Kindly guide us the treatment of VAT on opening & closing Stocks in DVAT 16 through example.

Mr. A, B & C r having 1/3rd share in Partnership firm owing land & building. App. value 1 Cr. Mr. A is selling his share to Mr. B & getting Rs. 5 Lacs in addition to Capital. Post Retirement Mr. B will have 2/3rd share & Mr. C 1/3rd share. Position of tax liability in the hands of firm as well as partners. There is no change in Mr. C share. Whether goodwill A/c is to be generated in firm Books. Fair market value of Land & Building on change of Partnership is 1.25 Cr.

whether overhauling of existing plant and machinery is a revenue,capital or deferred revenue expenditure??

and what if due to such overhauling expected life increases by 6 years??

A firm as a three Partners. A partner is retiring. The retiring partner has credit balance of Rs. 10lacs in the firm. But firm is giving him 20 lacs. The Firm will enter into an agreement with the outgoing partner that he will not do the same business for 10 years and not entitled to use the firm logo and name.I want to know the following:-
1) Since the firm is paying him 10 lacs more than his actual balance, whether the excess amount is goodwili. Is firm claim that amount amount as an expenditure.

2) is partner has to pay tax on the excess amount.

Actual expenses incurred in performance of duties of development officer of LIC of india towards earnings of Incentive ,these expenses are claim deductions from incentive income to one of my client,

plese reply the if there is any case law or judgement copy in this regard

Dear All,

We are undertaking Manufacturing of RMC ( Ready Mix Concert).

1. We charged Vat at (12.5% + 2.5%) =15% on RMC when we used only our all Raw-materials (Cement, soil, water, chemical, etc )

2. We charged Vat at (4%+1%)=5% on RMC when only cement are provided by our client & customer.

In 2nd case we have to used cement of our client due to their contract agreement with their client as “they have to used only selected type of cement for construction work”

3 Generally RMC which are supplied by us to our client are used for construction of Building and Road.

4. We have not collect any service tax on it as this amount to manufacturing as per Sec 2(F) Central Excise Act.

5. Now service tax department has raised quarry in their audit in our concern that RMC manufacturing in which cement are supplied by our client is liable to service tax as it is not manufacturing. They conclude that this is JOB WORKS as cement is supplied by your client/ customer and liable to service tax under BUSINESS AUXILIARY SERVICE.

6. Further they Conclude that as RMC is Manufacturing as per SEC 2(F) OF CENTRAL EXCISE ACT. But as It is liable to “NIL RATE” under Central Excise Act.
 So RMC In which Cement are supplied by our client is JOBWORKS and is liable to Service Tax. Vide Notification No. 8/2005 under BUSINESS AUXILIARY SERVICE.
 Further RMC in which if we have used our Raw-materials for manufacturing it is not liable to service tax as it is manufacturing.

My question is whether RMC is Liable to service Tax under Business Auxiliary Service or not.
 If we used All our Raw-Material for Its Manufacturing.
 And Only Cement is supplied by our Client for Manufacturing of RMC

Kindly give your best opinion in this matter.

Can i take transfer of Articleship, does institute allowed one termination in whole of articleship period, and what is the procedure for termination, what condition have to full-fill for temination.
pls tell me in details

Dear Professionals

I am looking for the soft copy of Finace Act 2010 passed on May 08, 2010.

Can anyone pls provide the same.

best regards
CS. Deepika Bhardwaj

can anyone pls reply on the same??

If employee receive salary from more than one employer, and has changed the service say from employer X to Employer Y, then while issuing form 16 by employer Y, under which heading the salary received and TDS amount from employer X be shown??
as there is no such heading where the salary received from previous employer X be reported in form 16 by the current employer??

Dear ALL,

My doubt is fundamentally when is service said to have been rendered completely?

As in case of sale of goods.the sale is complete when all the risk and rewards associated with the sale are transferred.And the consideration is paid. So what is the principle for "services"


Thanks