Please clarify,
Amount of Cenvat credit eligible in case the supplier EOU clears / assess goods without availing exemption under S.No. (2) of Notification No. 23/2003-CE.

(PS. Rule 3(7) of CCR,2004 prescribes admissible Cenvat credit in respect of goods cleared under S.No. (2) of Notification No. 23/2003-CE. only )

thanks & regards,

vijaya kumar

If the final products are transferred to another state as stock transfer or branch transfer, input credit will have TO BE REVERSED on PRO-RATA basis,which is in excess of 2%.In other words, in caseof goods sent on stock transfer/branch transfer out of state, 2% tax on inputs will become payable e.g.if tax paid on inputs is 12.5%,credit of 10.5% is available.
when CST is reduced to NIL, full credit of tax paid on inputs will be available i.e. inter state sales and stock transfers will be 'ZERO RATED' and 'not 'EXEMPT'.

I AM CONFUSE ABOUT THE LINE WRITTEN:-
"input credit will have TO BE REVERSED on PRO-RATA basis,which is in excess of 2%."
and again line written as :-
"In other words, in caseof goods sent on stock transfer/branch transfer out of state, 2% tax on inputs will become payable e.g.if tax paid on inputs is 12.5%,credit of 10.5% is available."

please any one can explain me??????

thanks in advance........
i am following V S DATEY (ca-final)
page no:814 26th edition..........

sir my company is an engineering company. we have amc incomes.
suppose we enter into an amc contract with our client for Rs 10,000 payable in two instalments (6 months) then how will the income be recorded?
plz reply ASAP

sir my company is an engineering company. we have amc incomes.
suppose we enter into an amc contract with our client for Rs 10,000 payable in two instalments (6 months) then how will the income be recorded?
plz reply ASAP

can personal loan be taken for making FDs ?
can we avail tax benefit on this for affirmative answer?

We are a private limited company engaged in constructing residential complex.

We are paying service tax @ 10.30% on 25% of gross value after availing abatement of 75%. Also we do not take CENVAT credit on input goods, capital goods or input services.

Now, our sub-contractor who does labour work for us and does not provide/use any material of his own is charging service tax on his bill.

Need to know whether this is valid if yes then under which clause?

Please reply its urgent.

Regards
Hitesh Patel

Dear Experts,

I am working in a Company org. Our Company's Principle business is letting out property on rent & sale/purchase of shares, Debentures & Bonds. We had taken Term loan for purchasing shares in the last financial year 2010-11. We had applied for the shares of X Co & paid whole loan amount for the purchase. But till this year end there is no allotment to us. So we kept whole amount as Share Application Money.

We had paid interest to Financial institute on term loan taken. My querry is whether Income Tax Dept accept our claim for the inerest for deduction from Income for 2009-10 or not. If not why & what treatment should be given in the books to get the same?

Regards

Prashant

We have appointed as canalising agency for issue of NOC to export onion to the business associate. we have collected 1% margin on export value of onion.

Kindly advise whether we have to collect service tax on noc issue charges or not.

A student cleared IPCC in May 2010. What will be the attempt for Final Examination?

Will it change in the light of eligibilty as per below
(http://www.icai.org/post.html?post_id=650)

When will be the final attempt?

Locker is opened as Any or survivor ( comprising of three users ) .
Locker is lost .
One of the user is died ,
The remaining 2 users wants to take the items from locker in a bank ,
Whetehr the bank will issue duplicate key for locker which I feel it wont
Alternatively the locker has to be break open , In such case , what is the procedure for representing the deceased person ( legal heirs) . Alternaively whetehr the existing survivors ( 2 persons itself can do break open ) . What are the documents to be submitted to bank for deceased person and procedure involved

Regards
kesavan