when indiviual pays a service tax on for e.g telephone bill,hotel bill,etc .can he take the benefeet of tax paid if yes then how? and if no then why? plz provide detail explanation.

Dear All,

STT Paid on Sale of Listed Securities(Shares)by an individual not being speculation business if it arises to short term capital gain STT paid on such sale of securities(shares)can we cliam as expenses incurred on sale of such shares.
And in the same way while of purchase of the same will STT paid added to the Purchase Cost of such purchases.

Please get me clear picture sicne if it is speculation business we can claim 88E Rebate up to A.Y 08-09. but if it is capital gain what will be the treatment of STT paid on such transaction.

Regards,

Mallikarjun

Sir,

Ours company is Ltd but not listed. During the financial year(2007-08) we purchase Interior Rs.10 Lakhs in cash. As per sec 40(a) no payment is made in cash more than Rs. 20k. In this way our asset purchase is allowable(capital asset) or not. If allowable can we claim depreciation. Please give advice in this thing.

Dear Sir,

I had done M.Com,D.F.M, GDC & A(Government Diploma in Co-Operation & Accounts).I have 9 years experience (Including CA articleship).Now i am working in one of the MNC(Service Provider Company)Now my Yearly CTC is Rs.3,50,000/-.My overall experience in Taxation(IT,Sales tax,Service tax) & routine accounts(Handling Branch Accounts,Export Related).

I want to have salary around Rs.5,00,000/-.Please advise me in which area I should concentrate or should i go for Fast track MBA.

I am MBA-Finance having 4 Years of Exp. I want to do CA. Can any one guide me what will be the different from B.com Doing CA, what course will be exempted?, will i have to do the articleship? etc etc

Regards

Pranav Dave

Future & Options Profit to be soon under which head and when it become liable to Tax Audit and if yes when

Hello! Everybody

We're dealers of exciseable goods, & we're transferring modvat to our customers. And every year we're transferring less what we're getting. And also that we're receiving the material & supplying the same to F.O.R. basis to our customers in our own vehicles as per customer purchase order. Simply, trading activity.

Last year we're facing EA2000 audit from Excise Commissioner Office. In that, they can audit last 5 years, where Excise part was clear. And telling that this EA 2000 was applicable to dealers also from this year, where turnover is morethan 5 crores.
Here we didn't observe that our sale turnover or purchase turnover or excise turnover. Actually, our purchase & sale is morethan 5 crore.


Again this year one notice was came from same excise commissioner office audit wing.
For how many years they can audit? this EA2000. If once Audited, & clear earlier years, is it required again to show the same records. What is actual procedure of this audit. How can we face the same?
In the notice they are asking all documents
relating to banks, financial institutions,
costing, inward & outward registers, sale & purchase registers, returns of all govt. departments & etc.

Please help in this regard.

Thanks.

there is an exemption of perquisite of interest free loan given to an employee if loan amount is less than RS.20,000

this amount of 20,000 is to be applied individually /in aggregate of all loans given to an smployee

EX:the followin loan is given to an employee mr.x........edu.loan-15000,house loan-15000

what is the perquisite in this case.is the exemption available as individual loan given is less than 20,000.

My attempt is in november,2008 I want to know the names of the books and there publication for -
1.COST ACCOUNTING.
2.STRATEGIC MANAGEMENT
3.INFORMATION TECHNOLOGY.
If I get some notes for these subjects then that will also solve the purpose.

My mail ID is hurshvardhan@hotmail.com

Hello Mr. CA.Ramesh Ahuja,

Thanks for your reply for my querry dated 19/7/08.

Further to my first querry- what do you think about a partner in a partnership firm? is he an employee for the purposes of FBT? Does the FB or deemed FB as per chapter XII-H enjoyed by a partner/ Managing partner will atract FBT in the hands of the firms.

Actually, the term 'employee' has neither beeen defined in chapter XII-H or anywhere under the Act.

The "guidance Note on Audit of Fringe Benefits under the Income-tax Act,1961" issed by our CA Institute takes the help of the obsevations made by the Hon'ble Supreme Court in Ram Prashad v. CIT(1972) 86 ITR 122(SC).

pls give your opinion...

Thanks and Regards,
CA.R.Tharangini