We have fmcg co. We purchased a truck on 1.4.2008 and use for own co. for delivery of FMCG goods to our distributor or retailer. We collect delivary charges or distribution cost by raised excise invoice for this delivery. So, What will be the rate of depreciation for truck (vehicle) as per IT & as per company act for delivery own goods to distributor & collect delivery charges.Delivery charges or distribution cost shown seperately in excise invoice at the time of delivery.

1. Deduction under section 80 DD is Rs. 50,000 per handicap dependent person or irrespective of person?

2. if above section is irrespective of person then we are two brother, can we take deduction for one parent in my's IT return and for other in my brother's IT return?

Our Company takan Key Man Policy in name of our director and claim in income tax return

thereafter scrutiny case was selected for assessment and Learned assessing authority ask to me for disallowances of kay man policy takan in the name of our director

Paras mal jain

Whether Tax has to be deducted at source on Payment of Rent on Land to NTPC and Maharastra state power generation Company limited respectively and if so at what rate?

We are one of the participator in India ITME 2008.

We are coming under central excise and remitting excise duty.

We understand for the consignment that we send to ITME for participation we can get the duty back on production of that certificate.

Pl inform while despatching, on what name the bill has to be raised with duty amount.

Dear Experts,

We have registered dealer under the Delhi Vat Act 2004 and Central Sales TAx Act 1956. We have filling the quarterlly return both Dvat & CST Act on regular basis, but one invoice raised against central sales @ 12.5%, we have wrongly considered in the return by twice bare in the IIIrd quarter & IVth quarter (i.e. accounting year 2007-08) and thereafter deposit the excess tax under the CST Act 1956. Please give me advice, How can take the credit under the CST Act 1956. Whether option is that, sales tax return we have revised filled for both quarter & excess tax deposit to be carried forward to next quarter or Financial Year.

hello

solatium received on compulsory acquisition forms part of consideration and must be considered in computing capital gains. my question is what is "solatium" ?

thank you
tima

hello

in case of listed securities if they are held for not more than 12 months before their transfer they are "Short term capital gains" - becasue they r financial assets.

what about "non listed securities" ? are they financial assets or not? period of holding is 12 months or 36 months for determination of short term or long term capital gains?

thank you
tima

hello

Sec 2(14) says Capital asset does not include "personal effects of movable nature"
ex: car used for personal purpose not a capital asset
but
ex: car used for business purpose is a capital asset.

now my question is what will happen if a single car is used for both personal n private use?

thanks in advance
tima

Items like MODEMS have since been rendered as obsolete before completing their useful life and these are being carried at their book value. However, it is clear that these are of no use any more. How the same should be dealt with in accounts and what are the implications in Income Tax and Companies Act.