A newly incorporated firm is engaged in Advertising Agency Business (i.e. making and preparation). It designs and prints flex hoardings for its clients. It has an annual turnover of around 12 Lakhs.

The purchase bills for raw materials are of 4% and 12.5% VAT items (obviously, the firm had to pay vat on purchase) eg, it paid 4% VAT on purchase of Flex, 12.5% on purchase of clips etc. My questions are:

1. Does the firm, being an advertising agency, need to file VAT Return or Service Tax Return.

2. If the firm needs to file service tax return and charge service tax to its clients, then on what value should the tax be calculated. (Whether the cost of raw materials consumed should be considered for computing service tax or should be excluded...as the cost of all the raw materials cannot be bifurcated precisely e.g. ink used in printing)

3. Can the firm enjoy the VAT input on purchases. If yes, how?

4. What will be the best way to record purchases and sales in the books of accounts (plz give specimen entry)

5. The firm has already got VAT Registration. In case VAT is not applicable, what should be done in present circumstances.

Dear Members,

An MNC client (German base) has paid towards membership fees for 20 years to golden palms hotel . Whether the same should be expensed on payment basis or amortised over a period of 20 years

Thanx in advance
C A Tejashwini

Dear Sir/Madam,

I have taken 3 months of leave for a surgery and have not been paid anything during this leave. Later i took 4 months of leave for final exams and did not get paid any thing 4 that too. I cleared one group in May 2008 and have given another group in Nov 2008. for Nov attempt, I got 1 month leave and they paid 1500Rs. as per institute rules as i demanded them. Now my boss is counting 7 months excess leave for which he paid nothing but still i have to work for him. As far as i know, we have to work only 4 paid leave. I havent been given a single pie during my leave. Pleaaaase clarify about my leave entitlement. Whether i can take any action against my principal through ICAI?

My 15 months of articleship gets over only on 22nd Jan 2009.my leave starts from 1 jan 2009.i am appearing in may 09 pcc exams.
Will there be a probllem if i take leave from 1st jan ? or should i work till jan 22nd of 2009?

We are paying rent to Rajasthan Housing Board. I am in confusion whether to deduct TDS on it or not because it is not clear whetehr it is a Governrment Body or not.

Please also expalin the rules for TDS on governrment payment. Whether it includes state governrment, statutory body, local authority, governement enterprises, state governemnt body.

Please advice.

regards
yogesh modi

Please let me know that if we take termination of articleship from one firm should we re register within 3 months elsewhere for articleship?

And if we dont re-register within 3 months,do we have to restart our articleship afresh?

hello frnds,

please guide me on the following matter-

my company ABC limited has paid a bonus of Rs 20 lacs in cash to it's labour threw contractor on the occasion of deepawali. otherwise it would not pe paid..

please tell me whether the same will be liable to FBT or not..if yes please also provide the references of act or any other notfication/circulars

If a person, unregistered dealer, makes a sale by raising taxable invoice bearing wrong TIN saying that he is registered dealer. Can a purchaser avail set-off where purchaser does not know that seller is unregistered dealer?

Dear experts,

we have purchased a notice board amount Rs.600/- for office now i am feeling some confusion about its cost category nature its part of Printing & Stationery or Office Exp or anything else ???


Thanks

CAN ANY ONE GIVE ME THE FORMAT REQUIRED FOR NBFC COMPANIES FOR NOT ACCEPTING DEPOSITS

DO I HAVE TO PASS THE RESOLUTION EACH YEAR FOR NOT ACCEPTING DEPOSIT ON ONLY ONE TIME

sumit