Suppose "A Co." has taken Foreign Currency working capital loan of Us$7,40,000 from a nationalised bank and same day/8th July'08 entered into a forward contract @ 44.935 with Delivery date 6th Aug'09.

Us$ rate 31st march'09 -50.53
Forward rate 31st march'09 -51.98

What will be gain/loss as at 31st march'09

Can anyone give me the deatil list of acounting entries to be passed for provision of Income tax.alongwith the advance tax paid and TDS receivable.

Whether the entries for provision of TAx are shown net of advance tax, tds receivable, provision written back etc or the advance tax,TDS is shown separate?

can any one tell me the rason of excluding (tea coffee and lunch provide to employees in office premises or in factory)from the net of FBT.

also give clear crisp reading on fbt ( if Anyone hv it)

plz help me

Sir, kindly confirm whether partial (i.e 40%) salary arrears pertaining to FY 2005-06, 2006-07 and 2007-08 received during 2008-09 on pay revision w.e.f. 01-01-2006 as per the 6th pay commission are eligible for relief u/s 89(1) of IT Act 1961.

Please tell me how to Create HUF (Hindu Undiveded Family). What are the document that require to create HUF & how to create initial capital for HUF

Dear Frinds
would any body please clarify whether an employee can get the benefit of medical allowance and mediclaim deduction from income tax. In case of our company, it is paying Rs. 15,000/- as a medical allowance i.e. part of CTC. Now the employee himself paid a mediclaim for Rs. 11000/-. Now he is asking me tax benefit for both, Rs. 15000/- i.e. medical allownace as exempted salary and Rs.11,000/- as mediclaim deduction. is it possible ?

Hi,

We are software house and we are in the process of restructuring salaries to reduce tax burden.

One of the ways we will be following is to bring in more reimbursements for employees, which is covered by FBT and not taxable to staff.

The reimbursements are
- Petrol Bills, vehicle Maintenance, Entertainment expenses etc.

My query is
- Can this FBT be recovered from the staff officially (means showing it as part of the salary break up)

Regards

Sivaraman

In case due to defects, fixed assets already capitalised are returned to the supplier can it be shown as a deletion in the block?

Dear Sir,

we are working as a contractor and We are registered under Works Contract tax in Haryana.Which is @4%. Our Contract are inclusive of Service Tax and Works contract tax.The contractee is deducting & depositing works contract on Service Tax also. We have filed the return by claiming refund of excess works contract tax paid on service tax. Now the assessing officer is not giving the refund by claiming that the works contract is on payment recieved, whether it is service tax.Please clarify it whether we are eligible for refud or not by considering that the service tax is indirect tax and to be deposited to govt. account.

I want to know the consequences if the Private co. becomes deemed public co. in the year 1982 and the registrar of companies also initials on such changed certificate of incorporation but their is no such change appear in master data it also appears as private co. I also filed 2 and 3 reminder but their is no result.