AS PER CLAUSE 5 OF THE FIRST SCHEDULE, THERE IS a RESTRICTION ON MAKING INQUIRIES BY THE AUDITOR FOR HAVING HIS NAME INCLUDED IN THE PANEL. UNDER WHAT SITUATIONS CAN THE AUDITOR APPLY TO AN ORGANISATION FOR HAVING HIS NAME INCLUDED IN THE PANEL AND DOES NOT FACE ANY PROFESSIONAL MISCONDUCT.

1.warranty spares:
During the warranty period, the dealer doing warranty service as per agreement for customer for serivcing & replacing parts on free of cost. I know service tax leviable on service portion of work ie labour charges. As per service tax circular, parts sales are exempt if documentary proof exit for sale of spares separately in invoice. In this case spares not sold. Actually no gain araised on reimbursement of warranty spares. Please explain with details whether warranty spares are liable for service tax?

2. Management, maintenance or repair work
Contract work involve material and labour.
vat paid on material sales. whether materila value is included in assessble value for service tax.
Please clarify with detials
Adv. thanks from

Raghu.

As per First Schedule Part I, Clause (4), Can a practising member enter into a Partnership with any person resident abroad. Which institute's qualifications are recognised by the Central Govt or the council for the purpose of permitting such partnerships.

Dear All.

I am working as an accountant in a Ltd Co.,

The day i took charge of the assignemnt, Our company was preparing, paying tax,if any as service provider and filing data for hlf yearly return under Service Tax Act on the basis of sales bills raised i:e mecantile system since registration.

I hv not change the methodolgy, since i dont find any reason to change., infact from the day i took the above assignemnt, we hv never paid service tax on services rendered by our company and hv been adjusting against service tax payment against set off available.

further officer in charge at that time hv justify his stand by reasoning that by paying service tax as and when bill are raised, it can save time for preparing unnecessary data and reconcilaition statement every month, since data is readily available from sales bills raised and accounted in books secondly there is no cash outflow for the company , since set off amount at our disposal, hence why spend time on unproductive information for filing return under service tax.

But when my new account's manager took charge, she told me to file Service Tax on Cash Basis as per Under Service Tax Rules 1994.

Rule 6: Payment of service tax
The service tax shall be paid to the credit of the central govt by the 5th of the month immediately following the calender month in which payments are received , towards value of taxable service.

But when i explain this to my manager that Corollary is payment of service tax to govt can be deferred till the receipt of the value of taxable services provided however i:e one can still opt and their is no barred for the assessee to make payment of tax on as and when billed. In such case dept will never make any fuss nor can raise any demand nor any notice on the subject matter

She is not aggreing with me and asking for the notification of which ST can be paid on mercantile method

Can any one give me the notification which state that ST can be paid on Mercantile Method

Regds
Jayaraman

dear All

I want to undstand the new formula given in finance Act 200

hi my friends
im doing PCC, my exams are on may 2009, i ve not yet started to study.. can any one tel me the schedules of timing for each subject to study.. i ve prepared time table many times.. but it didnt work out. i getting scare wen i think about my exams..pls my friends a good way for preparing the exams


thanx in advance, buddies

Hi,

I am really confused with the dates asked in ROC Returns. Can anyone please help me in knowing the dates and the criteria if the Auditor's Report Date is 27.09.2008:
1.Balance Sheet Date.
2.Date of Board of directors' meeting in which balance sheet was approved.
3.Date of Board of directors' meeting in which Board's report referred to under section 217 was approved.
4.Date of Signing of Board’s Report.
5.Date of signing of reports on the Balance Sheet by the Auditors.
6.Date of AGM.
7.Due Date of AGM.

Thanks in Advance

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