Interior work has been done in our new office. so Interior company raised bills us for rs. 15,00,000/- + 4% service tax 60,000/-= Rs. 15,60,000. Can we take benefit/set off service tax, which ST we have received our client against consultancy services.

Regards,

Lalit Kr Sharma
Applect Learning Systems Pvt. Ltd.
9350569134

Hello

I have query in respect of consignment accounting for one of my client.

Client (K Ltd.) manufactures material. Sales is effected through consignments.

When material is sent to consignment agent, company prepares excise invoice to record transfer. Property of material is still with K Ltd. as sale is on consignment basis.

Consignment agent while selling the material generates excise invoice on customer (T Ltd.) and one copy of it is forwarded to K Ltd.

Based on consignment agent invoice, K Ltd. prepares dummy invoice in accounting system and books it against T Ltd.

Payment for material is directly received by K Ltd. from T. Ltd.


Is this correct practice?
1. Can company raise dummy invoice on actual customer?
2. How the payment from actual customer need to be accounted?

Please narrate stadard industry practice followed for consignment accounting.

Purchase a computer on credit for rs. 1 lac on 1/4/2006 and charge full depreciation @ 40% in 2006-07. In April 2007 we got a Rs. 20000 discount. Now should we written back the depreciation in current year on Rs. 20000 which hadbeen charged in last year?

pls explain

author : vvrravindra
Posted On : 8/21/2008 5:56:49 PM
Is there in time limit for payment of fee at ROC for increase in the Aut. share captail? If so pl give details,including any addtioanl fee payble or interest etc? Pl also send some ref mat in this regard.

Expert : K.Kottai Chezhiyan
Posted On : 8/21/2008 6:06:29 PM
For Increase of Authorised Capital u need to call an EGM and pass Special/ordinary resolution as the case may be.. Board Meeting is to be conducted only for approving notice and calling the EGM “RESOLVED THAT the Notice for convening the Extra-Ordinary General Meeting of the Company on ____________ be and is hereby approved and Mr.___________ or )_____________Directors of the Company be and is hereby severally authorised to sign the notice and despatch the same to the shareholders of the Company.” Board Resolution for Calling EGM Special Resolution-- to be passed at the EGM "Resolved that pursuant to sections 16, 31 and 94 and other applicable provisions, if any, of the Companies Act, 1956, the Authorised Capital of the Company be and is hereby increased from Rs. 2,00,00,000 (Rupees Two Crores) divided into 20,00,000 equity shares of Rs. 10 each to Rs. 7,50,00,000 (Rupees Seven Crores Fifty Lakhs only) divided into 75,00,000 equity shares of Rs. 10 each, ranking pari passu with the existing equity shares. Resolved further that Clause v of the Memorandum of Association of the Company be and is hereby altered to read as follows: "The Share Capital of the Company is Rs. 7,50,00,000 (Rupees Seven Crores Fifty Lakhs only) divided into 75,00,000 equity shares of Rs. 10 each. The Company has the power from time to time to increase or reduce its capital in accordance with the provisions of the Companies Act, 1956." Resolved Further that Clause 5 of the Articles of Association of the Company be and is hereby altered to read as follows: "The Share Capital of the Company is Rs. 7,50,00,000 (Rupees Seven Crores Fifty Lakhs only) divided into 75,00,000 equity shares of Rs. 10 each." Resolved Further that the Board of Directors be and are hereby authorised to do such other acts and deeds as may be necessary for giving effect to this resolution."

author : vvrravindra
Posted On : 8/21/2008 6:13:21 PM
Reply is not clear. My Q is about fee payable to ROE and related time limit


It is Clear Frm The Above Reply That Expert are Just Giving Answers For Points Sake.

Sir,
Answer To Your Question Is Follows:

Form 5 For Increase In Authorized Capital Is To be filed after 30 days of passing the special resolution

if not filed, penalty is double the fees i.e fees is 500 and 2x500=1000 if not filed in time.

in my office there are approx 20 employee. we starte a fund called staff welfare fund. we collectedd some amount from each staff, given the amount as loan to staff on need, charged some interest, and so on, by this process we gathered approx 20 lakh rupees now. The same deposited in the account, bank wants to give the interest and require the PAN, For pan requirement i need to first get some registration some where, i want to know how to make a thrift and credit society, whether it come in it, or to register as AOP, or BOI Or mutual association, i want some clarification and procedure.
Thanx,

author : pradhuman
Posted On : 8/21/2008 8:16:02 PM
sir i am a p.c.c student.i convert from pe-2 to p.c.c. i joined articleship on 09 feb,2008 and my b.com final exams was on march 2008. now my b.com final completed. is there any necessity to submit form 112

Expert : pushpendra
Posted On : 8/21/2008 10:05:33 PM
I think no need

answer is yes

but there will be just the signature of the principal and not of head of other institution.

experts plz don't misguide students; if u r not sure abt the answers plz don't give just for earnings points.

Hi,

Please advice on applicability of service tax on Catering services provided by a caterer to an organisation, upon which amount servicetax is leviable, whether VAT is applicable, if yes, then on what amount.

very urgent.....

Thanks & regards
Davison mathew

Dear Sir,

One of my client "Sabarigiri Employment Guidence Center Private Ltd" has applied and got the Trade mark in the name of "SABELOG" and gradually used the Sabelog in all the correspondence instead of "Sabarigiri Employment Guidence Center Private Ltd" but for legal for like Service Tax Regn, Remittance of Tds and Opening of Bank a/c ,their applications were rejected due to varation in Name of the Compnay. Mgt of the Co. vey interested to retain the name of "Sabelog Private Ltd".

What is the procedure to comply for retain the name of "Sabelog Private Ltd".

Thanks

sir i have completed my b.com final year in may 2008 & doing articleship since 1/02/2008. then i need to submit form 112 even i m not doing any other course. someone told me that i have registered for articleship before march 2008 then i dont need to submit form 112. institute has sent me form 112 by post to submit it. i m not getting what to do?

Is FBT applicable on Mobile Depreciation.