Dear All,

We are dealing as a dealer between Manufacturers and end users. It is a Pvt. Ltd. company.

We are purchasing and selling UPS, Batteries and Inverters. For that we are getting Input VAT as well as Out VAT.

1.Apart from that we purchase some times scrap batteries from our customers and resale those scrap batteries to our suppliers. When we are purchasing scrap batteries they are not giving any invoice and VAT Input.

How do we have to pass entry for that when we are selling those scrap batteries?
Should we consider VAT for this transactions.

2. When we are getting Employee ID cards and Business card, our suppliers charging VAT on those transactions.

How do we have to pass entry for that? Can we get VAT input for that by showing as purchase or do we have to show all that amount as indirect expenses. can we show as an asset?


Please clarify my doubts.

Thanking you all.

Dear Sir,

I have to issue a auditor certificate to a infrastructure company.

i am not able to analyze the applicability of A.P(DIR Series)Circular No.32 dated 28 December 2010.

the guidelines given to "person resident in india "in circular is applicable to the company.

we have to certify that "contracts outstanding at any point of time with all AD category 1 banks during the quarter did not exceed the value of underlying exposure"

Our client has 2 types of foriegn currency exposures:-

1.ECB-fully hedged by cross currency swaps
2.Buyers credit.

I have doubt with respect to:-

1.what is outstanding contract value means.
2.what is underlying exposure means.

please help me as soon as possible.

The company does not have any exports.does the circular applies to it.

Dear Friends,

Can anybody guide me whether we can revise Form 15CA already uploaded in the NSDL website as the information was received from the client later.

Himanshu

Hi,

Mr.Prasad estimates his earning as follows. Pls advice on the tax implications

For the year 2011-12

Salaried Income from a UK Company - 23000 Pounds

Tax Paid - 3,105 Pounds
National Insurance - 1,893 Pounds

Salary In India

Rs.36,000 per month.

Assuming he has no other deductions from his income, kindly share the computations of tax and relief thereto :-

1) When he is resident
2) When he is a non residet.

Thank You

Hi, Pls clarify my ques on the foll 2 situations.


1) Indian resident earns salary income in UK(From a UK co).
And tax is also deducted there and there is a DTAA between both the countries. The Resident also earns income here(from an Indian company) and tax gets deducgted here too.

How is relief worked out under Sec 90 and 90A.



2) Assuming he is a non resident, how does the situation differ?

Thank You

Sir, I cleared CA final in the previous year..but i got 51%marks in B.com(Gen)..I am 26years old now..Can I try for MBA (finance) in IIM through CAT? Will I face trouble in getting admission in IIM because of low percentage in my graduation after cracking CAT?

Dear Experts,

I have imported some hardware for supplying to a client.
This hardware needs some software customization & installation which I am providing.
My office is located in Bangalore and client is located in Hyderabad.
What Taxes should I charge to the client:
VAT or Service Tax?

Dear Sir........
I have a practical problem of Taxing and accounting OTS (one time settlement) transaction. Plz help me in this regards.

Fact of Case:

Mr A took a loan of40 lac 3 years back. He was paying his EMI regularly. He couldn't pay his EMI for last 6 month so bank has taken OTS route to settle down his existing libilities.

As on 31/03/2011, his balance sheet shows libility towards bank loan is35 lac. As on today he has setteled his case with bank after paying25 lac only.

Questions:

1. How he shall account this things in his book (Accounting point of view only)

2. How to treat differance in income tax. (i.e. whether differance 10 lac is taxable, if yes then under which section, if no then also under which section)

Thanks in advance

Dear all,

please answer that if a private limited company is incurring heavy losses for last two years (since incorporation) and there is no hope of recovery in near future, how can it take the benefit of tax by selling/demerge/amalgamate/any other way itself with any other company.

Dear Sir,
my client had co-owened house property which sold out at 27th dec2011 for Rs. 2900000 and as on 30 jan my client dead.my client rcv 18 lakh and other owner rcv Rs. 11 lakh.
this property purchased on 30/03/2005 for Rs. 1070700.in this situation wat can i do?
i not able to receive any detail from alive partener.
Thanx in Advance..