What is the present limit for getting exemption from registration under Central Excise?

In case of an educational Institution a development fund is created and it can be used for purchase of a machinery. The credit balance in the development fund is represented by an equal debit balance in a separate bank balance.

A machine has been purchased. The normal accounting entry would be, debit fixed asset and credit bank account.Now the question arises how to reduce the Development fund ledger balance as bank balance has already reduced due to payment made for purchase of a machine.

so query is:

If we debit Development Fund, which account is to be credited.

In an educational institution, no service tax is recovered or paid on its main activities. The Institute's income is also exempt under IT Act.

The Institute however carries out certain project activities being sponsored by outside agencies and the Institute earns some income. Services such rendered by the Institute under its project activities are subject to service tax.

Accordingly, the Institute is registered for this services under the Act.
For the first time it has paid service tax out of service tax earned on its project activities for the month of March 2008 after its registration. As required under the Act it has also filed return in April 2008 for the first half year period. """"No input tax credit was however taken so far.Though it paid Rs.20,000 as service tax on certain services (security, telephone, housekeeping, AMC etc.) availed by the Institute during 2007-08."""

On the other hand, Institute pays service tax - telephone bills, Security services, AMC contracts, Housekeeping services etc. Such services on which tax is paid cannot be clearly segregated as to relating to

(i)the Institute activities which is exempted from any service tax
(ii) project activities of the Institute (which is subject to service tax)

Problem:

Now in the month of July 2008 the Institute has further earned service tax (say Rs.50,000)on its project activities and it is required to be deposited by 07-08-2008. But now Institute wants to avail input service tax credit.

Please clarify

1. Whether the Institute can avail of input credit to the extent of 20% (Rs. 10,000)of Rs.50,000 service tax payable in August 2008 by
a. taking input credit from the service tax paid (say Rs. 8,000) from April 2008 to July 2008 on common services (telephone, security, housekeeping,AMC etc.)
b. taking input credit of balance Rs.2,000 (i.e.Service tax payable in August 2008 Rs.50,000 minus Rs.10, 000- {Rs.8,000 as per 'a' above and balance Rs.2000 from 2007-08) from the service tax paid (Rs.20,000)during 2007-08.


2. For availaing 20% input credit, What register/records are to be maintained. Please indicate under which section it is specified.

3.What is procedure for assessment.What is to be done for this?

4. Whether the institute can avail input credit of more than 20%. Please specify the section/ clause of the ACT and under what terms and conditions

If I am making the Interest Payment by passing Book Entries & Ded. TDS on same in March 2008 but Paying to Govt. Treasury on or before 31/10/2008. My Question is wheather Interest Debited will allowed as an Expenses in F.Y. 2007-2008

This is Atul Arora i have cleared my final exam nowwant to do my Industrial training in ABN Amro bank do i am allowed to do that and what are the other bank in which i can do that.

if there is any Vacancy just let me know on my email ID
atul_aarora@yahoo.co.in


Thnx

Dear Sir,
A persson earned ins commission.
whether he shoul pay tax on whole ammount earned as per TDS certificate or He can claim some expenses towards that income
If yes the what should b percentage because he is not maintaing books of account

Assessee filed return of loss and carried forward to next year. If assessing officer made addition in that year which is resulted set off of losses and Assessee has filed appeal to tribunal which is still pending is assessee take benefit of set off and carry forward of lossess?

Sir, can activity like calibration and testing amount to manufacture and come under excise duty?

An educational institution, which is expempt under income tax,made fixed deposit with a private bank. The bank had deducted TDS for 2007-08 and issued a TDS certificate.
When approached they said since it has alredy deposited with the income tax authorities and informed that for the year 2008-09, we should submit exemption certificate so that the bank does not deduct tax at source for 2008-09.

Query

(i) Is there any possibility we can ask bank to refund the deducted amount.
(ii) If not, how and what manner we should take up the matter with Income tax authorities so that the deducted amount is recovered.
(iii) The education institution recoveres TDS from different payments(contractors, professional services etc.). Can we adjust with this amount (for say August 2008) against the tax deducted by bank during 2007-08 and pay less for August 2008.i.e to say TDS recovered during August 2008 by the educational institution Rs.1000
Less : TDS deducted by bank Rs.100
Paid to August 2008 Rs.900.

Payment has been made to UK Kimited as Exhibition Expenses for organising Exhibition at countries outside India.
Regd. Office is in UK.

Whether TDS Liability u/s 195 arises on the part of the party receiveng services or not.

If no, how can we verify about the Permanent Establishment of the UK based Co. as per DTT with UK.