Sir,
How can a manufacturing Co.Calcualte closing stock of Raw material,Stores & Spares & Packing material?
Is it calcualted with Basic price or Basic Price + Taxes + Expences ?

we are supplier of Agricultural shade net hdpe direct to farmer, we dont know that it is tax free or not, so we want to know is this taxable item if yes then how much percent tax is applicable for retail invoce and tax invoice?

Whether the charges payable for Translation charges (english to german)payable outside India, will fall under "Technical Services" for the purpose of TDS u/s 195 and if yes, what will be the tds rate for deduction ??

If outstanding TDS has not been deposited till last date of the financial year 2008-2009 (Now the last date 31st May 2009) then what is the option to pay this outstanding TDS amount to the account of Income Tax Department and how can avoid the disallow of expenses?

Depriciation on a newly purchased Asset should be calculated from the Date when the Asset has been put to use. Is this rule applicable under both Income tax Act & Companies Act or how differenty it shd be treated under two Acts?

I want to know whether it is compulsory to prepare Cash Flow Statement for Private ltd. , Public Ltd (Unlisted) and Public Ltd (listed) Companies .

Incase of T.D.S. has been deposited by the assessee inleau of E payment , whether the assessee will be deemed to default in payment of t.d.s or he will get the credit of the same. what is the remady available to the Act. Kindly advise .
A.K. Dokania

Due to oversightness in TDS payment double payment has made for TDS on rent in last financial year . During F.Y. 2008-09 payment has already made for TDS on 7th March 2009 for February month, but the same payment has again made on 7th May 2009.

Kindly suggest how we can adjust the same in our books of accounts and claim refund for excess payment of TDS.

Sir,

I am a CA Final student. I have entered into a contract for doing accounting works, taxation etc for the years 2007-2008 and 2008-2009, which is clearly mentioned in the MOU in company's official letter head signed by a Director on Company's behalf, with a construction company and they failed far before the current recession due to mismanagement. They were paying me part payments towards contract amount, a fixed sum, upto December 2008. Thereafter no payments made. My contract period ended on 31.03.2009. Now more than half of the amount is due from them. Now the construction works are taken over by some other person who had acquired major shares in this company joined as Managing Director. For ease of usage, I'm calling it as "New Company". Now what the previous company says is 'Your work is related to the stage of progress of construction and construction is only half the way and your payment will be half of the contract amount already agreed. My stand is why I should lose when they failed due to their own mistakes. Now what I did is I told them It will not be possible for me to hand over the works already done and work further for which they are not paying. The work site was laid down till May First week 2009 and I was not able to work in the office. Now the new company has their own accountant and staff and is not willing to employ me further. But I have completed the entries upto which the work site was functioning. I had applied for the Accounting Technician Certificate from the Institute. Then whether I'll be eligible to apply a lien on the works I have done like auditor's lien? All the works are lying with the office of the company. But I have not revealed the security password for the works I have done. It's a private limited company. They have not filed audited accounts for the year ended on 31 March 2008 for reasons beyond my control. Now whether I can exercise lien (by not revealing password) over the works I already done? Is my stand right? Whether there is any solution for this? The new company is willing to pay me the sum since they want opening balances. But they'll be deducting from the consideration due to the old company from them, for which the old company is not willing to. Please help

Is it necessary that the new residential property bought should be in India? If it is purchased in Foreign Country,Exemption allowable or not?

All the other conditions fulfilled.

Please Reply. Advance Thanks..

Manikandan.A.V