I am a businessman.I purchase goods from calcutta, chenai, delhi, banglore payment of purchased bills are made by sroff(Financer) to the relevant parties by cheques and thereafter the same is repaid by me to the sroff (financer) by cheque after 10 to 15 days with interest.

Now my auditor raising a query that the above amount will be treated as loan which is not accepted by account payees cheque and hence the transaction is against the provision of Income Tax Law i.e. section 269SS.

The second query reised by the auditor is that the payment to the parties against purchased is not by account payee cheque which is also against the provision of Income Tax Laws i.e. section 40A(3)

Kindly give me the solution about the above queries and let me know whether the auditors view is correct or not

Dear All,
i would like to know what is the maximum payment limit of bonus for a hotel industry and who is entitled to get bonus and in which head the payment above the maximum limit should be shown.

Date of first AGM is 14/7/2008.When should the Board meeting should be held?Wat shouls be the date of signing on Balance sheet by the auditor?pls help

Sir,
i am of May 2010 pcc Batch.
I started my articleship training on 29August 2008,so as per 15 months rule mine article traing will finish on 31st Nov 2009.So wats the perfect rule for it.
can i explain my CA that i will complete my article on Nov 08 and so i need leave thereon legally as per the rules of ICAi.
mine leave holiday during article trainin will be the max extend of 50days..
so can u plzz tell me doing all mine calculation of article training and leave taken,when will i be legally able to ask for study leave.plzz reply as soon as possible.

We entered contract with ware house service provider for providing space and insure the goods.The service provider of warehouse facilities is charging service tax on insurance facility also(Service provider made all arrangements for the insurance.)
my doubt is the insurance chareges(on which service tax already collected by insurance company) is subject to service tax or not?

Dear sir/madam,
Please clerify me when should be booked export sale.

1)Commercial invoice date.
2)Shipping bill date
or any other date for proper revenue recognition.


Regards,
Suraj

Sir ,
MY name is Raghavendra now i am preparing for my nov ca pcc exams . sir please guide me how to go through the theory subjects auditing , law and infotech . i need ur suggestion how to study the theory subjects to read , remember and reproduce .

Hi all,

When is the Technical Accountant certificate is going to be announced? I heard it is already announced and came into force.
Can anybody tell me reg this.

Thanks

is gift from family members exempt from tax? And what are the provisions if we get it from any other person?

If an employee pays for company expenses using his personal credit card. The expenses are for items that do not attract FBT. If the company re-imburses the employee for the expenses by direct payment to the credit card company, are any FBT or other taxes applicable for the company or the employee?