How shall we show the advances paid to sundry creditors, whether under sundry creditors or separately under loans and advances recoverable.

In our Company, we have appointed a person as a chief engineer on one year contract basis. His age is around 70 years. So we can,t take him into the payroll.

I want to know the whether we have to deduct tax as per TDS provision or on the basis Income tax slab.

What is the effect if TDS has deducted lately?
Is there any penalty or dissallowance.
What is effect if subsequent deduction of TDS as required.

Thank you

What will happen, if the TDS required to be provided is provided at low %.
Is there any penalty or is there any dissallowance in that case? It disallowance is there - is entire amount dissallowed or proportionate amount(ie to the extent of lower deduction)
Please clarify me

I have taken commodity forward but due to price fall i want to cancel this forward.
As a result of cancellation the differnce of loss has to paid.Is such remittance allowed under RBI regulation?

What is the logic or reason behind the TAx Audit limit for Professional is kept at Rs. 10 Lacs and others for Rs.40 Lacs.

please give me the satisfactory answer

When we are calculating the MAT does it require to make adjustment to arrive book profit in addition to said adjustments(ie positive and negative)in the Income Tax Act???

If the books reflects wrong treatment of expenses (in accordance with the Act,1956 and ASs), do we need to make such adjustment to get correct profit(as per above provisions).

If it is given in examination (of FINAL CA PAPER) a problem which contains some wrong treatment, can I made such adjustments or am I need to continue (assuming the profit is inaccordance with the above provision( -act & as)with adjustments given in the Income tax Act itself?????

Case will go for assessment either to ITO, CIT or Add.CIT is depends on which criteria. is there any Total Income slab which decides that this case will go to the ITO or CIT or Add.CIT

Some partner take mortgage loan ag.property in their personal saving account ( i.e.disbursed in their personal saving account ) and then immediately transfer the fund in the firm in which they are partner by issuing a cheque from their personal saving account. What can be the reason thereof ?

What is the effect of changes in prices (i mean sensex changes) on the respective company.
Is it effect position of the company in terms of ficance and other positions like credit ranting of the company etc,.