In most of the cases gratuity is deducted @ 4.81% of basic. why the rate is taken as 4.81%. was it anywhere mentioned under the payment of gratuity act?
if yes, under which section?

Pls Can any one tell me dt Is International Financial Reporting Standard(IFRS) mandatory for indian companies or not?
& If mandatory thn frm which date it is applicable. & what International Accounting standard is applicable for Indian Real State Companies?

In which amount tds Would be deducted when professional charges included service tax

Any gifts given on the occasion of a festival (say for eg. Diwali) will be treated under "gifts" or "festival expenses" for the purpose of FBT?

what section is applicable and how much tds rate is deducted when we hire computers

If a TDS Certificate is issued for an excess amount, what should be the course of action available with the Company?

For eg: Company has deducted Rs 10,000/- and deposited the same but issues certificate for Rs 12,000 by mistake.

One of our vendor has lost TDS certificate issued to him in his premises and
requested to issue duplicate certificate. Whether there is any offence issuing duplicate TDS certificate and we need a FIR from the party?
Please clarify.

Dear Friends,

We're doing trading business from last few years with own unique vehicles (means they can load or unload the same material, we can't mix any other and only one way with load and return with empty).

i.e., we're purchasing material from manufacturing unit with our own vehicles and delivery to customer place with the same vehicle. And we're billing for the unloading or acknowledged quantity measured by weighment at customer place. And we're not showing any transportation in the bill, since it was delivery on FOR basis as per customer purchase/supply order. And at the same time, we're charging penalty for waiting/delay charges for not taking the material immediately after sending the vehicle. This was mentioned in our offers/purchase/supply orders.

Now, the thing is that this Service Tax authorities are asking us to pay for ST on this penalty, which was charging on waiting/delaying the vehicle. We're putting this to release the vehicle immediately by taking the material from the vehicle and trying to do more number of trips and gaining from it. If it was delaying we can't get more from that vehicle.

And also asking us to show transportation
separately & pay on transportation.

So, kindly give us a good suggestion from all of you.

Thanks

M/S 'X' BEING A PARTNERSHIP FIRM HAD RECEIVED RS.10 LACS INTEREST ON INCOME TAX REFUND. THE INCOME TAX REFUND WAS DUE TO EXTRA TAX PAID DUE TO INCOME TAX OFFICERS ORDER BUT FIRM WENT FOR APPEAL AND SAME WAS ALLOWED, SO INCOME TAX REFUND WAS RECEIVED WITH INTEREST ON IT. DURING FINANCIAL YEAR 2007-08 THERE WAS NO OTHER INCOME THAN THIS INT ON INCOME TAX REFUND.

NOW THE QUESTION IS , WHETHER THE SAID INCOME IS CONSIDERED AAS BUSINESS INCOME AND SAME CAN BE SET OFF AGAINST EARLIER BUSINESS LOSS. OR IT WILL BE CONSIDERED AS OTHER INCOME AND FIRM WILL HAVE TO PAY TAX ON IT ?

A company's total FBT Payable after surcharge & Cess is say rs 10,00,000.

The payments made in each quarter are:
15-06-2007 135,000
15-09-2007 395,000
15-12-2007 300,000
15-03-2008 200,000

As per the above example, the payment made in the first quarter is less than 150,000..... But in the following quarters excess payment has been made....... What will be the treatment of interest in the first quarter.....??? What entry needs to be passed in the books??????