Compute the net wealth of R as on 31-3-13 for the assessment year 2013-14.The individual is engaged in the business of processing and selling gold and silver articles in India and outside India:

Bank Balance- Rs,4,30,000
Unaccounted Cash Balance- Rs. 70,000
Gold Articles Rs.25,00,000
Silver Jewellery Rs.14,00,000
Guest House Rs.35,00,000
Motor Cars Rs. 6,40,000
Factory Building Rs. 8,00,000

R has taken a loan of Rs.8,00,000 by mortgaging guest house for purchasing factory building.

IF A PERSONS 1 ST BILL IS OF 10.20 LACS, HAS HE TO COLLECT SERVICE TAX ON THE SAME & IF YES ON THE WHOLE AMOUNT OR ABOVE RS 10 LACS.IE ON RS 20,000

Raghav sold gold ornaments on 16-7-2012 for a sum of Rs.10 lakhs, The gold was purchased in 1978 for Rs.60000 by his father.The fair market value of the gold as on 1-4-1981 was Rs. 1 lakh. His father gifted the gold to Raghav on 15-7-12.

He spent Rs. 2 lakhs till 31-7-13 on construction of house property

Deposited Rs. 5 Lakhs on 31-7-12 in capiltal gains accounts scheme

Spent rs. 4 lakhs on construction of house property till the stipulated time.

Compute the capital gains for various relevant assessment years.

Please help me solve this problem.

Dear Sir, i would like to know that if in the case of sales Tax proceedings the officer reduces the amount of ITC as claimed, what should be accounting treatment in this situation.

Example: ITC carried forward as per the balance sheet for the year 2010-11 was Rs. 75000, and the same ITC was claimed in next year.

ITC carried forward in the balance sheet of year 2012-13 was Rs. 25,000.

During Sales tax proceedings officer disallowed the ITC of 2010-11 and passed order for carry forward of ITC of Rs. 15,000 only.

how to reflect this position in books?
should we require to amend the audited balance sheet for 2011-12 and 2012-13

Please give me guidance in this regard.

Thanking You.

Profit nd loss a/c - e.g. we have an expenditure of Rs. 150000, and annual sale of Rs. 1250000, I want to ask whether such expenditure will be shown as separate item in P nd L A/C or will be added under the head of other expenses.

dear sir,

can i deducted interest on recurring deposit in bank in 80C or not if it is deductabel so which section can i deducted interest?

namaskar ji,

a clients residential house along with the agricultural land which is situated outside the limits of municipality is compulsorily acquired by the govt.

now capital gain on agricultural land is exempt but is there any exemption for residential building compulsorily acquired or we have to pay capital gain tax.

please reply urgently


thanks in advance

Hi Sir ,
I am sarath, passed Ipcc ( August 2012) joined articles on 03.10.2012 And took transfer on 28.02.2013 and reregistered on 25.03.2012. I will be completing my articles on 28.10.2015.For which attempt I will be eligible ,May 2015 or Nov 2015

Regards,
sarath

respected sir,
if i want to cancel my articleship due to b.com problems and want to continue after 1 year so can it be possible or not. and should i have to pay the fee again . if there is any issue plz reply soon

Whether Service Recipient(Company) is liable to pay service tax under Reverse Charge if the entire service tax ( portion of service recipient also )is paid by the GTA(Co.) itself?

and what if the service recipient is other than company?