Hi Experts,
Iam working in an event management company and would like to know is there any limitations on cash withdrawl since we have lot of petty things to procure , payment to travel, transport, bus etc in cash depending upon the event.
and also in many cases we don't get supporting / invoices for the cash expenses . eg we needed to buy nail polish, hat , for one of our client women day celebration we bought from local vendor there was no bill or any thing. How to handle this in accounts and audit point of view. Kindly guide

PARTY RAISES BILL FOR SELLING FOOD BEVERAGES (LIMCA & SPRITE)AND CHARGES VAT ON THE BILL FOR INTRA STATE SALE BUT THE BILL IS HEADED AS 'CASH MEMO/BILL' AND WORDING 'VAT INVOICE' (AS REQUIRED BY THE VAT ACT) HAS NOT BEEN MENTIONED.
CAN THE BUYER TAKE CREDIT OF VAT CHARGED BY SUCH SELLER

Dear All,

I want to file the belated Income tax return for the A.Y. 2008-09 onwards in the income tax assessment notice. In this case, I want to claim section 54 exemption in the income from capital gain & also the deduction under chapter VI a of Income Tax Act, in the specified each year of filling returns.

Can I take the benefits of this exemptions & deduction in the income tax return????

Please Reply.......
Thanking You.....

There's rumour that we can use only Dot Pen for writing the Answers in Exam , for the Sake of Good Handwriting can one use the Gel Pen IN CA Final Exam ?

If assesse is resident and he has taken Life insurance from a foreign Insurance company at the time when he was NRI. Now he is resident and surrendered the policy. On surrender he gets surrender value in foreign currency.
Please suggest tax implication.
My opinion....it is non-taxable

Dear Sir,

My Taxable income is Rs. 2,10,450.

I have fixed deposit in a scheduled bank.

1st deposit period 2011 - 2016
2nd deposit period 2012 - 2017
2nd deposit period 2013 - 2018
2nd deposit period 2014 - 2019

The above deposits amount to around Rs. 2.5 L

Am I eligible to submit Form 15 (G)?
Even if I submit, will TDS be deducted?

Please reply back.

Dear All,

Please Suggest me with the procedure to file ITR and also penalty charges for individual who has not paid the Income Tax of 4 Previous Years, Preceding the Previous year.

Thank you.

my question is
my salary in fy 2013-14 is Rs. 170000 & i got profit in equity share interday trading is Rs.40000, so i liable to pay tax

kindly reply

Sirs,

We are commission agents in Cotton Business. We have tie-up with cotton suppliers, yarn sellers and yarn buyers.

We pay the transporter on behalf of the yarn seller to deliver goods at yarn buyers' depot. For this we receive money on account from the yarn seller and pay the transporter.

To be clear, we get money from the seller and pay the transporter instead of seller paying directly.

In our books we account it as - recd from seller and paid to seller, without involving the transporter - so at some point of time, we hold some excess money.

Query is : Will receipt of such money from yarn seller affect our income, i.e will it attract any service tax ?? or pls let us know the implications of this transaction (during the PY we have recd and paid to the tune of 8 lacs)

Thanks in advance.

Please guide me how to do E payment of Vat from Tnvat Website,because when I login and click the e payment link ,the site asks for username and password , but when i enter the same(ie. Tin as username and the password) it says that the account is an invalid account??????

What should I do now??????


Please guide me


Thanks & Regards