One partnership firm has got its motor car repaired at XYZ Motors P. Ltd. Bill amount is Rs. 39,000/- which includes Spares parts charges also. Should that firm deduct tax at source u/s. 194C ? Pls. give answer by considering the following supporting Circular of CBDT.

Maintenance contracts - Routine maintenance contracts including supply of spares would be covered under section 194C. However, where technical services are rendered, the provisions of section 194J will apply in regard to tax deduction at source—Circular : No., dated 8-8-1995.

Restriction on cash payment > Rs. 20,000 : FM has proposed to disallow cash all the expenses incurred other than by account payee cheque or demand draft in excess of Rs.20,000 or more in a single day as against earlier provision of Rs. 20,000/- per transaction.

pl clarify the effect .. means if any single day pmt under whatsoever head is made exceeding rs 20,000/- the same shall be disallowed.

dear sir
i m student of ca pe2
i hv not cleared any group till now
can i give further attempt of pe2 if i can`t pass in may08
if i pass one gr. in may can i appear for 2nd gr in nov08
plz help
thax
regards
vikash

Hello All members of CAClubIndia,

The question is on taxability of medical re-imbursement claims in the hands of Employee.

If employee claims the medical re-imbursement over and above of Rs. 15,000, say 16,000 in a particular financial year ,what will be the correct amount liable to Income Tax for Employee ?

Is it the whole amount claimed i.e. Rs. 16,000 or only the excess amount of Rs. 1000 ?

Beacuse I read different views. One is saying only Rs. 1000 and other saying whole Rs. 16,000 will get taxable in the hands of employee.

I have deducted the TDS for one of our employee by taxing the whole claim of Rs. 16,000. If it is wrong how shall I rectify it before the close of this F.Y. ?

Please Advise.......

Thanks and Best Regards,
Amit

I am appearing for CA Final exam this May.(first group). I have to start studying MAFA just now that too from scratch. I need to finish this subject in another 20-25 days, since I need to revise other subjects in remaining time.Is it really possible.? Also give me some tips as to how can I study this subject efficiently.

Name of
the security % of
investments standard
deviation

A .2 8%

B .5 10%

C .15 6%

D .15 2%

Correlation coeff.
A A/A-1 A/B-.7 A/C-.3 A/D-.4
B B/B-1 B/A-.7 B/C-.8 B/D-.3
C C/C-1 C/A-.3 C/B-.8 C/D-.6
D D/D-1 D/A-.4 D/B-.3 D/C-.6
Calculate Risk of portfolio. Ans is 7.02%
I could not get this ans. pl. help me. this is a problem from pattabhiram
D

Dear sir,

I want to knew How Doctor having his own hospital maintain his accounts.

what legal and income tax compliance he has to follow.

Above 40 lacs turn over, he may attract in tax audit or not.?

Please reply

i am recently qualified CA about to join in an organisation for job. i want to study further so iam seeking opinions from friends,i want to look at finance (like mututal funds, stock market or financial analyst or some thing like that)for carrer purposes.so i just wanna to know which further courses will help me to go nearer to this dream or any sugestions which wil help to have a big dream.please give your valuable suggestions regarding this matter.

Respected Sir,

I want know Revise Accounting Standard 15 Payment of Gratuity

What is difference between previous Accounting Standard 15 & Revise Accounting
Standard 15 ?

This was made in previous year 2006-07

Your immediate reply will highly appreaciated


With best regards,


Vilas Choudhari

IS Garden maintainece contract chargeble to service tax ?

IF yes
under which service ?

IF contract received from the govt.?