Dear Sir,

I would like to know the accounting treatment of free gift along with Fixed asset purchase.
Eg: If 10 gm of Gold Bar(M.V)-Rs.10000 is been gifted along with the Car(Cost)- rs. 10,00,000 then plz tell me the accounting treatment i.e, jounal entry.

A has sold his residential house and earned capital gains of Rs 50Lacs. He has been able to identify 2 Flats, one at Mumbai and the other at Pune, so that his entire capital gains can get exempted u/s 54. However his CA is of the view that investment in two properties may jeopardize his claim u/s 54F.
Mr A seek your advise.
If instead of capital gains arising out of the sale of residential house, the capital gains arising due to the sale of urban land and the claim is made u/s 54F, would the position be different.

A Company received Rs. 1 Crore as compentation for cancelling a Sale Agreement pertaining to acquisition of land. Is that receipt of Rs. 1 Crore to be shwon as revenue in the P/ L account or can it be treated as deferred income and taken to the P/ L Account for a period of next 4 years commencing from A. Y. 2008- 2009.
What are the Tax implications and is there any Tax Rebate available for that?

Please note that the property was never acquired by the Company, hence, there was no transfer of Capital Assets and Sec. 51 is is not applicable.

A Company received Rs. 1 Crore as compentation for cancelling a Sale Agreement pertaining to acquisition of land. Is that receipt of Rs. 1 Creore to be shwon as revenue in the P/ L account or can it be treated as deferred income and taken to the P/ L Account for a period of next 4 years commencing from A. Y. 2008- 2009.
What are the Tax implications and is there any Tax Rebate available for that?

I am paying office rent Rs.21000/- per month from october 2008 but I have not deducted TDS from rent. Now I have applied for TAN and will deduct tds from rent from January 2009 I want to know do I have to pay TDS from october.Plz help

Thanks

HELLO, THIS IS ROHIT KUMAR SINGH ACTULLY I WANT TO KNOW THE APPLICABILITY OF PROVISION IN THE PAYMENT OF COMMISSION IN USD. IS OUR LIABILITY TO PAY TDS ON THIS PLS GIVE YOUR VIEW WITH REFERED PROVISION OF TAX.
WITH REGARD
ROHIT KUMAR SINGH
KUMRA BHATIA&CO.
NEW DELHI

I filed IT return for AY 2007-08 but i lost my acknowlegment. Now how can i claim for my refund.
Is on the basis of PAN no i can get the detail of my return from ITO. plz reply soon

Thanx in advance

Dear Experts
Let me have your opinion on the cvd and Spl.cvd paid by us on our imported capital goods can be cenvatable under service tax or not. As we are providing service only and not involved in any manufacturing activities.
Regards

1. sale of motor car in a patnership firm to company .

2. whether cost will be original cost -deprecition as per company act 1956 or dep . as per income tax for the year 2008-09 also .

3. any income tax liability involved.

4. any sales tax liability /vat is involved

1. sale of motor car in a patnership firm to company .

2. whether cost will be original cost -deprecition as per company act 1956 or dep . as per income tax for the year 2008-09 also .

3. any income tax liability involved.

4. any sales tax liability /vat is involved