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 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 on has to consider profit/loss of whole basket instead of considering each item individually. Any comment ???

I hv cleared my pe-ii this nov..
i want to know how would i plan my studies along with articleship..
i want to give both groups.

thanks in advance

Sir,
Can you please tell me wahat are the services coverred under PCC exams?

according to income tax

1.on Bus which is used for transportaion of the employees of the company.
2. on truck which is used for goods carriage of the company.
3. on generator
4. jigs and fixture
5. water & air supply system
6. cycle shed.
7. attendence data processing system.

Repected Sirs,

I want to how to file TDS & Service Tax Returns, may I know the same with out doing it, as I don't have computer at my home. Is there any book or chapter which can help me in an interview. I am working and qualified M.Com. Please help me out

A individual's income is job work income from manufacturing of diamonds.He doesnot have any machinery. he gives the same to other individuals for manufacturing.Also he pays assortment charges on contract basis. Whether he is required to deduct TDS u/s. 194C @2% or he can deduct @1% since the person manufactring and doing assortment are sub contractors.

Stamping on Physical Share Certificates used to be revenue stamps as respective states. Now whether there is requirement to engross or impress stamping from collectorate?

Kishan L. Agarwal
ca.kishan@gmail.com

Hi,

Can you pls give me a list of all laws applicable to a company that purchases pulses in bulk from kisan mandi & sells it to dealers.

waiting for the replies

HOW DO I VERIFY WHETHER THE PAN NUMBER IS CORRECT OR NOT TO E-FILE THE TDS RETURNS??

Hi ,I am CA Final year student . I am working with an MNC in Pune as an Financial Analyst . My Problem is that I am unable to prepare adequately for final exams . due to insufficient time I am unable to join classes or do studies through a coaching . Can anybody guide me what could be the best approach for self study . I mean to ask which are the best books which would guide me step by step in my preparation especially in subjects like : Costing , Indirect taxes ( Covering Numerous Probs ) , Direct Taxes ( Step by Step againg Covering Numerous Probs ) & last but not the Least MICS .
Also how much time minimum will I be required to put now onwards every day & every two days ( which are holidays for me ) of the weekend .
How do I go ahead with the problems & theory combination to cover up the entire syllabus with good revision so as to aim for Nov 2008 ( Both Groups ) . I would Like to mention here that I Have done my Intermidiate on self basis only ( While Completing Articles ) but syllabus of PE2 & Final is a Huge Difference .
I am not in a position to leave the job as I am the sole bread earner for the family & the job would hardly spare 3-4 Hours a day for me except for Saturday & Sundays which i can have in full .
Any body Please guide me as I see my future bleak given the short time , Circumstances & Condotions on My Life .
I shall really Really be very appreciative & thankfull to him .
Please Guide & Help .

Regards
Gufran Khan