The closing stock of traders is valued at cost or market price, whichever is lower. I want to know that what is the meaning of “cost price” for any item which remains unsold in the second consecutive year. Is it same the price at which it was valued at the end on the preceding year (as it is the input cost for the current year), or the actual cost incurred in the preceding year.
Kindly suggest that which is the cost price of share of a company XYZ.
(A) Actual cost in Financial Year 2005-06 : Rs. 10,000/-
(B) Market price on 31-3-06 : Rs.6,000/- (considered as the value of closing stock and brought forwards in the Fin Yr 2006-07).
The item remains unsold in Fin Yr 2006-07.
(C) Market price on 31-3-07 : Rs.8,000/-.
What should be considered as Cost Price while valuation of closing stock as on 31-3-2007 : (A) Rs.10,000/- or (B) Rs.6,000/-.

we observe since last 4 to 5 years no body is filing wealth tax returns in our region , now department is issuing notices for filing of returns, will you please guide me how to handle the problems of earlier year & current year wealth tax return if an assesse covered in filing criteria but not yet filed.

Whether tax to be deducted in case of supply of food/tea by a hotel at office premise. assuming payment crossing the limit.

It is not a catering type of arrangement

No doubt serving food at restaurant is not covered U/s-194C.

Just because person (Labour/waiter) coming and providing the facility. is it necessary to deduct tax ?

Dear all CA Club India Experts!!

Good evening!!

I request you to pls.... pls.... pls..... pls. .....provide me the important MAFA theory questions expected in May 2008 exams......I am really hard pressed and finding it very difficult to get thru MAFA......Theory is very crucial to get thru this subject.....purpose is to just focus on highly crtical areas now in MAFA.

I shall be highly obliged for ur kind act of urs...time is really short and running out fast.....pls. help!!

Regards

Pankaj Gupta

pankaj_1512@yahoo.co.in

I am already registered with service department under authorised service station category, i am opening a new branch at a new location , on asking the authorities i was told that they will give a branch liscence only if i maintain centralised accounts i,e continuous serial number.
Is it legally allowed to take a new liscence at my branch as they are advising me to do so

Is the CPT Syllabus going to change for June Attempt?

Actually my CA- final attempt is in Nov09 and i read in recent CA newsletter that first CA final new course examinations are going to held in Nov08 and when i ask Institute for the new course registration they told me that if u want new course registration u have to go for MAY 2010 examinations which i don't want, so pls resolve this query

Actually my CA- final attempt is in Nov09 and i read in recent CA newsletter that first CA final new course examinations are going to held in Nov08 and when i ask Institute for the new course registration they told me that if u want new course registration u have to go for MAY 2010 examinations which i don't want, so pls resolve this query

Dear Members

Plz give me solution

My Co. wrongly deducted the TDS from the party means the said party was an real estate broker so insted of sec 194H, I had deducted under sec 194I @ 20.60%.

So, how can i deposit the TDS amount(i.e in Bank) and how can I set up this problem?. How can the party will get back the excess amount????????

Plz give proper solution

I want some information regarding apllicability of Schdule XIV of
Companies Act, 1956 on Nationalised bank. Can somebody provide me detailed provisions in this regard, specially in case of adoption of rate diffrent from Schdule XIV.