Myself became a director of a private Ltd. Co. and it is trading concern. This co. is of my relatives and I am not involved in this company neither I invest anything nor I withdraw any amount. Later days can any liability put on me on behalf of company? Am I responsible to pay any liability of company?

Waiting for reply ...
Pradip Pandey

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What is the quantum of deduction that would be allowable under the Income tax Act on a flat the construction of which was completed during September 2007 and possession handed over in October 2007? Whether full deduction is available? Is there any CBDT circular in this regard?

an assessee has a long term capital gains on ornaments..he has short term loss on shares for the same assessment year...can it be set off even if the return is file after due date......

Increment for the month of Jan-Mar'08 will be received in the month of Apr'08.

Plz clarify it will be taxeble in which assessment year i.e. 2007-08 or 2008-09.


Thanks,

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hi Experts
my query is related to claim for ITC on machinary repair items in mfg. unit.
suppose a lether industry which purchase machinary repair items from local market when sales tax was applicable from registered dealer as a registered dealer and that was exempt from tax at that time.

Now in punjab vat applicable & on purchase of machinery repair item, seller issued vat invoice.

Then leathr mfg. unit applicale to claim itc on such bill or not.


With Regards

Sandeep

My client is a pvt. ltd. co.. One Mr. S received a contract from Indian Oil for industrial construction. Mr. Singh in turn contracted out the work to our client. In this work, we had to use materials and labour on our cost and bear all other related expenses, Mr. S gave us a lump sum amount for carrying out the work. After the work is completed we raise the bill on Mr. S. the billed amount includes material cost, labour cost etc., but this break up (i.e. what % is material cost, what % is labour cost etc.) is not shown.

Sir, the query is that should we charge Service Tax on the bill raised to Mr. S, and if yes then at what rate.

Sir, we charge a single bill on the work.
Is the composite scheme where Ser tax @ 2% is charged applicable.

Hi sir/madam I AM CA FINAL STUDENT I TAKE REGISTRATION IN C.A. FINAL COURSE UNDER NEW SYLLABUS IN WHICH I REALISE THAT THEIR HAS BEEN A MAJOR CHANGE IN ADV. A/C SYLLABUS TO FINANCIAL REPORTING A NEW TOPIC IN WHICH ALONG WITH 'AS' THEIR ARE, 'IFRS', 'IAS' WITH COMPANY A/C PORTION WITH SHARE MARKET TOPICS. PLEASE SUGGEST ME FOR PREPARATION OF SUCH SUBJECT .i take its coaching by a qualified C.A. but he is also handling such topic first time.

Hello EXPERTS,
ABC Pvt Ltd place a order for supply of kitchen equipment. As per payment terms of P.O.
Ex work amt 2987010
Exice duty 149351

sub total 3136361

sale tax 3% on 3136361 94091
Installation charges (Included)

Order Value 3230452

Installation of system will be carried out at cost included in above costso it is composite contract.

Now my query is that wether TDS will be done as it is composite order including installation i.e TDS will be done
OR
TDS will not be done as Sales tax is leived on sub total amount