can a purchaser take VAT credit on the purchase of machinery items booked under the head repairs & maintenance?

Please advice me whether interest on FDR can be adjusted against interest paid to bank on loan taken for the security of the same FDR? what if the FDR is different?


Please reply asap


Thanks

What was the last date of return filling in the A.Y.2007-08 In case of Companies?

we are manufacturing company,exporting to various countries agst advances licences.we could not utilised all import benifits which were shown in balance sheets to show it healthy.is this treated as income?pl.help me

We are in trade business. we have different location / unit thru which sales have been made.

We have to pay service tax on transportation.

Please advise whether it is mandatory to take separate registration for each location / unit or by taking single registration in the name of registered office the payment / Return can be made.

Regards
Yogesh gupta

Hi to all,

can anybody tell me the condition to be fullfilled to become a company as NBFC as per RBI rules,

My client is engaged in both trading goods and giving services.
Can the service tax on freight charges on importing goods be claimed as input credit

My father has invested in Bank FD.He has not informed to the bank regarding TDS deduction on interest in time (Form 15 H). He has submitted the Form 15 H recently but by the time the bank has already deducted TDS. How i can recover it from bank. Please suggest the alternatives.

thank you
sagar

a company has shown in its balance sheet Cheques on hand(cheques received from customers)seperately as a current asset.

Is the accounting treatment correct?

The AO disallowed expenses u/s 43B of the Act.for the assessment year 2006-2007 as they were duly mentioned in the Audit Report that Service Tax and other Taxes were not paid till the finalization of the Audit Report and also not paid till the filing of the return of income.
My queries are-
1) Can the AO levy penalty u/s 271(1(c)as we have a plea that there was no concealment of income or any fact and we had duly mentioned about the facts in our audit report. We have a case law too regarding this issue which is as follows-

It was Held, that as material facts necessary for disallowance were duly disclosed in audit report filed with Return of Income,the assessee’s contention was being genuine, bonafide and innocent mistake was accepted, and that penalty cannot be imposed, as there was no malafide intentions on the part of assessee in the case of-

Akshay Enterprises (P) Ltd. vs. ACIT – (2007) 161 Taxman 168 (Amritsar).

I will like to ask here that will this plea work or not for us and are there any other rulings regarding this issue.

2)How will we be able to claim the expenses in assessment year 2007-2008 if we had paid the expenses in the assessment year 2007-2008. The Dis allowance was for the assessment year 2006-2007 and we have received the assessment order only now and its too late for us to revise our return for the assessment year 2007-2008 now that is in the year when we had made the payment for taxes.Is there any method of rectification of mistake u/s 154 regarding this after we receive the assessment order u/s 143(1) for assessment year 2007-2008 or some other way out.

3)If we dont go for appeal against the order for the assessment year 2006-2007 now and accept the dis allowance made by the AO as it is, will we be able to appeal against the penalty u/s 271(1)(c)later if levied by the AO or we will we lose the strength in our case by not appealing against the assessment order passed by the AO.

4) Will this addition be termed as dis allowance or not as it was not a dis allowance perse but the expense or payment was deferred to next year.

Thanks.