Does Sec 40A(3) apply to acquisition of fixed assets on which depreciation is claimed.

Cost of the asset is not climed as expenses but only the depreciation is claimed.In such a case what should be reported in tax audit report.

In Taxman's ready reckoner 2008-09,in Page A-109 in para 49.3.3 it is mentioned that Sec.40A(3) is applicable if an assessee purchases a depreciable asset.

Kindly clarify.

What can be done to account for the errors made in the previous year's auditted balance sheet?
If the balances of sundry debtors, creditors , bank balances are wrong how can it be rectified in the current year?

what can be done to account for the errors made in the previous year's auditted balance sheet?
if the balances of sundry debtors, creditors , bank balances are wrong how can it be rectified in the current year?

Recently i Have Heard That the training Period Between Cpt And Pcc is going TO be Canceled. Insted of this Institute iS coming With A new Scheme In Which 3.5 years Traning Will be Reduced to 3 years And Article Ship will Start After Pcc..So is there is any one Having Idea Regarding This NEw Scheme Then plz do Tell me...

Dear Sir,

Could you please explain me about the following matter:
if any manufacturing concern having income from letting out of property and charging service tax on the same and paying service tax on the showrooms it had hired for his business.

can the company take the cenvat of the service tax paid on rent and other services like telephone etc.

please provide me the information.

Thanks & Regards

A co. pays for Visual Mercandise Expenses to a party who provided the services(labour+ material)in the year 2005/2006.
However the bill for the same is booked now and even payment is made now.However the bills were recived earlier i.e in 2005-06.So in that case Vat charged by the party would be booked now so will it be eligible for set-off.

should tds be deducted on total payments(including service tax) made to service providers
or

the service tax amount be excluded from the total payments made for calculation of tds

regards

thanks

vishnu

In the year 2005-06 accounting, we have wrongly accounted a fixed asset (Machinery) twice, one based on the proforma invoice and another based on regular invoice. This came to light in 2006-07 when the party's account was reconciled for payment. We have claimed depreciation twice due to this double accounting of the same machinery.
1.Kindly let me know how we can rectify the same in the current audit period 2006-07? Is there any prescribed rule to make this deletion from fixed asset?
2.What will be the tax implication and the action that will be taken by the IT department?
3.What are the disclosures to be made in the current year?
4.How will this affect the auditor and his report of last year?
5.I want to know whether it is possible to rectify the same without reopening previous years books or without revised returns?

Whether a DTA Unit in India can import Goods (i.e. Rough Diamonds) for Job Work and export it back to the party? If yes, please let us know the provisions and procedures applicable under various laws & acts of our country.

In case an employee goes to USA for business development. The company allows him to take his spouse & child. Does the company have to charge only FBT @ 20% on the expenses incurred in this regard??