a company is engaged in trading of industrial tools claiming and passing on modvat on trading to customers. recently it started manufacturing one such tool and is not maintaining separate accounts for manufacturing activity .what advantages/disadvantages it will have under Income tax as well as excise by forming separate independent company OR unit within same company for manufacturing division

I am a CA final student in old scheme and my final attempt is falling due in Nov. 09. I have cleared my PE1 and PE2 respectively in first attempts and since i am 20 yrs. of age now, i wish to go for MBA whole-heartedly. I would request you sirs to guide me as to how can i do that?I mean can i apeear for CAT or similar such exams together with my Final attempt as all MBA exams are conducted more or less around the month of november and if i leave Nov. 09 attempt of MBA exams, i will have to wit for 1 more year. Will institute allow me to go for Regular MBA after clearing my CA Final exams or will articleship cause problem in that. I am go for dummy to serve the purpose as it will be a matter only of a month or so as all MBA colleges starts their academic year around October and i will be completing my 3 years of articleship in oct.2010...so i think i can go for mba exam in nov. 09 and take regular mba classes from next term,i.e.-2010. Will all this be possible. Pls help me sirs. I am very confused.

dear sir,

if employer is paying salary under following structure and amount paid by bank through a consolidated cheque, then how they should pass entry in account :-

Basic 15000
HRA 6000
other all 4000
petrol 1000
mobile 1000
--------
27000
----------
whether a consolidate entry of rs. 27000 should be passed or for petrol & mobile he should make a separate entry

Hi

I am qualified CA of May 07 batch. I appeared for the CA campus programme in April 08 & got selected in DE Shaw & Co in their financial operations group in Hyderabad.

Moreover, I have also given interviews for Adventity (KPO) & got through with it as an Analyst-Research & Analytics . The posting is in Mumbai.
There i would be required to cater to Credit Suisse Bank (as a top official was there to take the last round of interview).
Hence, this would be hardcore investment banking job but in a KPO. But salary wise they are paying really less.

Can anyone suggest which is going to be a better option with me? I am really interested in career growth.

Looking forward to an early reply...

we are doing equity index arbitrage. We buy nifty futures and sold equivalent % of stock futures so our position is 99.99% hedge. Suppose we bought 1,00,000 nifty @6000 and sold equivalent stock futures at same level to take advantage of arbitrage opportunity. Now on 31st March the Nifty value comes to 4500 but we have positive mark to market as we have already sold stock futures of equvalent value. Now as Guidance note issued by ICAI we have to provide for Mark to Market loss on Nifty futures i.e.Rs.1500 lacs and should not consider gain of Rs.1510 lacs on stock futures. To me in such cases as matter of prudence on has to consider profit/loss of whole basket instead of considering each item individually. Any comment ???

I hv cleared my pe-ii this nov..
i want to know how would i plan my studies along with articleship..
i want to give both groups.

thanks in advance

Sir,
Can you please tell me wahat are the services coverred under PCC exams?

according to income tax

1.on Bus which is used for transportaion of the employees of the company.
2. on truck which is used for goods carriage of the company.
3. on generator
4. jigs and fixture
5. water & air supply system
6. cycle shed.
7. attendence data processing system.

Repected Sirs,

I want to how to file TDS & Service Tax Returns, may I know the same with out doing it, as I don't have computer at my home. Is there any book or chapter which can help me in an interview. I am working and qualified M.Com. Please help me out

A individual's income is job work income from manufacturing of diamonds.He doesnot have any machinery. he gives the same to other individuals for manufacturing.Also he pays assortment charges on contract basis. Whether he is required to deduct TDS u/s. 194C @2% or he can deduct @1% since the person manufactring and doing assortment are sub contractors.