sir,
we r apvt.ltd.co, working as a builder, we gave the works cotract ( excluding cement & steel),
my querry is that when works contractor raised the running bill, then at what amount he will charge service tax,
bcoz in notification no. 29/2007, mention the value of work contract service determined shall be equivelent to the gross amount charged for the works contract LESS the value of TRANSFER OF PROPERTY IN GOODS INVOLVED IN EXECUTION OF WORKS CONTRACT, and LESS VAT TAX,

then in the case of works contract we will deduct all material used in execution of work contract is it right ?

HELLO

FACTS OF THE CASE-
A Public Ltd.co is putting up a plant to manfucaturing news paper & writing printing paper. COMPANY. has purchased a Boiler, the boiler supplier has raised bills for different components of the boiler. The co. on the advice of the boiler supplier has written a letter to the asst.Commissioner of Central Excise of his division informing him that an order has been placed for Disgn,engineering ,manufacture , supply erecation of boiler and aurcallaries at the above site
It is also informed to the Dept. that same manufacturing activity will be carried out by the Boiler Supplier at our Project site with regard to the Fabrication of the boiler componentsparts for installation of boiler . It was also informed to the Dept. that all Centeral excise formalaties and liability for the duty, if any shall rest out by boiler supplier.

The Dept. replied above letter by informing us that we shall be responsible to discharge total liability in regard to duty payable if any on on any Excisable Goods bieng manufactured in our prremises as the registration has been out by us of our premises.

subsuquently the errication of the boiler was done by the co. by its own engaged worker.

QUERY- wheather is there any Central Excise liability for Company in respect of the fabrication of the Boiler.

we would requested to provide ans with any case law / notification /circulars
on the subject.

Thanks

sir,
we r builder, we buy land and give the works contract to contractor but in contract we provide them CEMENT & STEEL, and in contract agreement we mention that builder provide u steel & cement at no profit no loss,so contact amount is otherthan cement & steel cost.

my querry is how the accounting will done for Cement & Steel, and whether we liable to pay any M.P.VAT, AND WE R PVT. LTD. CO., whether we r liable to deduct WCT under M.P.VAT.

The assessee is working in a private bank.The Salary certificate issued by the bank in form16 reflects that the company pays HRA and education Allowance to the assessee.The assessee lives in a rented house and have a child who is studying in playgroup school.Now the Company doesnot gave any exemption u/s10 in the salary certificate.The query is whether the assessee can claim the deduction of HRA and education allowance while computing his individual tax return.

Dear Friends,

Can anyone brief me the meaning of Director Sitting Fees.

HOW TO FORM A RECRUITING AGENCY AND WHAT ARE THE LEGAL FORMALITIES ON THE SAME?

I am using Internet explorer version 7. I would like to know the short cut key for togglling between two tabs of the same
window.

Recently I came across the acronym - EBITDA which stands for "earnings before interest, taxes, depreciation and amortization"


The dictionary meaning of Amortization is - "The reduction of the value of an asset by prorating its cost over a period of years"


I would like to know how 'amortization' is different from 'Depreciation'as the above definition also holds good for depreciation.

1. In case an assessee opts for presumptive taxation, can he file a personal balance sheet/statement of affairs as doing so would mean that he maintains accounts for his personal transactions.
2. Since all the assessee are not required to maintain books of accounts, should a balance sheet be filed for all
3. In case a balance sheet is not prepared can AO ask for the same in scrutiny assessment

Dear Sir / Madam,

I am an NRI from U.S. I have salary account (Savings A/C) in India which was opened at the time of joining with India software company in Dec 2004.

1. I have got the home loan when I was in India and I have set up auto debit option on my Savings A/C to pay monthly EMI'S for this. I did not claim tax exemption on this so far because I don't have any other income in India to get the tax benefit. Can I show this on my tax returns from this year on wards even I am using India savings A/C to pay the home loan EMI'S?

2. Now I am going to occupy my Residential flat (which is bought from the above said home loan) in this month and I am going to rent out this to a private party (not relatives) starting from April 2008. Can I keep this rent income in my present Savings A/C and is it taxable or not?

3. I came to U.S in May 2006 and I have done my tax returns (Form-16) for year 2006-07 (1st April 2006 to 31st March 2007) by showing India salary only (March, April & May 2006) and I did not show the overseas salary which is taxable here. Is this correct?

4. Still my residential status is not updated on either my Savings A/C or Home Loan A/C in India (Resident Indian only) and also I am remitting the money to my own savings A/C from here every month for the purpose of my family maintenance expenses and to pay home loan EMI's. Can I continue this?

5. Also I bought a house plot in India by transferring money to my own Savings A/C from here in the year 2007 as an NRI. Is this correct?

6. As explained above, so far I have used my India Savings account only for all these transactions.

7. Is it mandatory for NRI's to perform any transactions in India using NRE / NRO A/C's only or is it optional?

8. What care needs to be taken for 2007-08 tax returns submission to correct all these?


Please suggest the best solution for this.