How should the accounts of a person dealing in sim cards and recharge cards be maintained? e.g. A person purchases recharge cards of Rs.100 at Rs.90 from a Company and sells the same at Rs.100. In what manner the difference of Rs.10 be accounted for so as to avoid any provisions of Tax Audit.

In a private Ltd company,A Director is withdrawing amount of Say Rs. 10,000 per month and it is treated as his Drawing A/c.
1. whether this treatment is correct?
2. How it should be Treated as per Companies Act?
3. Which section speaks about this?

An employee is staying at Hyderabad and claiming HRA benefit. The same employee has taken a housing loan for property situated at bangalore and is getting rental income from the said property. Now the question is whether the employer can take the rental income declared by the employee and also the Interest paid for the purpose of working out the TDS to be deducted from Salary payment.

Interest Paid is about 3.30 Lakhs
Rental income is Rs.80000
Net Loss Rs 2.50 Lakhs

Is there any award from the ICAI for getting all India First Mark in Accounts??

What is the treatment of Non refundale security received on renting a floor?

DEAR ALL,

I (jaipur )have purchase a softwaref from a limited company from mumbai. In the bill he charged cst @4%as well as service tax @12.36%.

Tell me it is correct to charge double tax vat as well as service tax?
or the rate of CST is correct ?

Pls reply ASAP.

Thanks & Regards

Tax deducted by a companyis allowable if deposited before the due of filing of return of income as per Sec 139(1)

Suppose Return is filed in july i.e before due date specified in sec 139(1),But the Tax deducted is deposited after july say 15th Sep which is well before due date specified in sec 139(1), Is it allowable for that year...........

Dear Sir
Im involved in Concurrent Audit of a public sector bank. Can u plz provide me with a checklist of all the major areas.

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.

I have gained a short term gain by sale of Residential Property in less than 3 years.

I earned Rs. 2.50 lakhs. I have paid interest on housing loan of Rs. 54,953/- as interest in year 2008-2009. and Rs. 33,033/- as in in the previos year (07-08).

I have also spent Rs 65000/- of Repairing and redoing of house in the current year for that also I have taken a loan from HDFC. Other expense for aquiring the house are registration and Stamp duty of Rs. 23000/- and Property tax paid to Municipalty is Rs. 5000/- My net income from salary is Rs. 166000/- please help me to calculate my tax liability. I have paid Rs. 6000/- as interest on loan taken for repairing.