We are an IT co.
Our employees incur expenses for certain projects, which are reimbursable from our client.( these exp are viz, travel exp, visa exp, hotel exp etc)

In such cases :
a. can we raise a separate invoice on our client for reimbursable exp ? ( if yes, then whether service tax is applicable ?)
b. OR, can we raise a debit note on our client for the same ?

Also, how to keep a track on :
- exp incurred by employees,
- ensure that they are billed / raised a debit note on client &
- final receipt of those exp from client

( If possible, can someone provide me accounting entries for the same ? viz, if we need to raise invoice on client ?)

We are an IT co.
Our employees incur expenses for certain projects, which are reimbursable from our client.( these exp are viz, travel exp, visa exp, hotel exp,per diem etc)

In such cases :
a. can we raise a separate invoice on our client for reimbursable exp ? ( if yes, then whether service tax is applicable ?)
b. OR, can we raise a debit note on our client for the same ?

Also, how to keep a track on :
- exp incurred by employees,
- ensure that they are billed / raised a debit note on client &
- final receipt of those exp from client

( If possible, can someone provide me accounting entries for the same ? viz, if we need to raise invoice on client ?)

We are an IT co.
Our employees incur expenses for certain projects, which are reimbursable from our client.( these exp are viz, travel exp, visa exp, hotel exp,per diem etc)

In such cases :
a. can we raise a separate invoice on our client for reimbursable exp ? ( if yes, then whether service tax is applicable ?)
b. OR, can we raise a debit note on our client for the same ?

Also, how to keep a track on :
- exp incurred by employees,
- ensure that they are billed / raised a debit note on client &
- final receipt of those exp from client

( If possible, can someone provide me accounting entries for the same ? viz, if we need to raise invoice on client ?)

Can the Statutory Auditor of the Company question the correctness of the "Discount Rate" taken by the Actuary for the valuation of Gratuity/Leave Encashment Liability as at end of March'08? For eg: Actuary has taken 7% as the discount rate where as Auditor feels it should be 10%

my client is engaged in the business of manufacturing silver foil from silver bricks. It uses such foil captively.
it also processes silver bricks and converts it into foil for other customers on job work basis.

Q. Will Job Work charges being billed to outside parties be chargeable to service Tax?

If yes please also tell under what heading will this be taxable.

Thanks in advance!!

Can any body help me out for the following:

'A' is the Private Company has got Sub Contract for some work from the Main Contractor 'B".

For Executing the work The Main Contractor supplied some Plant & Machinery which is Purchased by the Main Contractor.

After Completion of the Work( Say after 5 years) all the Plant & Machinery will become the Subcontractor's (i.e A) Assets, for this The Main Contractor Deducting Principal and Interest amounts from the Running bills raised by the Subcontractor.

here are some observations:-

1). The Invoices of the Plant & Machinery which is supplied by the Main Contractor still in the name of the Main Contractor.

2). The Ownership of the Assets also not transferred

My query is :-

What is the Accountability treatment of Principal and Interest Payments and what about the applicability of the Depreciation.

Whether any TDS will Applicable for the above transactions.

can i know the procidure, method,and the practical approach to be addopt while doing audit.and under which area i should go into depth.are firm mostly deal in pvt co.(stat audit) and internal audit.i would like to know the pocedure from starting till finalisation.

I was working in 3 diff. cos in the last financial year and left all of them without any revieving order , form 16 etc.. no tax was deducted any where .

Now i need to file return for the salary i earned in the last f.y, i dont have form 16 nor i have been deducted tds.

Help me to file return

Suppose if gold or silver ornaments are purchased by an Individual then it is to be shown under Investments or under drawings?

Hi,

I trade in futures. Ihave incurred a loss in stock market crash .
My query is
1. Under which head of income I will have to show this loss
2.Whether the books of accounts are to be maintained for this
3. whether tax audit is required for this
4. what will be the due date for filing return