A pvt. ltd co. is manufacturing harvestor combines. On sale of every combine, it paid commission which is between Rs. 2000-2500 per combine. Total commission goes to Rs. 135000/- in the year 2008-09. Per combine commission is paid to different person means one person is in receipt of Rs. 2000-2500 only. No single person is receiving more than Rs. 2500.
I want to know whether this is tax deductible or not???
Whether the TDS provisions are applicable???
If yes, then under what section and At what rate??
Please reply

Dear Experts,

If a person had claimed LTCG exemption (return filed july 2009) for an under construction property purchased in may 2008 to be completed by 2011 and due to reason of a better area & location buys another under construction property in July 2010 and sells previous one bought in 2008 and pays STCG.

Can he still retain earlier claimed exemption benefit of LTCG under section 54. Is there any permitted method of retaining LTCG.

Thanks

Hello

If a indian co. purchase a fixed assets for Rs.4.5 crore on credit from a forign co.but after 2 yr that forign co. is insolvent and did not claim his amt.

I want to know what is entry as per AS(accounting standard) and wht is tax implement as per income tax.

Hello

A friend is setting up a business, where he creates websites listing dealers for a particular genre.

Say, fireworks/ crackers.

Since he only lists dealers contacts and will earn commission on sales through his website, is VAT, inter state sale etc applicable to him?

Could anybody elaborate on what acts are appicable in such a case?

Thank you.

I want to know which are the best institutes for taking the coaching for cs professional programme in NCR (Delhi or noida)? And the second thing i want to know for which subjects coaching a student must take.
How much time required to prepare for all the groups?
And only study material is enough or other books are also required?

Hi,
I am gonna give my pcc attempt in nov. 10.

First of all I want to know that what is the importance of writing section no's and related AAS no. and name in audit and law both seperately..

See i dont remember sec no. and also aas but i know them thouroghly and while writing the answers i'll thouroughly explain my judgement in case studies and all the reasons clearly but i'll not write aas and section no. concerned... i'll just write the name of the act and for aas ill write as per the AAS issued by ICAI...

so how much marks will be deducted for nopt writing these if all other things r upto point...


and secondly how much chance i have in achieving rank if i have only half of law completed and 75% of a/cs completed and 25% of audit completed and nothing else done????

pls reply

I had cleared my 2nd year(Sem IV) in May 2009. However i took a break and did not take addmission in 3rd year. Now i want to take addmission in 3rd year. What is the time limit upto which i can take addmission in 3rd year.

ARE THERE ANY GOOD TEACHERS OF CA FINAL SFM PROVIDING GOOD COACHING IN A RANGE OF Rs.4000-5000. PLZ. PROVIDE LIST OF THOSE TEACHERS

Our client is a trust and it has shown an amount of Rs. 20 lakhs as advance given for a property. This property is a disputed one and so the trust could not occupy it. Thus the trust had not capitalised the asset.


Now the trust sold the property and received another property in exchange which is worth 1.5 crores (stamp duty value)So now how should the accounting treatment be done? At what value should the new property be shown and why?

Dear Experts,
Require ur immediate reply...Very urgent Sir!!!
For a first year incorporated company we are finalizing the audit.
For AS - 22 calculations i have done the following workings. Please tell me whether i am correct or not. Because of this i have not yet said to my senior that the audit has been finalized.

Closing wdv balance of Fixed Assets as per Companies Act - 60,00,000
Less: Closing wdv balance of Fixed Assets as per Income Tax Act - 50,00,000
Difference in balances = 10,00,000
Note:
(1)This is due to difference in depreciation amount. In Income Tax act we are claiming more depreciation amount than companies act. Therefore Tax Profit is less than Book Profit, consequently we are paying less tax now which we have to pay at a latter point of time, thats why we have to create DEFERRED TAX LIABILITY.
(2)It is assumed that there is no amount disallowed u/s 43B.



Deferred Tax Liability to be created - 10 lakhs * 30% (no surcharge or cess since less than one crore income) = 3 lakhs.

First Entry - Booking the expense and creating liability:

DTL* (P&L) A/c Dr. 3 lakhs
To DTL (B/s) A/c 3 lakhs
(Being the amount of Deferred Tax liability which we have to pay in later years for which currently booked as expense and corressponding credit (i.e. liability) is being created)

* Instead of DTL (P&L) we may also term it as Tax Expense

Second Entry - For transferring the expense into P&L a/c:

P&L A/c Dr. 3 lakhs
To DTL (P&L) A/c 3lakhs
(being the amount of Deferred Tax transferred to P&L account for the year ended 31.3.2010)

Please inform me whether i am correct or not in this regard.

With regards,
Rajesh.