with effect from 26.06.2008 service tax on goods transport agency have been exempted. as there is an option the transport agencies are not paying tax and the burden of paying tax handed to over to the consignor of the goods who is paying the freight charges. i would like to know the exemption is aplicable to consignor also.

how to proceed with the write off the unclaimed balances showing in a balance sheet as a refundable security/EMD
(I) if we write off the same after 3 years of completion of work as per 'Law of Limitation' then what is the remedy if the creditor lodge the claim after write off the same?
(II) If we write off it in profit and loss account then whether it is taxable or not and whether it is available for dividend or not?
(III) As per company law whether it is capital reserve or revenue reserve in both situation if the security retained for capital project or for contract of trading nature?

how to proceed with the write off the unclaimed balances showing in a balance sheet as a refundable security/EMD
(I) if we write off the same after 3 years of completion of work as per 'Law of Limitation' then what is the remedy if the creditor lodge the claim after write off the same?
(II) If we write off it in profit and loss account then whether it is taxable or not and whether it is available for dividend or not?
(III) As per company law whether it is capital reserve or revenue reserve in both situation if the security retained for capital project or for contract of trading nature?

Dear Experts,

My senior is said, if tax rate is below 3% then no 'C' form is required against OMS sales w.e.f. 01/04/2007.So please let me know whether this is confirm news,if yes then send me circular in my emil id.

prakashjasani_56@rediffmail.com


Regards,
Prakash Jasani

Dear Experts,

Whether any item purchased below Rs.5,000 then it is to be treated as a revenue expenses ? means considered in expenses head?

One of our client is not agree to capitalized those item which is below Rs.5,000 & They said as per companies act. if any item purchased below Rs.5,000 is to be treated as a revenue expenses i.e. considered in expenses head.

They are also written of fixed assets which is opening W.D.V. below Rs.5,000.

Whether this accounting effect is right or not as per companies act.& also tell me what companies act. said about this type of transactions.

Pls.solve my query asap.

Regards,
Prakash Jasani

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