Sec 32 of IT act says that once the asset is either in active or passive use then it is compulsory to charge depreciation. In case the machinery (in use for production and subject to depreciation in the earlier years) was DISMANTLED this year then i understand that it is neither in active use nor passive use. Is it still compulsory to charge depreciation?

i want to ask that while calculating tds under any section when is surcharge taken in rate....? pls quote with eg...

Dear Sir,
Can you please explain me whether the theory of adding the swap points to the spot rate to obtain the forward rate when the swap points are in increasing trend and deducting the swap points from the spot rate to find out the forward rate when the swap points are in decreasing trend is always true or are there any exceptions.
i mean if only swap basis points are available and spot rates(buy/offer rate) are available then we can find out the forward rate by adding or deducting the swap points to the spot rates in case of increasing or decreasing trends respectively. let us take an example:
suppose the spot rate is 1US$ = Rs. 40/42
and the int. rate in India is 10% and in USA it is 8%, then as per IRP theorem, the forward rate shall be computed as Rs. 40.74/42.78, this means swap points are 74/78 (increasing trend), so here we will add this to spot rate rs. 40/42 to get 40.74/42.78. Now let us change the exchange rate, in India the int. rate is 8% and in USA the int. rate is 10%, now as per IRP Theorem the forward rate shall be rs. 39.27/41.24, here the swap points are 74/76 (again increasing trend) but now we can't add this to the spot rate to get the forward rate. So how can we say that the swap points are to be added/deducted to the spot rates in case of increasing trend / decreasing trend.
if the above theory is correct then plz. explain how we can identify whether to add or deduct the points to the spot rates in case only the swap points and the spot rates are given.
i am really confused.
Awaiting your reply asap.

Thanks
gargi.

by mistake we have deducted tds @ higher rate than as applicable to contracts & professionals and paid to the dept.
can we issue a certificate as deducted & paid or as rates applicable, pl. advise

Are the tuition fees paid for pre nursery (pre KG) education eligible for deduction u/s 80 C?
Can it be considered as full time education?

Dear Sir/Madam,
First of all "Happy New Year" to all.
I have required Audit Programme for Statutoy Audit if somebody have please mail to me at sachingarg82@gmail.com.

Please reply soon.
Thank You.

sachin Garg

What is the procedure to claim back the TDS deducted by the bank on interest on NRO FIXED DEPOSIT when total taxable income does not reach the thrashold limit.

Is there any way bank can be stopped from deducting TDS by submitting form 15 G etc.

Pl advice.

Regards,

S.Ghosh

Respected All,
Happy New Year
I have a query regarding How vat is implemented on Color Labs.We at color Labs purchase vat paid paper and chemical from same state. sfter procesing we sell photographs.Please explain by a example how vat is calculated and how entries should be entered in books.if explain about service tax on color labs.I shall be very thankfull to you.please give answer by a example.
Once Again
Happy New Year

What are the special tax benefits available to units in Special economic zone??

Are there any additional benefits which are otherwise not available to units under EHTP??

Please also elabrote on difference in benefits to SEZ Viz- a viz EHTP under ( excise, customs, income tax etc)


Regards

Dear Sir,
Happy new year. I have a query regarding applicability of deemed STCG on depreciable assets.
FACTS of the case:
X Pvt Ltd have a factory building constructed in February 1990 for Rs.10 lacs on a leasehold land (rights for 99 years). The building was used for production purposes upto September 2000. Hence till A.Y.2001-02, we were allowed depreciation under I.T.Act. The closing WDV on March 2001 was Rs.6 lacs.
From 2001 the building was let out for rent and income was considered under head House Property.
In June 2007, the building was sold for Rs.30 lacs.
QUERY : Whether we can claim LTCG with indexation from 1990 on WDV, claiming the asset to be no more depreciable and as a capital asset; and also claiming that the source of income generated from the asset has changed ?
If not what should be the taxability of the case ?

Thanking you for your reply.