I am a very small scale works Contractor.. and very recently i had taken up a works contract from a big company. I had quoted 17 Lakhs for that works....But then the company had asked me to split the quotation into two and asked me give one quotation of for 16 Lakhs (for VAT Invoive) & another 1 Lakh alocated for service tax invoice(For Contract services.

Now the company is asking me to raise an invoice for this 1 lakh and collect the service tax for i lakh from them. But my problem is that i am not having a service tax registration. I actually maynot require the registartion as my servicable income does not cross more than 10 Lakhs in a year.

Anyone Please suggest me how raise the invoice for this 1 Lakh and what will i have to do with the service tax amount,when i don't have a service tax registration.

Dear,
Can any one tell that interst required to pay for one day delay due to techinincal reason of Online payment

If a company issues its shares at discount, can the company include the discount amount under the head preliminary expenses for claiming deduction under section 35D....for a period of five years and what would be the accounting treatment....

what is capital reserve ?what is its use?

My hearing is at mumabi for Income tax Tribunal Case. Iwant soem clarification from you guys how I appear before ITAT.

pLEASE GIVE ME DETAILS IN BRIEF.

Thanks in advance.

Rakesh

can company issue shares to creditors of that comapany without consideration in monetory terms?

I would like to know that which field of MBA except Finance is better for a student of CA final to have better Job prospects?

Is anybody tells me that follwing transaction will attract service tax, We as builders and developers make development agreement with power of attorney to develop particular land but in consideration for the same we have paid monetary amount and also make for seller one home of 12000 sq.ft (out of 40R) AS A CONSIDERATION AMOUNT IN KIND.

AS PER MY KNOWLEDGE SERVICE TAX WILL ATTRACT AS IT IS NOTHING BUT CONTRACT TO BUILD HOUSE. BUT MAJOR QUESTION IS THAT WHETHER SUCH CONSIDERATION IN KIND ALLOWED AND SERVICE TAX NOT APPLICABLE ON THE SAME.

Please let me know its urgent.

Thanking You

Regards,
Rakesh Sharma

A Client of ours has received a bill of Rs. 60000 he is making payment in cash. In the books of A/C he is showing it as three different payments made on say 1.1.2009 , 2.1.2009 & 3.1.2009. On 2.1.2009 he has received another bill from the party of say 20000 he is making the payment of same on 2.1.2009. if u notice that on 2.1.2009 the aggregate payment is in excess of 20000. Earlier it was allowed , but as per amendment made in sec 40A(3) it now is disallowed. The staff of client argues that the provision is just for a single bill , in my opinion he is wrong as the act clearly says that aggregate payment in cash in excess of 20000 is disallowed.

Hi,
Just I want to clear my doubt on following points.

1.Whether Principal portion paid on loan taken for House for which possession w'ld be given after 2 years w'ld get lapsed, unlike Interest which w'ld be allowed in 5 equal instalments.

2.Is the limit of Rs 1.5Lacs is also applicable if I have only one House,which is given on rent& I am living in rented accomodation?