Dear colleagues : Please favor me with your professional replies to the following query:
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We are a small Pvt. Ltd. manufacturing Company. We have taken foreign currency loan in US $. Part of the loan is for purchasing capital assets & part is for working capital.
For the purpose of Balancesheet as on 31-3-2008, the outstanding loan amount is converted into Indian Rupees at the rate prevailing on that date. This has resulted in NOTIONAL exchange gain as the Rupee was appreciated vis-à-vis $. (i.e. the outstanding loan liability in terms of INRs is reduced).

Please advise whether income tax is payable for F Y 2007-08 on this NOTIONAL exchange gain. If yes, please inform:

(i) the relevant Section/Rule/Notification reference,
(ii) the tax implications, in case the Rupee depreciates subsequently as compared to 31-3-2008 at the time of making the actual repayment of installments & the actual amount repaid in FY 2008-09 is MORE than its relevant balancesheet amount.


Thanks & regards

Vishwas

It is proposed to introduce GST in 2010.
My question is
1 Will it impact the import into India,if so how?
2 How will GST affect the exports which are presently exempt from all types of taxes/duties ie excise,sales tax etc.
3 Is it confirmed that GST will definitely be implemented by 2010.
Thanks
J Kumar

Dear Sir,


With reference to above subject I have invested in NSC. Interst on NSC is taxable or not ?

With best regards,


Vilas Choudhari

Dear Sir,


I am working as a Accounts Manager in Pvt. Ltd. Company I want start Budgeting

How I start Budgeting ?

With best regards,



Vilas Choudhari

I have just started exploring Tally to maintain my Proprietorship book of accounts. Can someone help me with how to account for the capital I bring into this business. What ledgers should I create and which vouchers should I use to post the amounts to bank/cash and proprietors capital account?
Regards

What is the long form of E. & O. E.?

Sir,

Pls tell me with example what is the Difference between Turnover and Sales?

What nis the long form of BSR codes ?
Expalin it in detail?

ur factory buys & uses a component for production at rs. 10 per piece. Annual requirement is 2000 mos.
Carrying cost of inventory is 10percent p. a. & ordering cost is rs. 40 per order. Purchase manager argues that as ordering cost is very high, its advantage to place a single order for entire annual requirement. he also says that if we order 2000 at a time we can get a 3 percent discount from the supplier. Evaluate this proposal & make ur recoomendation?

I have an very old PAN Card. I would like to start filing of Income Tax Return now. Can I use the same card, or should I apply for the new card.