Hi All,

Good morning.

can any body know the new service tax rate i.e 4% for works contract service from when it will be effective

Dear All,

We are a limited co.
We have exported goods, for export we have appointed Clearing & Forwarding Agent for transportation of goods to abroad.
This Clearing & Forwarding Agent has issued 2 bills, one for their Service charges (Rs.4,000) & other for Reimbursement of expenses like insurance, transportation expenses (Rs.24,000).
Now the query is whether this service charges should be treated as Professional Fees. ie TDS u/s 194J or it should be treated as Contract charges ie TDS u/s 194C.
If it will be treated as contract charges & then whether TDS is required to be deducted only on Services charges or it should be on both, Service Charges & Reimbursement of expenses.(Party is giving separate bill for reimbursement of expenses.)
Can any one tell me what is general practice which is being followed in this circumstances. Also let me know if there is any Circular, Notification or Case law related to this matter.
If anybody required any other detail, then just let me know.

1)The duration of project in Software Industry normally is more than a year. AS-7 allows only completed contract method.In such scenario where the comapany cannot raise a invoice till the completion of the contract, but it has incurred some expenditure till the end of the year in performance of the contract, how does it deal with expenditure already incurred?

Is there a concept of 'WIP' in Software Industry?. I have not come accross 'WIP' in reports of IT companies.

2)If the company has received some advance based on milestones achieved, can this sum be deducted from expenditure already incurred and show remaining balance as WIP?

Kindly clarify.

Can a Partnership Firm carrying on the banking business get itself Scheduled in the SECOND SCHEDULE OF RBI ACT, 1934 ?

We are manufacture and paying transportion on purchasing Raw Materail what % service tax deposited to claim subsequently earlier it was 25%of Service tax

Raw Materials are purchased by a company. The goods are transported through Goods Transportation Agency. The company pays service tax at an abated rate on behalf of the goods transport agency and no credit for service tax paid has been taken by the company.Can this service tax amount be added towards the cost of inventory in the books. If it can be done how will be treatment at the end of the year when closing stocks are physically verified and valued, as per AS-2

Dear Experts,

We are a company engaged in construction of Mall after Purchasing of land. and our income it leting, Leasing and Sales of Shops etc. In this regard we want to know :
1. Is Rental / Leasing Income be treated as Business income or Income from house Property.

2. How the cost be calculated for sale of shop at the Mall.

3. How the Profit on Sale of Capital Asstes be Calculated . Is indexetion is applicable.

regard.

Om Prakash Sharma

1)Does the word '& Co.' used in the firm name of most CA's signify that a CA is working 'along with others in his/ her firm'?.Why is it that some CA firms have the word ' & Co.' attached to their firm even when they are the only person working in the firm?

2)Other than the words ' Associates' and '& Co.' what words can a CA use to attach with his name for his/ her firm's name?

Hi
I have cleared CA inter and appearing for IGNOU BCOM(A&F) in June 2008. My question is whether BCOM(A&F) degree is comparable to U.S. graduation degree?
and is there any center in india for writing CFA level 1 exams?

Thanks
Priyanka

Mr.X who is a CA, worked in ABC Ltd as a Chief Financial Officer from 01.04.07 to 31.12.07. After that period he resigned his posting and joined in a CA Firm as a partner from 01.01.08. but which firm is already appointed as Statutory Auditor for the perod 2007-08 by ABC Ltd of its last AGM held on 30.09.07.

Now my question is whether that CA firm can conduct audit for the period 2007-08, because 2/3 of the period, Mr. X worked in the company as CFO.