i am discounting my bill of Rs. 50,00,000/- thru a private party mr.A and he is deducting Rs.50,000/- as a bill discounting and send me a Cheque of Rs. 49,50,000/- should i require to deduct tax u/s. 194A on rs. 50,000/- whether it covers under definition of Interest ?
so, my query is wheter i should deduct tax on charged debited to my profit and loss account under the head of 'bill discount'. in recent judgement of of Kanha Vanaspati Ltd..v.Additional Commissioner of Income-tax, Range-50, New Delhi, kindly clarify considering this judgement. the main problem is how can i deduct tax as i am not directly paying anything in form of bill discounting as the financer cut the same charges and then after giving me a remaining payment

Whether interest us 234a is payable after the extension of the return filling date for the AY 2007-08.

OUR BEST OFFER
SPECIFICATIONS:
ITEM : HYDRATED LIME POWDER
PURITY : Ca(OH)2 – ABOVE 70%
FINNESS : 90% PASSED THRO 100% MESH MOISTURE : 5%
ACID INSOLUBLE : 5%
PACKING : USED HDPE BAGS
PRICE : Rs. 3800/- PER TON
VALUE ADDED TAX : 4%
LORRY FREIGHT : EXTRA
BONUS/PENALTY : PRO-RATE
PAYMENT : WITHIN 15 DAYS BY DD/CHEQUE

What is the purpose achieved by asking client to reconcile his sales turnover reported in excise returns for the entire financial year with the turnover reported in the financials(i.e. Profit and loss A/c)? Basically i wanted to know why is a client asked to prepare reconciliation statement of excise with financials. According to me sales turnover reported in financials should reconcile with his sales tax returns because Excise duty is payable on production stage.

What is accounting standard? How many accounting standard are there and at present which standard is in used?

what is the benefit of this?

Please provide this information urgently.

thanks & regards,
pinak
pinakaries@yahoo.co.in

Dear Sir,

Whether Weighing bridge is attracted to Excise duty or not????

Dear Sir,

Person in India purchased machinery design from a foreign country on papers. Whether that designed papers comes under customs???? Whether we treat it as goods or not????

Dear Sir/Madam,

If a particular person is appointed as a employee from February 15 and a particular firm has obtained a deduction of professsion tax of a particular month till march 14 and after which the profession tax from 15th march to 31st March is not taxable is correct from the point of accounting and Income tax Act?
Please reply at the earliest?

I wanted to know what is the scope of ACCA and CIMA for CA students...i m pursuing my CA articleship after PE II.Kindly advise me on the usefulness of doing ACCA or CIMA.is it a wastage of time as a training of 3 years is required there too apart from what i m doing for CA.

A Partnership firm has been converted as pvt ltd company under chapter IX of the companies act, 1956 on 20th October 2007. How much depreciation will be allowed to partnership firm and company.

As per Income Tax Act Depreciation is not allowed in the year of disposal/transfer of assets. Since Partnership Firm has been converted during the financial year 2007 - 2008 weather depreciation will be allowed to firm or not.

As per Income Tax Act Depreciation to the Company should be allowed for half year as Company came into existiant only on 20.10.2007.

It appears that only half depreciation will be allowed for financial year 2007 - 2008. Is it not a disadvantage on conversion.

R. A. Joshi