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.

please answer the question in detail.

today when i open incometax site i found there a message which is a s follows :


Dear TaxPayers,

E-Filing for AY 2009-10 has been enabled for all ITR forms.



Please furnish the Form ITR-V to the Income-tax Department by mailing it to Income Tax Department , CPC, Post Bag No - 1, Electronic City Post Office, Bangalore - 560100, Karnatakawithin thirty days after the date of transmitting the data electronically. No Form ITR-V shall be received in any other office of the Income-tax Department or in any other manner.

i want to confirm if we are filling a return and ITR - V is generated as earlier we submitted that signed ITR - V to local income tax department ...

by this above message are we required to submit signed ITR - V to our local income tax department or we are required to send it at the said mail address

please clarify me about this message....

What is the procedure to prepare accounts of a Power Transmission Company ? Also what are points to be considered while preparing books of Power Transmission Company ?