we are doing equity index arbitrage. We buy nifty futures and sold equivalent % of stock futures so our position is 99.99% hedge. Suppose we bought 1,00,000 nifty @6000 and sold equivalent stock futures at same level to take advantage of arbitrage opportunity. Now on 31st March the Nifty value comes to 4500 but we have positive mark to market as we have already sold stock futures of equvalent value. Now as per Guidance note issued by ICAI we have to provide for Mark to Market loss on Nifty futures i.e.Rs.1500 lacs and should not consider gain of Rs.1510 lacs on stock futures. To me in such cases as matter of prudence one has to consider profit/loss of whole basket instead of considering each item individually. Any comment ???

Dear Experts,

If the employer recover the FBT amount from Employee. Does it fall within the law.

If yes whether mentioning of FBT deduction in the salary Slip is Right or not?????

Regds/-
Anil Jain.

Is it possible to have Income Tax benefit under Section 10AA for the following activities in SEZ Unit?

A.Import and Re-Export of product.

B.Buying from DTA and exporting the Product.

Kindly explain in detail the relevant provisions.

What is the accounting treatment of salary paid to employee after deduction of TDS

please let me know about the search report. how do i get from online in case of a company

I am maintaining ACCOUNTS WITH INVENTORY.
Is it required to enter Closing Stock at the end of every Year in the STOCK LEDGER ? or does it do it automatically ?

I have just been handed accounts from previous accountant.Am seeing a big balance in BALANCE SHEET under Forex GAIN/LOSS...
Is there any method to delete that ?
I think its because the previous accountant didnt put a Currency Symbol when entering voucher of MULTI Currency....
Please help !

Dear Sir/Madam,

Can any one please tell me the rate of Excise Duty and Karnataka VAT chargeable by a manufacturer under excise on Note Book / Desk Top Computer. Please provide the relevant Notification numbers also for supporting.

Thanks & Regards,

Venkat

Assessee purchased a new electric motor for supplying raw material to the machine inlieu of rewind of old motor. Rewinding is not possible for many times hence after 2-3 rewinding assessee has replaced it. As per my opinion it is revenue exp whether my contention is right? Please elaborate

please clear me Vat tax lible in job work done, we have given only fabric to Job worker and he used his material like thread,button,hook,pocketing,zip etc. so my question is that how many percentage of Vat he will add on their Job labour bill and what to do in my end(we are manufacture-Registered)