Dear all ,

A client company had cenvat credit of Rs 455/- for the quarter Jan-Mar'13.
In the Quarter April'13 to June'13 output s.tax Rs5204/-

After deductions Cenvat credit Rs=5204-455=4749 but by mistake Rd 5204 has been deposited instead of taking cenvat credit of Rs 4749/-

Plz advice was to do?

Dear members

There is a company in our group which is a listed NBFC Company, the main business of which is finance and apart from that it is carrying on the business of electricity generation.

As per Cost Accounting Records (Electricity Industry) Rules, 2011, every company which is engaged in the production, processing or manufacturing of electricity activity is covered under the said rule.

1) Now my question is whether the said rule is applicable for our company because the core business of the company is finance.

2) And the 2nd question is that there is a proviso clause in the said rule that these rules shall not apply to a body corporate governed by any special Act.
So can NBFC be considered under Special Act ?

Kindly help me in removing my doubts.

What is in the Sec 194I (a) & Sec 194I (b) of the I T Act-1961. please help.



Thanking you
Ashutosh Kr Jha

My quari is related to job work client provid the paper for printing and we are use ink plats for printing electricity for printing how many tax should be charg and please clearify the entry

Can we file return for the AY for which we have already given Form 15G/H ? or is it possible to allow one source of income to deduct TAX & to issue Form 15G/H to others?

A friend of mine had sold an ancestral property. Right now he is not planning to purchase a new property. Now as per my knowledge he has the following options :
(1) To keep the money in a Capital Gain A/c with bank (2) Invest in Govt. Bonds (REC or National Highway)
I would like to know the following : Is there any lock-in-period for both the options? If the money is kept for full lock-in-period in bank or bonds, then money withdrawn after full term is taxfree or not?

I am not clear regarding the revenue recognition with respect to construction contracts, especially the case where expected costs exceeds expected revenue!
I have come to known that such a situation demands the expected loss to be treated as an expense.
But I have come across a situation where, % of completion is applied on such expected loss, and is stated that such portion is to be recognized in the P&L.. and the balance shall be provided for as provision-- Isn't this according to CONSTRUCTION CONTRACTS??

In short, can a trade-off be emerged between CONSTRUCTION CONTRACTS and AS-7??
Or do they both take different stands??

I have searched for illustrations on similar cases, but I couldn't figure out any!

Kindly clarify my concept,
Regards,
Hari krishnan.

I am not clear regarding the revenue recognition with respect to construction contracts, especially the case where expected costs exceeds expected revenue!
I have come to known that such a situation demands the expected loss to be treated as an expense.
But I have come across a situation where, % of completion is applied on such expected loss, and is stated that such portion is to be recognized in the P&L.. and the balance shall be provided for as provision-- Isn't this according to CONSTRUCTION CONTRACTS??
I have searched for illustrations on similar cases, but I couldn't figure out any!

Kindly clarify my concept,
Regards,
Hari krishnan.

What is capitalization pls explain.

what is capitalization,how it is done.