Background:
In 2007-08 X & Co appoints a cost auditor under S 233B of the companies act for audit of cost accounts maintained for FY 2007-08 under S 209 (1) (d) and gets the approval of the Govt.

As per cost audit report rules 2001, X & Co has to produce the cost accounts to the cost auditor within 135 days after the close of the Financial Year and Cost auditor has 45 days to audit and submit the cost audit report to the Govt.

Accordingly the company produces the cost accounts for year 2007-08 and the auditor completes the audit in FY 2008-09 within the prescribed time limits. Bill raised and paid after the completion of the audit report, in FY 2008-2009

The following questions arise for clarification:

1. When should the company credit the account of the auditor and deduct the TDS under S 194J? (FY 2007-08 or FY 2008-09)?

2. What period should be mentioned in the TDS certificate (sec 203 ) and Form No 26 AS (Sec 203 AA...)?

3. When does the audit fee become income of the auditor (whether under mercantile system or Cash basis accounting)? (and when can he successfully claim the TDS in the return ( AY 2008-09 or AY 2009-10)?

Background:
In 2007-08 X & Co appoints a cost auditor under S 233B of the companies act for audit of cost accounts maintained for FY 2007-08 under S 209 (1) (d) and gets the approval of the Govt.

As per cost audit report rules 2001, X & Co has to produce the cost accounts to the cost auditor within 135 days after the close of the Financial Year and Cost auditor has 45 days to audit and submit the cost audit report to the Govt.

Accordingly the company produces the cost accounts for year 2007-08 and the auditor completes the audit in FY 2008-09 within the prescribed time limits. Bill raised and paid after the completion of the audit report, in FY 2008-2009

The following questions arise for clarification:

1. When should the company credit the account of the auditor and deduct the TDS under S 194J? (FY 2007-08 or FY 2008-09)?

2. What period should be mentioned in the TDS certificate (sec 203 ) and Form No 26 AS (Sec 203 AA...)?

3. When does the audit fee become income of the auditor (whether under mercantile system or Cash basis accounting)? (and when can he successfully claim the TDS in the return ( AY 2008-09 or AY 2009-10)?

HI

PLZ CAN ANYBODY TELL ME THAT IF AN EMPLOYEE ON OFIICIAL TOUR AND HE INCURRED SOME LOCAL CONVAYANCE EXP.WHETHER THESE EXP ARE LAIBALE TO FBT OR NOT

THX 7 REGARD
A BALI

Dear Experts,

We are 100% EOU and hence we do not charge any Service Tax for services provided to our clients abroad.

However, we end paying huge ST to our vendors, professionals etc.

Can I claim any refund of these ST paid or I have just treat this as an expense in my books.

In future, we will be having revenues from Domestic services and in that case we will be charging ST for these clients.
Hence, I believe we will be able to set off ST paid and recd later.

Kindly clarify on the above matter and also my thinking abt the future set off.

Rgds.

i want to about tacit contract...can u give me an example of tacit contract?

My uncle is actually Auditor, He asked me that whether the tally is useful for preparing the profit and loss balance sheet. To his firm the accounts information will be directly entered in the book by the company itself and will be given. The employee in his office work was to prepare the statement and submit to my uncle. In this work stream whether tally is useful for preparing the statement alone or not?

sir,

book value of land is Rs.500000/-
that was sold for Rs.750000/-,
with in one year purchased another land for Rs.1500000/-

how do i shown in books of accounts as well as income tax.

kindly suggest me.

regards

sir,

book value of land is Rs.500000/-
that was sold for Rs.750000/-,
with in one year purchased another land for Rs.1500000/-

how do i shown in books of accounts as well as income tax.

kindly suggest me.

regards

Dear Sir,
My client is a Stamp Vendor in Madhya Pradesh and when he purchase a stamp he paid amount after deduction 1.5% on total stamp velue. I want to know that this 1.5% amount is a commission or discount. I also want to solve some following points :
1.Whether it is commission then tax audit applicable above on Rs. 10.00 lacs commission ?

2. Whether it is discount then tax audit applicable on Sales of stamp above Rs. 40.00 Lacs.?

3. If it is assume as discount then can he allow discount to customers.?

4. If it is assume commission then can he allow discount to customers?.

Dear Sir,

whether TDS is to be deducted in case of Printing charges ( for 5,000 copies Annual Reports) on bill Amt of Rs.79,248/- ( incl. of VAT 4 %) is applicable?

Pl. resolve the my query asap.


Thanks & Regards,
Chidananda K R