author : deepak garg
Posted On : 8/29/2008 12:05:34 PM
Hello,
Everybody , can Friends u tell me what are the provisions are relateds regarding Int. Rev. From FD and Sum Recived on Maturity of LIC Thanks In Advance

Expert : CA Hemant T Dewani
Posted On : 8/29/2008 12:31:13 PM
if interest received on fd is taken on accrual basis then it is taxable on those years when you are declared your income othere wise it is taxable wneh you are receved cash
lic matured is not taxable it is exempt u/s 10 of the act



Expert : Mohit Vats
Posted On : 8/29/2008 2:39:06 PM
Mr. Hemant,

LIC maturity amount is taxable if the person who take the policy get the amount...
But in case the LIC paid the amount of insurance that is not taxable....

Member View are open.....

Expert : SANDEEP AGGARWAL
Posted On : 8/29/2008 4:46:53 PM
LIC MATURITY AMOUNT IS NOT TAXABLE IT IS EXEMPT. ONLY IN CASE OF PENSION FUND PENSION AMOUNT IS TAXABLE

REGARDS,
SANDEEP AGGARWAL

Correct Answer:

Proceeds From LIC Are Exempt Under Sec.10(10)(d) except in three cases illustrated below:

1.If Amount is received on a keyman insurance policy.
2.if amount is received from a pension policy.
3.if premium paid is more than 20% of sum assured in any year.

author : Mitesh Shah
Posted On : 8/29/2008 12:59:20 PM
dear all,

i have a partnership firm. i m one of the parner of the firm. last year(2007-08) my grand father tranfer godown on my name. and i use it to for firm. but i not shown this godown in my balance sheet.

Current value of this godown rs. 40 lacs as per the valuation so in this year. i want to shown godown in my balance sheet for CC purpose.

so wht can i do?
wht is the negative and possetive effect of the same?
how can i take this asset in my balance sheet?
and it is affected in tax audit. how can its affected?

if we capitalise same so can we have to pay intrest more?

Plz reply the same and give me good suggestion for that.

Mitesh.

Answer: U Can Show It In UR Personal Balance Sheet.

author : Vivek
Posted On : 8/29/2008 3:32:22 PM
Hi,

Please tell me whether TDS needs to be deducted on bill recd for extension in domain name.

I recd a bill of Rs.5000 saying Renewal of _____.net for 1 years.


Answer: Yes.

But Only if Amt exceeds 20000/- (single payment or 50000/-(in a Year)

author : V.RAVIKUMAR
Posted On : 8/29/2008 3:34:59 PM
pl.send me the income tax rates for the year 2008 -09.Assessment Year 2009 -10.
.

With Regards,
Ravi

Answer: Indivual Male Below 65
Upto 1.50 Lacs - Exempt
1.50-3.00-10%
3.00-5.00-20%
5.00 & Above -30%

Indivual female Below 65
Upto 1.80 Lacs - Exempt
1.80-3.00-10%
3.00-5.00-20%
5.00 & Above -30%

Indivual above 65
Upto 2.25 Lacs - Exempt
2.25-3.00-10%
3.00-5.00-20%
5.00 & Above -30%.

Company X Ltd avails services for repair of machinery on 30 March 2008. The service provider raises a bill dated 30 March 2008 on Co X Ltd for the services availed which is received by the Co X Ltd on 2 April.
The Co. X Ltd after being fully satisfied with the services availed gives credit to the party on 12 May 2008 and makes the payment on 23 June 2008 and subsequently deposites the TDS on 12 July 2008.
Is the policy followed by the Co X Ltd correct as per the Act?
Can a Company book an expense of a date different from the date of Invoice received from the service provider for the same?
What should be the correct accounting for these types of transactions?

Answer: No

TDS Is To Be Deducted At The Time Of Payment or Credit to the party whichever is earlier.
Since in your case credit in done on 12.05, TDS is to be deposited by 07.06 or else 1% Interest Per Month or Part Thereof Is to be Paid For Delayed Payment.

author : Rabindran
Posted On : 8/29/2008 6:11:47 PM
A direct marketing agent (Amway) got his commission (below 10 Lakhs) after deduction of TDS. He has not saved many bills although he has incurred considerable business expense.
Is there any percentage of Net Profit he must show so that he can get a reasonable refund without being hauled up for scriutiny

There is No Fixed Since Cases Are Selected Thru Computer Software.
There Is A Criteria For Minimum Profits in each area.
I Suggest U Not To Take Profits Below 7.50%.

author : JACKIE
Posted On : 8/29/2008 10:35:43 PM
is transfer of ca articleship within city allowed

Answer: Yes.

Sir,

I completed my PE-II & CCT, I want to do my articles - BUT

I am working in an Audit Firm, it is in Dar Es Salaam, Tanzania, East Africa. In this Audit firm one of partner is FCA.

i want to know if chartered accountant practising in abroad(i.e. Tanzania, East Africa) is it possible to do articles here.

please guide me ... i don't want to discontinue my CA Studies

what is the accounting treatment of following items

1.forex difference of principal amount of loan taken for purchase of fixed assets

2.forex difference of interest on above loan

According to sec 245 A ,”case” means any proceedings for assessment pending before an assessing officer on the date on which application to the settlement commssion was made.
Assessing officer definition u/s 2(7a) does not include commissioner or commissioner ( appeals)
On the basis of above whether we can file an application to settlement commission regarding a case pending before commissioner or commissioner appeals?