Dear Friends,

If We are maintaining books of account on accural basis(Income & Expenditure), then how will we can identify our service tax liability, bcz S.T. liability due only on the the receipt of bill basis.

Please suggest to me.

Thank & regards !!

In one of my company we have three premises and for each of them we get franchise receipt Per month as per contract

Averge Franchise receipt of each of the them individually is below Rs. 10 lacs but in total it is around 25 lacs.

Since we are receiving franchise receipt do we have to pay service tax

Is service tax applicable on Franchise receipts.

What would happen if we would have received rent instead of franchise receipt

Interest paid on loan taken for purchase, construction, repairs, renewals or reconstruction of a house property will qualify for deduction under Section 24 in computing the income from house property. Distinction is not made between loans taken from a HFC and from others, including friends and relatives. Interest paid to friends and relatives on the loan taken for acquiring the flat claimed as a deduction. ABD is son of EFG. Father gave a loan to son for purchase house on usual terms.(through bank a/c transactions Subsequently, son(ABD) has given loan to father for purchase of house (in the same year) on having different tenures,terms & interest rates. Father & Son are privately emplyed.Since Job market is volite now a days, either/both can securitise the loan/interest among other friends/relitives for liquidity-if need be-, without foregoing tax deduction on home loan interest.Are the transaction OK from Income tax angle? If yes, elabarate prcedure & precautions.

Hello,

CAN SHORT TERM CAPITAL GAIN(WITHOUT STT) BE SET OFF WITH SHORT TERM CAPITAL LOSS(WITH STT).
STCG(WITHOUT STT) IS CHARGED AT 30%
STCG(WITH STT) IS CHARGED AT 15%

REGARDS

Respected Members, Plese give your opinion :
A Partnership Firm is dissolved during the FY 2008-2009. What types of documents, I have to submit with Firm’s Income Tax Return for the AY 2009-2010.
Is it required to enclose the Dissolution of Partnership Deed with the ITR ?

Can anyone please give me a distinction between Company and Limited Liability Partnership? Please help.

AO has treated the loans as unexplained cash credit.
The assessee has received the loans through banking channels. The assessee has requested the lenders to submit the bank statements & confirmation letters and the same has been submitted during appeal proceedings.
To prove the guineness of the loans the department wants to prove the identity of the lenders but the lenders are not attending.
In such situations What will be your advise? and give us any case laws in this regards.

I know that The onus of proving the genuineness of the transaction is on the assessee. But i have sent them letters to attend & they had replied that they would attend but they didn't
,so why i should be punished for it
The assessee would do his business or do all this things.

A public limited company incorproated in the year 1983 has become defunct. There is no manufacturing activities. There is no income. There are no employees in the company. Every year the company is drawing / adopting the Annual Accounts and obtain approval of Members. The returns with ROC and IT are being filed regularly without any default.

Under Sundry Debtors there are five parties from whom the company has to receive payment to the extent of Rs.1.50 lacs. This amount can never be recovered. There are also some advances given by the company and the possibility of recovering the same is remote.

Under Sundry Creditors there are two parties to whom the company owes Rs.1.26 lacs. There is no claim from these creditors and the company is not going to make this payment.

Is it mandatory to write off / write back the above amounts in the books of accounts. Which Accounting Standard stipulates such write off / write back.

What will be consequences on the company under the income tax law for writing off / writing back such amounts.

Kindly advise

with regards

Muralidharan

1.A client had purchased a fixed asset in 2005, but the supplier didn't turn up to collect his cheque.The amount is outstanding till date and depreciation has been charged till date.There is no possibility of the supplier turning up.What should be done in such case?
2.What is the treatment if fixed asset is recorded twice and depreciation has been claimed on both these assets.What entry needs to be passed to rectify the account?

Hi!
I am Hitesh Vaghasiya from Surat(Gujarat)

I want to establish a educational instittute for academic, professional and vocational courses with ISO Certification.

seeking for a proper & favorable response

Regards

Hitesh Vaghasiya