Dear all, oneof my friend is studing MS ( Doctor) he has recd a stipend paid by Govt Hospital , pls suggest wether it is taxable as salary or other source ??? pls suggest

Thanks

Dear Experts

one of our cliet is engaged in in-house developemnt of residential layout. They are following Percentage Completion Method for recognising revenue. presently the sale proceeds received towards sale of sites is treated as liability in balance sheet and the entire developed land (Including Land Purchase and development) is shown as Closing W.I.P. in B/Sheet. Estimated cost is shown only for development aspect and actual admin cost charged to taxable income. for the balance development cost to be inccured the same is treated as provisional Liability and deducted from Sale Proceeds kept as from customers as well as closing W.I.P.

our doubt is whether the provisional liability shown for feture expenses which is deducted from advance as well as closing W.I.P. is correct? are they suppose to recover TDS on Provisional Liability provided?
Kindly Clarify

Ex: the project is 4 years or more
Area to be Sold - 1000 sft
Estimated Cost - 2000/- for development
Land Cost - 1000/- Actual
in Books actual Development Cost
suppose 1 Yr 250/-
2 Yr 400/-

Sale Proceeds
suppose 1 Yr 500/- 100 sft
2 Yr 750/- 150 sft

how to recognise the revenue and estimated cost liability will create for sold area

We are manufacturers of cotton bales. We have units in Andhra Pradesh and Maharashtra.
I have doubt regarding EPCG lic., for our units in Maharashtra we have applied EPCG Lic. from Mumbai / Pune DGFT, now my doubt is for our new unit which is going to start within 15-20days, can we apply the IEC/RCMC/EPCG Lic. from Hyderabad DGFT itself, if yes, what is the procedure ?
I will be awaiting for reply.

can we adjust tds deposited by mistake in advance under professional head by not deposting the same in the same relevant qt??as we had deposited tds under professiional head in 14 aug 2008 while we had not deducted any tds of professional's.now can we adjust that deposited tds by not deposting the same during in 2nd qt??

Can a Company adopt Depreciation rate as per Income Tax Act to book Depreciation in books of accounts ?

I can't understand how can i calculate tcs on scrap sale bill?
whether on invoice value?
or whether assessable value?
or whether the value after central excise 14.42%charged?

Does all charitable and educational institutions registered under sec 12 of income tax act 1961 can be called as an NGO or NPO .or it has to come under the definition of Sec. 25 company under companies act(i.e company not for profit ) .

Capital gains on slae of shres shown as investments in books treated as business income by assessing officer. I need some judegements in order to support my contention that gain is capital gains not business income.

Dear all, pl.calrify
1.Entry Tax - import of machinery for the purpose of work executs-digging work (work contract co.) in karnataka, this is a capital goods, entry tax is payable or not
2. if payable this amount can be adjusted in vat payable .

my mail id is msvasu@asterrail.com

One Private Limited Company has acquired another Private Limited company which has different assets and that includes Agricultural Land.

My Question is wether the purchasing company will have to pay the Capital Gain tax? Please reply.......