sir

we have received from the incometax department demand notice for short deduction of tds for employees for the year ending 31.03.2012

the emplyees have left office during the year there is no point in paying the tax now and we cannot recover

we r ready to pay the interest but y to pay the tax difference

is there any provision in the act

our building had formed co-operative service society and collecting maintenance charges from members holding offices in our building for cleaning and security purposes...
they are collecting maintenance charges with service tax...
Rs. 2 per sq.ft.* 1000 sq.ft=2000+12.36% service tax..

did service tax applicable to co-operative society who proved services to its members only without profit motive...liable to service tax..

Consider an example.

Invoice amount $1 Lakh.
Calculate TDS in USD @ 20% = 20,000.
Exchange Rate = Rs.50

Entry as on 1.01.2013:

Expense A/c Dr. 50 Lakh
To Creditor A/c 40 Lakh
To TDS Payable A/c 10 Lakh

Now you have to pay $ 80,000 to the party. TDS will remain Rs. 10 Lakhs only.Rs. 10 lacs TDS has to be deposited by 7th February.

Now on the date of payment for e.g. 31.03.2013, exchange rate is Rs. 55.

Entry :

Creditor A/c Dr. 40 Lakh
Foreign Exchange Fluctuation A/c Dr. 4 Lakh
To Bank A/c 44 Lakh

TDS amount will not be affected by change in exchang rate. The difference is Exchange Loss/Gain.
But in 15CA/15CB we will mention amount in INR as 1,00,000*60= 60 lacs
TDS = 20,000*60= 12 lacs
Net amount= 48 lacs

So, this will give 2 different information to TDS/Income Tax Deptt.one is 10 lacs & other is 12 lacs..

Please suggest!!! How to deal with this practical problem.

Thanks in advance.

Deepak Kakkar

Dear MEMBER

how can i endorse my cheque in favour of someone else... whether i can endorse account payee cheque.... please help me..

Hello all,

My name is Nakul.I need information regarding export of bananas.I want to know all the additional documents except compulsory documents while exporting those bananas.Please share asap.

If any special document is there please throw some light on that also.

Thank you

In one of Private Limited Company unsecured loan taken from shareholder and non shareholder. The fund received from both are debt free fund. The now question is that company need to pay interest on the unsecured loan. If the company don't want to pay then company can do so without creating any liability. If it needs to pay compulsory then what are the rate of interest.

Dear all,
Any one can explain me about below query.Suppose,
We have Claimed - say Telephone expenses of Rs. 50000/-in P&Loss A/c as deduction under income tax in previous year 2011-12.Now Next year say previous year 2012-13, we written back- Telephone exp say Rs. 3000/- (out of Rs. 50000/-,which claimed as deduction in previous year 2011-12 ) and shown as income - misc. income in Profit & Loss A/c.
Will this amount of Rs. 3000/- Misc. Income will be disallowed ,while making computation of Income for the previous year 2012-13.Explain under which section -41(1) ???

Please urgent reply.
Regards
Anil Jain
9312640067
akj9312640067@gmail.com

PLS HELP ITS URGENT

I have to file Tds return. For Q1 I have made tds payments late 8 to 10 days and have not paid interest but before filing of return I have to pay the intetest pls suggest how to calculate exact interest there are 200 entrries will I have to calculate interest in respect of each entry. I.E from date of deduction of each 200 entries

also pls suggest any excel file or software I use RPU software from TIN-NSDL site for exact computation of intrest .

Also how can I check whether interest is corectly computed
PLS REPLY ITS URGENT
Pls also suggest should I show the interest in total or against specific section in return....

What entry will be made,
if asset is purchased on credit as per cash basis accounting?

And assets use during the year and no payment made during the year.Then in such case depreciation allowed in income tax or not?

If allowed,provide reason OR under which section?
If not then provide the reason as per income tax?

WHAT CODE SHOULD I WRITE IN CHALLAN 281 FOR LATE FEE U/S 234E