If an asset was purchased and sold in the second half of the SAME year, how should the depreciation be calculated?

Hi,
One of my friend is running a manpower Recruitment services Business, they also hire some candidates on contract basis and place them in their client's place to perform a specific Job, and they will be paid certain fixed fee based on their performance. The contract contract between the candidate and them will vary from 3monts to 12 months.

In the above scenario, there is no relation ship of employer and employee? what are the statury compliances that needs to followed? Like PT, PF, ESI, Leave with wages etc..

Hi,i am atul i am working in ABB limited as a internal auditor,question is this when the service provider generate the bill he show the amount including education cess and hire education cess such as 10.30 instead of 10+2+1.

give me ur suggestion should service tax amount bifurcate or not

what is the final rate of tds rate for the payment made to contractors

Can any one tell me, whether the remuneration received from partnership firm in which he is working partner is chargeable under the head business income or salary. Can you please tell me the section in which it is mentioned.

Hi

I have query in respect of excise accounting in cases where GRN is prepared with tolerance limit. Please let me know how the excise records will be updated for below transaction.

Supplier has sent material 100 MT as per challan and has invoiced for same quantity. Excise invoice shows duty applicable on the 100 MT only.

On receipt actual weight of the consignment is measured as 100.32 MT. Now the purchase order had tolerance of 0.5% set. So GRN can be prepared for higher quantity till tolerance is not crossed.

However now how the excise records need to be updated as delivery challan and excise invoice shows quantity as 100 MT only.

My questions are:
1. How the GRN is prepared in such cases? Whether it is to be prepared for 100.32 MT or challan quantity 100 MT.
2. If actual quantity 100.32 MT is taken in GRN, does excise considers tolerance and gives cenvat credit on 100MT though higher receipt is shown?

suppose you have a creditor for rs. 10000 and suddenly your creditor send u a notice that his firm has been dissolved and we are not required to pay him further remaining amount...

now clarify me that how ill u treat that rs. 10000 in your books
is it an income for us ?
if yes, will it is taxable under income tax act ?

I booked allotted a flat with DLF and signed a Buyer's agreement. However during the construction by DLF and before the possession I transferred the flat in FY 2008-09 by endorsing on the buyers' agreement and the same was transferred by DLF in their record. Please advise the tax implication on profit resulting from the transaction.

Thanks
Rajesh

if a person is travel agent who is also selling air ticket but before selling tickets he has buy tickets from airlines which he buys on cash because if he buys tickets from airlines by cheque or any other form it will take time and he will loose his customer. in such a situation can this amount be dissallowed u/s 40A(3)

Hi,

A Pvt. Ltd. Co. was formed in August 2008. Its two promoter directors have till date not paid the share capital money in the companys account.

The company has surplus cash, but bringing in share capital in cash will attract 269SS of the Income tax act.

So for the year ended 31/03/09, what should be reflected in the companys balance sheet?

Share capital called for but not received? Or is there any other way of reporting the same?

What precautions / notes do we have to give in our audit report?

Can a cheque be issued in the month of march 2009, not cleared till 30/06/09, so as to show capital received and get the cheque cleared in July?

Kindly give your views and comments.

Thanks,

CA Sanjay R Salgia.