wHETHER CANVAT CREDIT IS allowed ON THE BASIS OF INVOICE WHICH IS " ORIGINAL FOR BUYER" BUT DOES NOT CONTAIN DETAILS REGARDING mode of vehicle, date of removal & vehicle reg. no. As Duplicate for transporter copy is not available or missing or wrongly send back to supplier

my client has duducted tds from payment made for purchase of stationery. But the party has not given pan number and now it refuse to give us pan detail. So, It is possible for us to file tds return without pan detail.

RESPECTED SIR,
MAY I HAVE ONE QUERY IN RESPECT OF INCOME TAX “ PROFIT & GAIN OF BUSINESS AND PROFESSION “ . IN IT UNDER SECTION 40(A) (3) ANY EXPENSES ( PAYMENT) BY MEANS OF CASH PAYMENT( EXCEPT BY AN ACCOUNT PAYYEE CHEQUE OR AN ACCOUNT PAYEE BANK DRAFT) EXCEED RS. 20000 /-
THEN SUCH EXPENSES MAY BE 100% DISALLOWED AND NOT DEDUCTIBLE.
[ AMENDMENT IN FINANCE BILL 2008]

[ UPTO THE FINANCE BILL 2006 IT MAY BE ONLY 20% DIS-ALLOWED]

NOW , IF ANY PERSON DURING THE PREVIOUS YEAR 2008-09 PUCHASES A COMPUTER EQUIPMENTS FOR CASH PAYMENT OF RS .500000 /- , THEN FOR SUCH CAPITAL ASSET IF DEPRECIATION CLAIMED BY AN ASSESSE UNDER SECTION 32 @ 60% (THAT IS RS.300000/-). IS SUCH DEPRECIATION BEING ALLOWED OR NOT ALLOWED AS DEDUCTIBLE EXPENDITURE IN PROFIT & LOSS A/C STATEMENT OF AN ASSESSE.
GIVEN IN BOOK OF INCOME TAX THAT SECTION 40A(3) IS APPLICABLE EVEN IF AN ASSESSEE PUCHASESA DEPRECIABLE ASSET. ALSO, SECTION 40A(3) APPLY IN RESPECT OF AN EXPENDITURE WHICH IS CLAIMED AS DEDUCTION UNDER SECTIONS 30 TO 37 . AS DEPRECIATION CAME UNDER SECTION 32.

SO SIR WHAT WILL LIKELY TO BE DONE UNDER THAT PARTICULAR SITUATION AS PER THE INCOME TAX ACT .

I forget to deduct Tds on Advertising charges & made the payment Later on when i realised that adevertising charges are tax deductible I deducted on all the payment since april & I deducted & paid TDS in january. then now how to put dates in 26Q and form 16A

As the above query is solved the reply is as follows:-
Expenditure incurred by service provider on behalf of the service recipient and reimbursed to the provider can be deducted from the value of taxable services(including the said exps.)only if the service provider is acting as a pure agent of the service recipient. Other wise gross amount(including reimbursed amount) is liable for ST. Pl refer explanation(1) to rule 5(2) and CBEC circular F.N0.B1/4/2006-TRU

Explain mening of pure agent and explain the above with help of example.....please

Dear Experts,

Rs.70,000/- was deducted from my freind VRS benefits forwards Income Tax in the year-2001.Form-16 still not issued by Employer(HMT)
Kindly advice to me how to claim back from employer/ITO.

Dear Experts
Me & my collegue both cleared our CA final exams in Nov 08,both was granted 100 days leave but my collegue had taken earlier a leave of around 50 days for personal reasons
he was registered on 17.10.2006 for articleship & now wants to move to his friends firm,our principal is telling if he takes transfer he will write excess leave of 22 days which leads to extension of his articles by around 22 days (i.e articleship completes on 10.11.2009)
now my question is can he take transfer will this not affect in anyway as my prinipal has signed that he will complete his articles before 31.10.2009 at the time of exam?

PS:I have requested my friend not to take any decision till he gets positve answers,kindly help.

There is concept of deemed export under excise. Accordingly we have received an order from Maharashtra state electricity board for erection of sub-station but the project is funded by world bank, so it is covered undered deemed export. How shall the turnover from this order appear in the financial statements, wether it will be shown as domestic turnover or export turnover.

we hav started a new business as partnership ,
two partners are there fixed Capital 25000 per head.
other than this they paid 500000 per head to start a business .

This 500000 should i consider as current a/c or loan a/c

if the same i will consider as loan then how much percent interest on loan i have to pay

please advice me accounting treatment for the same

Is TDS is deductible on Buses which is being given on hire basis to schools? & if yes, then under which section will it be deductible. whether Under 194(I) considering buses to be a plant & machinery or 194(C).