sir my Query is that when we r making sale nd purchase transactions with a same party then in such case whether is there any need to Open Sepeate Accounts for both the transactions or to record the both sale nd purchase transactions in One account?????

means seperate account of same party as debtor and seperate acount of same party creditors?

Returns are paper less. Therefore filing of audit report separately is compulsory in case of all assessee or not?

Is previous year circular no. 5/2007 dated 26-07-2007 (regarding non-filing of audit report) is applicable for assessment year 2008-09 or not?

I have reseived medical reimbursement Rs.2150000/- and that amount has been added in my Income and issued me Form No. 16 after deducted Tax of Rs. 82000/- from my college. So now what can I di for refund the amount. In which section whole amount is exempted? Kindly send me proper reply urgently. thanks
Shrikant

Expert : anand
Posted On : 7/30/2008 9:08:05 PM
Medical reimbursement upto rs.15000 is exempt from tax. Under no section it is fully exempt .


Clarification-Reimbusement of medical expenses in a pvt.hospital is exempt upto 15000/- and "in govt.hospital, hospital of employer they are totally exempt".

I'VE JUST PASSED CA EXAM.I GOT MY FIRM NAME. NOW I WANT TO JOIN A PARTNERSHIP FIRM . SHOULD I SURRENDER MY FIRM NAME?
PLEASE SOLVE MY PROBLEM
THANKING YOU
SAMPAD K MOHANTY
E MAIL ID sampad.mohanty@yahoo.com

I have not understood the provision of Section 195A of Income Tax Act which says - Tax free income is to be grossed up for TDS purposes.


Kindly explain this with example.


Thanks.

Hi Sir,

My name is N. Kumar and I am from Rewari(Haryana) India and my query is this that we are few friends and doing some social activity in our village and surrounding so what we should do regarding this should we create club or Trust or Society or NGO. What will be the better for this and also tell us the procesure of making of this and can we get some financial benefit or fund from Government we just want to do some social awareness and social activity without any profit.

Thanks
N.Kumar
aajana@yahoo.com

Dear Sir,
How to determine TURNOVER in case of intra day transaction (speculation)in shares.
what is the turnover in the following illustration :
1-8-08 Loss 5000
2-8-08 Profit 1000
4-5-08 Loss 2000
5-5-08 Profit 3000
whether Turnover is :-
i) (+) 4000 (i.e. only profit)
ii) (-) 3000 ( i.e. profit less loss )
iii)11,000 (i.e. total of all profits and
losses)

In case of Interstate Sale, which will be applicable out of two:-VAT or CST and at what rate. whether this sale will be taken as consignee sale and what will be accounting entry for the same in the books of accounts.

Can anybody post scrutiny norms for assessment year 2008-09, if the same have been issued by CBDT

A Co. wants to close its business from delhi and start its bisiness in mumbai( i.e change in place o business of Co.) how can a Co utilise its cenvat credit which it has carried forward( i.e which is unutilised) in the last return i.e 01-10-2007 to 31-03-2008.

Thanks

Shweta