What if an entity purcahsed Aseets in bulk like 10 mobiles each individually costs Rs 4000 or below 5000 , then total cost of 10mobiles will be capiatalised or asset will individually capitalised


Suggest

WE ARE NOT VAT REGISTERED BUT WE HAVE SALES TAX NO. OUR CREDITOR CHARGES US VAT @ 4% ON ELECTRONIC HARDWARE & COMPUTER ACCESSORIES GOODS.

WE PASS FOLLOWING ENTRY IN BOOK OF ACCOUNTS :

ELECTRONIC HARDWARE ITMS A/C DR. XXX
TO SUNDRY CREDITORS A/C XXX

SUNDRY CREDITORS A/C DR. XXX
TO BANK A/C XXX

IS IT RIGHT PRACTICE??

CAN WE HAVE VAT CREDIT??

PLEASE SUGGEST.

Dear Sir,

Can I claim penalty & fines paid to the Govt.Authorities other than I.T.Dept as an expenses if yes upto what extent and also we had paid huge amount of penalty on behalf of our customer which will be reimbursed by oure customer later on pls tell me the accounting entries for the same.

WHAT ARE THE PROCEDURE TO APPOINTMENT A NEW DIRECTOR IN A COMPANY. AND WHATS NEEDS TO BE DONE IN ROC.

Hai

Please give me a brief notes to Wealth Tax

I have jewell worth above Rs 2 lakhs i am liable to pay tax.

Please tell me procedure of redeeming EPCG License. What forms has to be submitted?

Thanks
Lovenish Bansal

Can i receive gift as immovable property(Comercial) from my dad on my birthday. will there be on clubbing provision applicable.
Can i receive in same way cash.

Sir,

for financial year 2008-09 TDS deducted and paid for which we need to issue certificates.

Now the certificates should be issued in new format or old format?

if new format what should we mentioned in column of UTN - as we didnot receive any unique number from income tax department.

Our Company import raw material from abroad
and processing and make into finished product. these product sale to other company. But purchase co. want duty draw back repot. so our company giving detail of duty duty draw back report. Can our company avail some benefit from that company. Can Our company claim some benefit of that company.
If Claim which sec. he can claim ?
R. Purna Ch. Achary
Jr. Finance Officer
DAESUNG ELECTRICAL INDIA PVT. LTD

A Private Company which is a 100% subsidary of Sigapore based company (parent company).There was a LC(letter of Credit) opened by the parent company for the forex remitance by the indian company,
The Commission paid by the parent company for opening the LC, is collected from the Indian Company by rising a Debit note.Does the payment to Parent company attract TDS u/s 195 or other sections?
2.Is TDS u/s 195 is payable only when the payment is made?