Naveen of nagpur sends out 1000 boxes costing 100000 to deepak of delhi at cost+20%. Consignor expenses were friegth 6000, insurance 2000, consinee exp were lauding and unlauding charges 10000, salesman salary 6000, commition 2% on gross sale. what will be the amount of profit if 3/4 goods sold by consginee at Rs 100000.
(A) 5500 (B) 6500
(C) 7500 (D) 3500
answer:- (D) 3500
please describe

Dear All,

One of my assessee has not deducted TDS U/S 194C while making payment, however the contractee is a sick unit.
& my assessee has not even collected No TDS certificate from the contractee. in this case Assessee is in default, but on the other side if we look that if assessee would have dedcted TDS, the contractee has claimed it as refund.
in this situation the goverment has not lost any revenue,instead Govt would require to pay Interest on refund.
Now if A.O. has disallowed such expense can i defend on the above stated basis.
Has there any such incident taken place in the past, kindly provide the reference for the same.

Thanks & Regards...

Sundry debtors on 31 march 2005 are Rs 105000. Further bad debts are Rs 5000. Sales return recorded in the books 10000. Old provison for bad debts is Rs 4000. Orovison for doubtfuk debts is to be made on debtors @3%. what will be the amount of bad debts charged in profit and loss a/c considering provison fpor bad debts.
(A) 27000 (B) 10000
(C) 12700 (D) 6000

Hi

if fbt is paid in excess in advance, can it be adjusted against the corporate Tax or in the next F.Y.?
Please quick reply.

Thanks.

Best regards,

Rakesh

Dear exprts,
A pertnership firm export the machanical items.Pl inform the process, charges and their rate.pl do not ignore. kindly help me.

ADVERTISEMENT AGENCY IS SPECIFIED PROFESSION OR NOT ? ADV. AGENCY IS LIABLE TO AUDIT U/S 44AB IF GROSS RECIPT EXCEED 1000000 IN P.Y. ?

Dear Sir,
I am from Mumbai and need your advice on Service Tax Matter:
The Delhi high court has ordered that service tax on rent of Immovable property is unconstitutional. And the same is pending in Supreme Court.

So till the Supreme Court gives order what we have to do: - Should we collect the ST from the tenant or not to collect.
If we opt for later option and Supreme Court gives contradictory order then can we collect the service tax waived from the tenant?

Thanks in advance.

Let, there are 2 firms-A & B. B is collecting some Professional fees from a third party. While the service is provided to that (3rd) party jointly by A & B. Since the 3rd party is paying the bill amount to B only, A is raising bill on B against its own portion of fees. It was previously agreed that 60% of total professional fees collected from the 3rd party will be payable to A inclusive of reimbursement of expenses if any. For the time being A has made some Expenses on behalf of B (such as boarding, lodging,etc.)and the reimbursement of the same is included in that 60% amount.
My questions are-
i) is the agreement forming any "pure Agent"-principal relationship, if yes-How?
ii)If no, should A collect Service tax on the gross amount(i.e.60%)or amount after deducting the actual reimbursement? Please refer applicable Sec./Rule/Notification/Cases if any.

I want to ask which subject require reading private book and whose author`s book i have to refer for my studies for my pcc attempt in may 2010
Please answer fast

Can anybody pls help, what is the rate of tds as per Section 195.