2005-06 now?
What penal provisions will be attracted?

The details are as follows:-

1. We are in manufacturing of rubber products which are used by various auto industries. For making this Rubber Products we have to develop & make tool/mould. We are giving this job of making the tools/moulds to other party who in return charges us VAT in the bill.

2. The sale of moulds/tools is not included in our main business.

3. We are also exporting the Rubber Products. The export party wants the two separate bills i,e. tool cost and regular sale.

4. The export party gives us tool cost amount in advance separate from regular export sale.

5. We are taking the Input VAT credit on the making of the moulds/tools.

6. The moulds/tool physically remains with us as a property of the export party. They are not physically exported outside the country.

7. The export party after the completion of said order (say after 5-10 years) demands the scarp value of the above moulds and tool.


Our queries are as follows:-

1. Whether we have to consider the sales of mould as export sale or treat the whole receipt as indirect income.

2. Are we liable to pay “VAT” OR “Service tax” on the above sale of Moulds/tools? If yes, please give a detail idea as how ?

3. Whether we can show the above tools as our asset and claim the depreciation on the above moulds/tools?

Please provide me guidelines for internal audit of a bank .

A man is working as an environmental researcher in Gujarat. He applies to research funded by some govt. as well as non-govt organisation. He gets paid thru cheque after he submits the report(after he does the research).

He has been filing in ITR-4. Now his tax advisor suggests him to register under Bombay shop......act 1948 for a single propietary consultancy firm.

Will this enable him to enjoy greater benefits? if yes or no; and in what way?

What will be the adv and dis-adv?

To shift house hold articles of EXPAT, expense incurred and debited to Staff Welfare.

Later, we are getting refund from the foreign company whatever we have incurred
as expense for this purpose.

Net effect of P & L is zero. Is there
any liablity under FBT?

Amit Sharma

Dear Member,

I am working with Service Indusrty.
We are having 20 branches in Mumbai Region.
In case if we closed one branch & fixed assets pertaining to that branch transfer to another existing/new branch.
What entry in Tally & What correction in Fixed Asset Register, i am supoose to do?

Please reply urgent.

what would be the rate of interest applicable if in case there is default in tax deposition.There is rule that the tax deducted has to be deposited in the a/c of gov.upto seventh date of the month following the month in which it is deducted.So if I haven't deposited/deducted tds for april,may,june,july and august,how the interest amt will be calculated.

Is there any special exemption to SSI unit from FBT?

Dear Sir,

Our Company has taken a premises on lease @ 40000/- P M we have paid Rs.2,40,000/- as Rent Depost / Advance Rent for 6 Months @ 40000/- our auditor asks TDS should be depost on Rent Deposit / Advance Rent also please clarify waht is coorect