Dear all, I need your help. Case is that we had to sale our property for 50 Lac and we had received Rs. 5 Lac as an advance. Now the party has cancelled the deal and accordingly we have forfeited the advance amount of Rs. 5 Lac. My entity is properietorship. I am taking depreciation on this property.
My query is that whether Rs. 5 Lac is my Other sources Income or its capital receipt and will adjust whenever I will sale this property.

Pl express your opinion with supporting case laws if any
A widely held Public Limited Company (Say A Ltd, a holding company of several other companies) invests Rs.30 Lakhs in a private limited company (Say B Pvt Ltd) by way of equity capital out of proceeds of its own equity (not from borrowed funds) say in AY 2003-04. B Pvt Ltd is regular in paying dividend to its shareholders incl. A Ltd.
In AY 2006-07, A Ltd for its general business purposes including investment in capital of various private limited companies, borrows money on interest from B Pvt Ltd Rs.20L at the ruling market interest rates on the basis of a loan agreement with all usual terms and conditions

The Assessing Officer (AO) while assessing the income of A Ltd would like to invoke the provisions of Sec 14A holding that the loan is nothing but withdrawl of capital investment in the guise of loan and investments are made in other companies after taking this loan.

IS THE ACTION OF AO JUSTIFIED?

Sir i am an articled clerk.Presently i am auditing in a pvt co.The co. has spent some amount for sending message through mobile and treated it as sales promotion exp.
pls explain the difference between the above duo.and kindly clarify the above mentioned situation considering FBT

Should we deduct tds on followings Expenses, if yes in which section:-
1. Repair & Maintenance to Motor Car
2. Design & eng Charges
3. Exhibition & seminar
4. Export & Clearing charges
5. Internet Charges
6. Legal Exp
7. Machinery hire Charges
8. Repair & Maintenance other than Motor Car
9. Traveling exp
10. Water Charges

Hello sir,

I face one problem due to unclarity in the companies act, 1956. According to Section 205A all unpaid/unclaimed dividend beyond 7 years has to be transferred to Investor Protection Fund. However, what if upaid dividend arises due to the disputes regarding the beneficial of dividend and for that reason it is upaid for more than 7 years ? Will it also requires to be transfeered to Investor Protection Fund ? Please guide us.

Dear Sir/Mam,

A Co. is imported material, at the time of payment they are debited/credited the exchange diff. in respective material a/c. When i told to them that according to AS-11 this diff. should be debited/credited to P&L a/c instead of Material a/c , but they said that purchase a/c is also a part of P&L a/c.
So now tell to me that whether it should debit or credit in respective material a/c or in P&L a/c?
Also they are doing same treatment with Sale.

The date of deposit of TDS is beyond the due dates. But no interest was paid at that time.

If at the end of the financial year total interest payable is computed and a separate challan (Form 281, showing only interest) is filled up for the interest part, is it correct way to do so. Will the banks or the net banking facility accept such challans? If the answer is affirmative, how to file the E-tds return for the last quarter?

What is the solution if the banks dosen't accept such challans. How to pay the interest part later to avoid disallowance for tax audit purpose?

Thank you in advance

Sir,

I am a salaried employee.

How much i can get benefit for fees paid for my MBA from SYMBIOSIS (an UGC approved university)? & under what section?

Thanks

Subhash Jha

we sold goods Inter state charging cst @2% to the customer . but if the customer fails to sent c form of aginst sale invice we raised debit note of 10.5% on it. that time we transfer the differnece amt of 10.5% to cst @ 12.5% and made intry as below party a/c dr. to sale cst@12.5% is it right ? where the diffrence amt treated in P & L?

Hi Friends,

can any one send me model of internal audit report at following

e-mail id vijay_2626503@yahoo.co.in