on 31st march 08, my VAT a/c shows a credit(refund due)of around Rs. 4 lakhs. Should i claim for refund or should i carry it forward in the next year to set it off against next years liability?.

Our company deducted Rs. 780/- as PF from mysalary though my basic salary is more than Rs.6500/-. I have resigned the job during 15.08.08 and they have fully settled my accounts. But at the time of full and final settlement they have deducted Rs. 764/- for PF. I have a doubt whether PF deducted is correct and why don't we calculate on pro rata basis.(i.e) Rs. 780/- is for full month so they have to deduct Rs.390/- for 15 days.

Kindly clarify.

Query no 1: Cenvat credit eligible for dta clerances by EOU/STP/EHTP as per cenvat credit rule 3 is

Assessable value * (1+BCD/400) * (CVD/100)

This formula holds good when there was an exemption of 75% of customs duty for such DTA clearances. But according to notification no 10/2008, customs duty exempted is only 50%. In this situation the credit calculated using formula given in rule 3 does not hold good as it considers the old exemption of 75%. In my opinion the formula should be

Assessable value * (1+BCD/200) * (CVD/100) What stand should i take in this situation ?

Query no 2: In the above formula (as per rule 3) , education cess and SHEC on (BCD+CVD) is not considered for the purpose of taking credit. It is apt by not considering BCD for the purpose of cenvat credit as it is not available as per rule3. But why EC and SHEC are not considered , as credit is also available on them as per rule 3 ????

I HAVE CLEARED MY PCC IN THIS MAY.N MY FINAL(NEW COURSE)IS DUE IN MAY 2010.BUT I HAV HEARD DAT OUR FINAL ATTEMPT WILL BE PREPONED MY 6 MTHS N WILL BE DUE IN NOV 2009.BUT MANY ARE SAYIN DAY IT IS JUS A RUMOUR. CAN U PLS TELL ME BOUT IT ??

I AM USING PC FOR MEDICAL TRANSCRIPTION. COULD YOU PL ILLUSTRATE HOW TO ARRIVE AT THE DEPRECIATION VALUE.

THANKS & REGARDS

whether loss arising on account of fori exchange transacions is alloabl..??

hello friendz
is it amount to repayment or acceptance of loan by passing journal entry only or there is need to recieve n pay cheque
ex.1 co. has to get from co.2 n co.2 has to get money from co.3
co. one 1 has to pay money to co.3
like such situation ......
now will it amount to repayment or acceptance of loan by passing just journal entry
and how we will show it under tax audit u/s269ss n 269t bcoz we write there that no loan has been repaid otherwise than by account payee cheque. so how we will show it?
thankx

a company incorporate on 31.12.07 can we file the income tax return for the period from 31.12.07 to 31.03.09 or not.
and if a company incorporate on 26.03.08 in this case as per income tax act,can we file the income tax return for the period 26.03.08 to 31.03.09 or 26.03.08 to 31.03.08.

pl advise asap.since last date for filling of income tax return is 30.09.08

I am Pvt Ltd Co doing business of Properties development and purchase & sale of land . I have installed Wind mill , so can i get set off of depreciation on wind mill against my business income of profit on sale of land etc

Hi,
I have submited my service tax return for the period Jan to Mar-08 on 10th of April-08. I want to submit revised return of above. What will be the procedure for doing the same?

Rahul