Dear All,

My Company is paying to one employee as a monthly Basic Salary Rs. 20000/- P.M. Medical Allowance Rs. 5000/- P.M. and Local Travel Allowance Rs. 5000/- P.M. from 1-4-08 to 31-3-09.

I have to compute tax liablity for the f. y. 2008-09 for Tax Deduction at Source u/s 192.

Are medical Allowance & LTA fully taxable.

if the Employee submit bills for Rs. 20000/- of Medical expenses and 40000/- of Local Tavel Expenses then how much amount of both allowances will be taxable.

Thanks
Saran

Can someone clarify me that if some goods are purchased which are capital goods as per Excise and it is through Vat invoce Input Tax Credit Can me claimed or not? If Yes, then Why ?

My client in mumbai, is having a branch in delhi who has hired some employees in delhi. the sales representative in dekhi works for the company in a hired car. the branch gives to the employee a fixed rate of 5 rupees per km. then the head office reimburses the branch for the amount spent.

in which head should the exp be accounted for fringe benefit, Conveyance or Travelling?

My client, a partnership firm is having a branch in Dubai with 5 employees (some sent from india and some hired from dubai). the branch in dubai incurs expenses like local conveyance, entertainment, travelling, sales promotion.

do the firm has to pay fringe benefit tax on expenses incurred in dubai.

Hi, any one can solve this query:

Registered through Degree for PE-II, passed eligibility tests, in june, 09- 5 attempts is over, but not passed in PE-II (even single paper). Can eligible to PCC or IPCC or back to square i.e. CPT TO ARTICLE TO COMPUTER TRAINING TO PCC:

Help me out.

Thanking you

Dear Friends

i am doing CWA and i am looking for CA. Is itpossible that i can do both at one time

Dear All

Please confirm that when an employer reimburse the medical exp. 20000 to an employee, Is FBT paid by the employer on the same or upto 15000 only?

With regards
Sanjeev

A Pvt. Ltd. Co. has three C/C Limits. All these are to be shown in the final balance sheet. Is there going to be any problem due to more than one C/C Limit? If yes, please tell about that.
Further, If the company increases its C/c Limit, then it has to modify the charge already created or nothing is to be done with regard to increase in C/C Limit.
Please guide me as it is very urgent.

Sir/Madam

What is the depreciation rate as per Companies Act & Income Tax Act for Leasehold equipments such as office interiors & furniture & fittings. Can we write off in the period of lease holding?

We are a SSI manufacturer of Pharmaceutical Formulations clearing goods under basic exemption of upto 1.5 crore turnover.
We have signed an agreement with a party who intends to supply products manufactured by us to the Government under the following terms:
1. Products will be manufactured by us under our own mfg licence granted by FDA (no Loan Licence).
2. All inputs required will be procured by us (No Job work or contract mfg)
3. Agreement mentions that sale is on Principal to Principal Basis
4. The product packaging states Manufactured by us and Marketed by the other party.
5. Since goods are for Govt supply there is no MRP printed, instead the pack says "Not for Sale".

My query is
1. Can we clear the goods so manufactured under our available exemption limit?
2. If yes, is the assesable value the transaction value between us and the buyer or is it the rate at which the buyer sells to the Govt?
3. If no, then what is the assesable value?

Thanks in anticipation.
Regards.