after making provision entry it is necessary to reverse

Whether a company, must, make provision for liability arise out of employee benefits as described at AS -15 or as written in AS-29 (retirement benefit as contingent liability).
If the company does not provide such liability, whether the company is liable to be prosecuted or anwerable to any govt. authority.

Company (including its Holding foreign company) has a total turnover more than 50 crores and the indian company has a employee strength of 40.

Dear Sir,

I have the following Queries

1) Suppose a Indian company (Trading Company only Commission Income from the Foreign Customers on account of Sale of there machine in India) Incurred Expenses on behalf of there Foreign Customers who has come for marketing the product in india and The Indian Company is acting as agent of the Foreign Company in india ( Expenses Like Air Tickets,Hotel Charges Car Hire Charges etc)
Expenses bills are raised on the Indian Company
What accounting entry should be passed in the books of Account of Indian Company.

2)Suppose the above mentioned Indian Company raise a Debit Note the Same Expenses Incurred above what accounting entries should be passed in the books of Indian Company

3) In Case of the above transaction is there Tax Implication applicable (FBT,IT and Service Tax)

Regards

Ravi Konda

Dear Sir,
I had taken an Insurance policy and paid the first premium amount on 29.03.2008. The provisional receipt generated is also of the date 29.03.2008. but in the policy documents the policy is shown to be issued on 10.04.2008, please confirm me whether I can claim the deduction u/s 80C in the F.Y. 2007-08, or no as the policy documents are issued in the F.Y. 2008-09.

In case of maintaining the boks of accounts of an Individual the income tax , life insurance ,and bank charges added or substract from the capital or otherwise drawings , would u please tell me what is the basic concept and reason behind this kind of treatment ?

Dear Sir,

1) Our Company is giving Medical Allowance of Rs 15000/- as part of Salary Can we Claim deduction Claim Exemption if yes than how much is and for that any proof is to be provided.

2)Is FBT is Payable by the Company on the above Medical Allowance.

Regards

Ravi Konda

Dear All, One of My client received a letter from one Big Industry as below, Please help me regarding this.


Micro, Small and Medium Enterprises Development Act 2006

You have been supplying goods / provding services based on the Purchse Orders / Work Orders Placed by us.

Kindly let us know wehether you have filed with the prescribed authorities, a Memorandum of Micro or small or medium enterprise as requried under the Micro, Small and Medium Enterprises Development Act 2006. In case the same has been filed by you, kindly send us an acknowledged copy of the letter filed by you.

In case you have not filed the Memorandum, kinldy keep us infomred as and when the same is filed.

If we do not receive any communication from you in this regard on or 31-05-2008 it shll be assumed that you have not filed the prescribed memorandum under the said Act.

Thanking you,

Yours faithfully

i gave my ca pe2 in nov2007 n have strated articleship in april2008....just recently there has been rumour tat our final wil be due in may2010.....whereas earlier in a ca circular it was supposed to be after 2.5yrs of articleship

i m happy if such a thing has happened but m not able to judge its credibility

please be updated n inform.....it wil be gr8 relief

Hi,

Can anybody suggest me about courses avaialble on Communication Skill & Personality Develpoement in recognised institute in Mumbai.

Also let me know about private coaching classes which are conducting this courses in Mumbai like Which is the good one, Duaratioin, Fees structure, Address, Faculty etc in detail.

This year I have come across sales invoices raised by Indian firm to another Indian Firm in foreign currency - mostly in US $ - in respect of sales/services made during the F.Y. 2007-08. Please note that sellers and buyers are not located in SEZ or EOU or STPI. Both are from DTA territory.

I have gone through some materials under VAT and FEMA but no where I found information pertaining to this - that Indian firm can raise sales/service invoice other than in Indian Rupees.

Please give information with supporting materal from any law/regulations governing such methods

Thanks