We have carried out a construction contract for our client which was defined as an Indivisible Works contract consisting of civil and structural works.

We would like to know if we can charge our client service tax at 10.3% of the contract amount under the present service tax act or Is it necessary for us to go for composition scheme under the Works Contract Act.

Dear Experts

can u plz clarify me whether the filing of Return is must either
the "gross total income" exceeds the exemption limit or "Total income" (ie., gross total income after deducting eligible deductions).

Thanks in advance

Dear Sir,

Our company constructing a steel manufacturing mini plant. In case of capitalization, every thing is o.k. But if I come to Civil Works expenditure, how to capitalize these civil works expenditure asset wise.

Present we are just debiting expenses to like total cement cost, total steel cost, total labour expenses etc. How to divide these expenses asset wise.

I am thinking about three options. But I dont know which one is correct option.

1) Debiting total expenditure to a particular asset (i.e., cement, steel, labor, sand etc.) After completion of plant dividing these total expenditure asset wise based on estimated cost.

2)Debiting expenses to particular cost a/c (cement), after getting data from Civil Works department, passing a Journal Entry EX;-
Asset A/c Dr.
To Cement/Steel A/c

3) Capitalizing at the time of purchase itselt, based on estimated/actual cost.
Ex:-
Building 1 A/c
Building 2 A/c
Foundations A/c
To Cement Supplier A/c

But the 3rd option is not possible in actual time.

Sorry, if there is any confusion in my explanation said above.

Thank you all,
Swamy

Sir,

One of my freind has raised a query which is as follows:-

He had got registered himself as an artcled clerk in 1993 and did six month's articleship. Later he had not pursued this course because of family problem and completed ICWA and has ten years's post qualification experience.

Now if he would start CA again the questions are:-

a> What are the formalities?
b> Would the old registration work?
c> would he get any relaxation from articleship because of his experience?
d> Course curriculam and procedure.
e>Does it make any difference , if he would complete CS as he is in CS final .

Thanking you in advance.

(ABHAY )

Sir,

It would have been better ,if the query would have been answered pointwise.

Thanking you in advance.

(ABHAY)

Hi,
Am new to the forum and have a question, I was hoping, the experts could provide information for.

The company I work for has a salary structure with about 70% Basic + DA component. We are looking to restructure the salary component to 35-40% basic +DA ( which is more in tune with the market)

What effect does this have on statutory regulations like PF, gratuity etc and what steps do I need to take to update various govt bodies of thie change to ensure a smooth transition from the current salary structure to the proposed one?

Hello, can you please tell me what is the limit for charge of wealth tax for A.Y. 2010-11? And what assets are included in the valuation of wealth?

Is one residential house property always exempt for the computation of net wealth?

Thank You,

if an assessee has following details..

turnover during the year 75 lakhs(proprietorsip firm)

income from of house property 240000p.a

i know that the assessee is liable to get his accounts audited but pls let me know that his audit will also include income from house property or only income from business???

If a Statutory Auditor is disqualified under the Companies Act and he is also the tax auditor of the same company under a single agreement will the disqualification apply to tax audit also ?

Also what will be the situation if this dual capacity of the auditor happens to be under different agreements

Sir,

Ours is a Branch Office of a Foreign company. We are in need of funds for expansions in India. How can we take advance from our Head Office? Are there any RBI/FEMA guidelines for the same? Pls Advise.

Sir,

One of our client in bangalore and they are executing work in bombay, from bombay they supplied material to near bombay places only. our client office in bangalore should we charge CST or VAT?
If we charge Vat that is not our local sales, for CST movement of goods from one state to another state. in our case there is no movement of goods from one state to another state.

How to go about this issue and how to account in our book regaring sales tax issue?

Thanks in Advance