OUR CLIENT IS AN TRUST BASED IN HARYANA, REGISTERED U/S 12A, 80G, PROVIDING EDUCATION i.e. RUNNING SCHOOL & COLLEGE. DOES THEY REQUIRE TO GET REGISTERED UNDER EPF, ESI & IS MINIMUM WAGES ACT APPLICABLE ON THEM OR IS THEIR ANY EXEMPTION FOR THEM.
FURTHER THEY HAVE MORE THAN 20 EMPLOYEES.
IS THE CONDITION OF 20 EMPLOYEES IS BELOW RS 6500 EMPLOYEE OR JUST 20 EMPLOYEES


THANKS IN ADVANCE

mrs x age 29 is a part time lecturer in a college of the Delhi University. the details of the salary and other income for the previous year 13-14 are as follows: basic salary 260000 annually D.A (forming part of salary) 52400. Education allowance for two children (expenditure being 600) 3600. Hostel expenditure allowance for one children (expenditure being 7000) 6800. House rent allowance 80800. Remuneration from Calcutta University for acting as examiner 62180. Allowance for research which is to be completed during January-April 2014 (actual expenditure incurred for completing the research : Up to March 31, 2014 : 1500 ; during April 2014 : 3000) 6000. She is a member of statutory provident fund to which she contributes 12%of her salary and similar amount is contributed by the college. Besides, the college reimburses 21000 being expenditure incurred by Mrs. X on medical treatment of her daughter in a private clinic. During the year, she spent 700 on the purchase of books for her teaching purpose. She has maintained a scooter for the whole year for office as well as private purposes. She has been living in a rented house and paying 9000 per month as rent. For the year 2013-14,she paid 6500 as insurance premium on her life policy for 40000 (date of payment : April 3, 2014). Compute the total income and tax liability for the assessment year 2014-15. ... Ans : total income - 353030 ; tax - 13700

In many places i've read that DEBT FINANCING HELPS IN TAX SAVINGS.

Let us take an eg.
Financing from Equity Debt
EBIT 100000 100000
Interest - 10000
______ _______
100000 90000
TAX@20% (20000) (18000)
______ _______
EAT 80000 72000

Here, due to debt financing, offcourse we are saving tax of rs. 2000, but ultimately our income(EAT) is reduced(for 8000)!

SO WHAT"S THE USE OF TAX SAVING WHEN IT IS AFFECTING OVERALL AIM OF WEALTH MAXIMIZATION?????
Please Help??

Dear all I want to know how many years information can be sought by Income Tax dept!!! Will there be any difference if the same is done after search and seizure.

WHAT JOURNAL ENTRY WILL BE DONE IN 1st NGO IN THE FOLLOWING SITUATION.

DONOR---T/F FUND-----1stNGO ,FOR THE PURPOSE OF DIVERET FUND TO 2nd NGO , THEN 2ND NGO SEND UTILISATION CERTIFICATE TO 1st NGO with respect of expenses incurred.

WHAT SHOULD BE ENTRY DONE BY 1st NGO AND UNDER WHICH HEAD IN TALLY.

PLZ TELL ME DIFFERENC BETWEEN NEW AND OLD SYLLABUS OF ISCA IN CA FINAL FOR NOV-14 ATTEMPT

When do opportunity costs affect short run decisions? What accounting problems do opportunity costs involve?

ca industrial training is possibl 2 do at abroad....??please do reply soon....

MANY EMPLOYEES DO NOT FILE INCOME TAX RETURN EVEN THERE GROSS SALRY IS ABOVE RS 2,00,000/-(Before deduction under Sec 80c to 80 U).

What is the responsibility of Employer to deduct TDS. In which section of INCOME TAX ACT the responsibility of Employer is accountble or violation of law against employer even if his income is more than Rs 200000/- but he saves u/s 80c and make the taxable income is below Rs 2.00 lakhs. Because some employee says that we will save but do not produce documents till the end of FY and accordingly employer do not deduct the TDS. Is the employer is liable to be penalised.

Respected experts,
I have a query related to input vat reversal in Madhya Pradesh VAT Act.
Actually,One of my client is a manufacturer and he is making Taxable as well as tax free goods.The problem is that the raw material is being used for making both type of goods but we are unable to account for them seprately.Should i reverse full VAT amount or there is any other way for this condition??
Please refer Section or Rule of Madhya Pradesh VAT Act.
Prompt reply will be appreciated.
Thanks in advance