what r the elements of Misc.Exp......? and wheather it is an P/L item or balance sheet item. Plz help me

How to do accounting treatment for following Income tax refund?

case
TDS=48000/-
Provision for income tax=44000/-
Income tax refund=2000/-
Actual income tax=46000/-

then
at the time of Refund what should be the Journal entry?

Mahesh Chandorkar(CA Inter)

Sir,
Thanks for your earlier replies
I wish you all a very happy, peaceful and prosperous New Year 2008
I have a query on Service tax on Works contract
A contractor executing a works contract also utilizes the work of a sub contractor.
Both main contractor and the sub contractor does the work involving labour, materials etc.
As per the new rules the value of works contract excludes the value of transfer of property involved in materials.
Now the situation is like this
The value of Works contract is Rs.50,00,000
The value of materials is Rs.20,00,000
The amount paid to Sub Contractor Rs.25,00,000

If I am correct, the taxable value of service for the main contractor is Rs.30,00,000 (50-20)
My query now is
1.If the amount paid to sub contractor also includes the value of materials involved, how to claim that exemption
2.Very importantly, is sub contractor also liable to pay service tax under the new rule?
3.If the sub contractor is liable, whether main contractor or the sub contractor can input tax credit in any possibility?
4.Is there any mention that even the sub contractor also liable for works contract service tax in the new rules?

Pls clarify the same.

Regards,
M.P.Arun

Hello sir
I m a student of pcc & my exam is on nov,08, i need some tips regarding theory paper, i think my english is not so strong that's why i m scared.

Dear All,

I am in need of some details about the top 5 domestic mutual fund to perform some comparative analysis. Follwing details are required for this purpose:

AUM * Net Worth * Profitability and Expenses(viz. Staff cost, Scheme expenses and other administrative charges)for the last three F.Y. i.e. March 05, 06 and 07.

If anybody has these details or if there is any web or other source from where I can get these details, please let me know.

Abhinav Khemani

R/Sir,

Please tell me that my unit is 100% Export unit but now i am started local sale in few month.
My unit is 100% export unit & sothat my all purchase or sale on Tax is refundable can u tell me after i sale my product in a local market can that vat or CST is refundable & also tell which books i shall maintain & also tell me my reg. Office in Mumbai my all export sale in enter in reg. office because its total export now im am sale in local market my product can i enter all sale entries in my factory in Aurangabad because my factory in Aurangabad ,
please tell all that in breaf,

Thanking you,
Regards,
Paresh

My cliet is running a factory and producing paper in Assam. He is eligible for deduction u/s 80IC. Besides this he is also eligible for sales tax exemption and excise exemption. Sales tax exemption in Assam is given in form of remission. First he collects the tax from the customers and then 1% of such tax is to be returned to the State and the balance 99% is to be retained by him. As far as excise duty is concerned he has to pay the excise duty first of all and then the the entire duty paid is refunded. Moreover the benefit of the excise duty is passed over to the customers who do not claim modvat.( About 90% customers do not claim Modvat ). My query is :-
a) Whether the sales tax remission and excise duty refunds are business income and hence eligible for deduction u/s 80IC ?

One of the capital gain forgot to be considered under return for A.Y.05-06(filled before due date u/s 139(1)
) now revised return is not possible u/s 139(5) now what to do please give advice , further Assessment 143(3)is in process due date of competion is being 31st december 2007 .Asessing officer has no notice of that .



Is interest u/s 234A is chargable suppose if revised retrun can be filed ?

One of the capital gain forgot to be considered under return for A.Y.05-06(filled before due date u/s 139(1)
) now revised return is not possible u/s 139(5) now what to do please give advice , further Assessment 143(3)is in process due date of competion is being 31st december 2007 .Asessing officer has no notice of that .



Is interest u/s 234A is chargable suppose if revised retrun can be filed ?

my question is to KAPIL G THOKRE IN MY PREVIOUS QUESTION I HAD ASKED U ABOUT PCC REGISTRATION I.E (my frd has passed cpt inmay 2007 n he got pass certificate also but he has failed 10+2. i had asked u can he register after passing 10+2 n u have said that he can register now by giving assuranc that he will clear his 10+2 n u had asked when he is going to apper 10+2) he is going to apper 10+2 in march .he has got 78 PERCENT OF MARKS IN 10+2 N HE HAS FAILED IN 1 SUBJECT IS THIS WILL BE ENOUGH FOR ASSURANCE THAT HE WILL CLEAR HIS 10+2. PLS ANS SIR HE N ME WILL BE THANKFULL TO U.