Dear Expert,

One of my client have school and college started as society and got registered under karnataka society act and have taken donations from general public but now they want to register as trust. The society is running from 2years. Please let us know the procedure and compliance to get Section 10(23C), 11AA and 12A as per Income Tax Act 1961
They have given rental of part of the building to government college and the money is utilized for the purpose of society.

Dear sir

Please inform the following:

We (suppose A)(Hyderabad)are purchasing material from a trader(B)in Hyderabad i.e local purchase. He is purchasing material from outside state dealer (C). Now B is informing A that he will bill the material as sale in transit and asking A to issue C FORM in the name of B.

Kindly explain who will give C Form to whom and any other required forms to be issued.

Regards

Do Nidhi Companies are eligible for having membership in CIBIL.

I work as an agent and receive commission income for the business I generate for the company under section 194H, which ITR form should I file?

Dear Sir,
We are manufacturing unit of cakes and pestries and we are maintaining inward and outward data of raw material and finish goods in our personal software.
so is it necessary to maintain registers in hard copy as well for excise perpose??.

Last year I received a gift of Rs. 50,000 from my uncle and I started trading in Commodity with my uncle. We further transferred some funds and now we have a loss of approximately Rs.1,10,084. I have a interest income of about Rs. 8000. I want to file my income tax return using compu tax. kindly guide me.

In what capacity PAN will be applied for a Petrol Pump run by the Police Departmnet? What will be the position of tax liability under Income Tax Act?

I have registered for IPCC through conversion scheme of direct entry Dt.16.08.2012 from PE-II to IPCC. I have also started my articleship before 30 sept-2012 but not yet completed my ITT so in this situtation am I eligible to appear for Nov-2013 IPCC examination ?

HELLO I AM HOLDING FULL TIME CERTIFICATE OF PRACTICE. IS IT POSSIBLE TO DO POST GRATUATION COURSE (M-COM)ON REGULAR BASIS WITH COP

My query is how to account a purchase entry and sales entry in tally for a trading company.
For eg. purchase 1000+50(5%tax)=1050/= a tax invoice. please clarify below mentioned flow is right or wrong.If wrong please explain the correct entry.
1.put entry of stock inward shwon as stock journal.
2.then pass a purchased-tax invoice under journal ie.purchase Dr 1000
ot@5% 50
To ABC 1050
(being xxx purchased)
Now we are selling this product to our client. then I pass the below entries
1.entry for stock outward shown as stock journal.
2.pass a sales under journal ie.
xyz Dr 1155
To Sales 1100
To it@ 5% 55
(being xxx sold to xyz)
is this is right way of accounting in tally?