I am purchasing something goods from Party A and paying by credit card. And after some time pay the credit card Bill.
The entry will be

Purchases : purchase Ac dr
credit card ac

Payment Credit card ac dr
to bank ac

Is the above entry correct?
If yes then what about the Party A ? whether we have to pass any entry relating to Party A. If yes then what ?

If a House property is available for letting out for 10 months then shall the expected reasonable rent be reduced proportionately to compare with the actual rent received or receivable to arrive at Gross Annual Value?

A large manufacturing company (A) buys nitrogen from a third party (B) and uses that nitrogen for its manufacturing purposes. ‘A’ has a captive power plant and uses Naphtha for generation of power which is used by ‘A’ for its own manufacturing purposes. Now, ‘A’ supplies a portion of this power free of cost to ‘B’ who uses this power for making Nitrogen which is sold by ‘B’ to ‘A’. Now, since A supplies this power to 'B' free of cost , B's selling price of Nitrogen to A also does not include any cost on account of power.

Now, the issue is whether A is at all required to reverse proportionate cenvat credits on Naphtha which is used for generating power that is supplied to B for making nitrogen. If there any precedences (legal decisions) resembling similar situations, please state that also. A & B are independent parties and operate at arm's length basis.

Hi Nilesh Damji,

can be set off VAT paid on centralised purchasing with VAT payable on sales by various sales depot in various state?

We have a head office at DELHI and all purchase i.e. raw material and packing material through head office and transfer to manufacturing unit in other state and thereafter finished good t/fd to sales depot in other states.

Vat paid on such purchases can be set off against vat payable on sales by such sales depot in various states.

A person applied for PAN card in Bangalore through a intermediary - Shell Technologies after paying Rs.60 for processing and submitting duly filled Form 49A.


He was issued the PAN card through a private courier from Mumbai office. The PAN card issued was returned to Mumbai office with the explanation - addressee not found- eventhough the address given was correct and the person was present at the given address.


The intermediary - Shell technologies - to whom the original application was submitted are suggesting the person to fill the new form (This form is meant for - Request for New PAN card or / And Changes Or Correction in PAN Data )and submit it to them with processing fee of Rs.60.They are able to give the PAN number of the assassee.


The person has been informed that the Mumbai office receives lots of applications per day and expecting a response from them either by e-mail or post is not practical.


1) Is submitting the form suggested by intermediary the right thing to do in this situation considering the fact that heading of the form given does not say that the form is meant for re-sending of the PAN Card already sent ?


2) If the answer to the above is yes, why should the person be made to pay Rs.60 again for no fault of his?


3)If the answer to (1) is no, what else can be done?


I request the members to kindly answer POINT WISE.

Thanks

hello sir my name is nitin shukla.i have joined ca course in aug 1999 in ca inter course at new delhi.my first attempt of ca inter exam begain in nov 2000.i have got my elegibility certificate for both the groups under sunday test scheme .i have completed my article training in aug 2002.but unfortunately i have not passed the any of the group till may 2008.i have lost my all the attempts.what i do sir to rejoin ca.with the above said condition what is the criteria of institute.what i do to rejoining and continuing my career with ca course.please tell me the procedure and step i take to rejoin:

1)what it is neccessary for me to take 100 hour IT training.and also

2)what i get full credit for already taken 3years article training.

3)what my elegibility certificate is consider if not what i give cpt.
please sir read my situation carefully and suggest me the right step which i take to rejoin.if possible please make enquiry from institute with given information.my inter regn.no.is DD 058864
and new pe II regn.no.is NRO 0108506.i will very grateful to your self.please help me out.

Sir in one of the questions given in MAFA paper May'08 there were 2 parts i.e 1) wht is the exp. return on portfolio using CAPM method 2) Avg return on portfolio.

in such question i have answered 1) as average return and 2) as expected return on portfolio. The entire sum was answered correctly but due to such type of ansering whether any marks will be deducted or no marks will be awarded. pl. help me on this issue bcos i am in a dilemma as to marking of this question and it is also vital for getting through this last group

Sir,

In filing e-TDS quaterly Return if the arrears/ short deposit of earlier quater if deposit in current quater period how can we enter the Data in Current period's quaterly return. What are the rules of the deparment in this regard ? it is difficult to revise earlier qtr. return, how can we make adjustment if there is a change in the TDS rates during the period which came to know after notification.

manish

Whether TDS is applicable on rent paid to a family trust ?

One of my relative was arguing with me that CFAs are more prefered than CAs in the field of Financial Management. is it so ?

Are financial Analysts are more prefered now a days ?

Is there any use in doing CFA after CA ?