Please tell me is service tax applicable on sale of licensed software to AICTE approved colleges.

I'm rite now preparin for pcc . . So can u guys give me some tips on effective studying

A financial institution issued deep discount bonds in 1996 which have a face value of Rs.2, 00,000 and a maturity period of 25 years. The bond was issued at Rs.5300. What is the value of this zero coupon bond?

Dear Sir,
Request you to confirm the following:

We are purchasing DI fittings and will be in our stock. The purchase invoice will consist of material value + ED.

When we bill the same for selling, do we:

a) How to pass on the duty to our purchaser

b) Should the bill have the detail of material value (selling price) + Duty with individual calculation. Do we need an excise registration.

c) Incase of sales outside the state CST @ 2% with Form C

d) Incase of sales outside the state without Form C CST @ local tax or 10% whichever is higher.

e) Incase of sales to government department (irrespective of within the state or outside the state)rate of tax 4%. Form D has been abolished.

Request you to confirm / clarify the above details.
Regards.

On getting some clarifications from the panel of Experts of this forum, yesterday, I had approached the Service Tax Department and I had been categorically told as under
1. Once the revenue of any Member's Club at any point of time crosses the threshold limit, ( and it is available to the Club), it has to pay Service Tax on the entire revenue and not on the difference amount that exceeds 10 lakhs.

2. The Club has been ear marking some portion of the Revenue (Donations) towards Building fund account and treated it as Donation to Building fund since 1998 as provided under the Bye-laws of the Club. The department argues that this would be treated as Mandatory Donation and would also be taxable revenue.

Whatever we had been doing (computing the income)during the past years, we have been asked to continue to do so . The Club has been treating the entire receipts as its revenue and paying ST since 2004. All along the revenue exceeds the threshold limit has not been utilized

Please clarify whether the stand taken and cleared by the Department is true? Please throw some lights on the subject and give us your valued opinion on the matter that will enable us to further proceed or drop the the entire matter

How should we proceed with the payment of TDS for the month of April 2009 ?

I am an NRI looking to purchase my primary residence in USA and fund a portion of it thru sale of my property (land) in India. Will the sale of India property be tax exempted ? Also how to go about transfering the money to US, is there a min or max amount restriction?

Hi,

If the Company purchased the assets for less than Rs 5000 than as per notes to Schedule XIV of Companies act that should be depreciated at the rate of 100%. I have two questions in this regard.

1. If the asset is purchased in Nov 2008 and the Company is having its Finacial year end in Dec 2008 so using the rate of Dep of 100% (as stated above)two months depreciation will fall in FY 2008 and rest of 10 months will fall in 2009. Is this interpretation correct??

2. If the 1st is not correct, than should the assets be depreciated entirely during the year of purchase or should it be written off immediately after capitalisation, if the asset is to be written off immediately after capitalisation than what is the purpose of routing this asset from FAR (i.e Fixed Assets Register)so can that be written off straight away as expense to P&L.

Pls note that in case of 2nd the Company will not be following the 100% rate defination as mentiond in Schedule XIV.

Regards,

Arvind

1.Is House property Loss possible to setoff against any other head Income during the previos year and c/f and setoff against other Income during subsequent previous years ?
2Is Electric contractor under the Busisess head?

Dear Sir

As a practising CA, we have to strictly follow the format as given in AAS-35 whilst certifying a PROJECT REPORT. OR, we can implement the theme of AAS-35 viz., the purpose of AAS-35 may be served in other terminology also.

Whether, AAS-35 is applicable to report on the Projections of SMEs or even smaller firms for the purpose of availing Working Capital Limits

please clarify