Dear All,

I am having others income (i.e income from interest only) not salaried. Should I get rebate of Rs 15000 of medical re-imbursement. this is for Financial year 2007-08. I have already taken a rebate U/s 80C of Rs 100000/- . Pls help me.

Dear Sir,

There is a interior contract with all furnish given to a interior decorator. As per contract it his duty to complete the building with all required furniture for office and others. Initially it was not decided that he will give his bill lumbsum or bireficated in material or labour charges. therefore when we have paid in advance we deducted the tds amount regularly in 2007-08. After some time it was decided that he will give his bill saprately 80% of material and 20% of labour. In the whole financial year 2007-08 only material bills were received not of labour. (Still building is not completed up to 31.03.08). But now it might be completed in July08 and he will raise his labour bill. Here starts the query that we should deduct the tds on his labour bills or not, if yes, then the tds deducted in 2007-08 was excess deducted from him. If Not, then it was sufficient what we had deducted from him in 2007-08

Please Clrify the same as soon as possible.

At the end of the financial year we have some quantity of finished stock. For valuation of finished stock excise duty is not added.


I know that on the finished stock provision for excise duty is to be made as liability arises as soon as the manufacuting is completed BUT payment is postponed to the date of delivery of stock to customer.


My question in this regard is :


1)What is the journal entry that needs to be passed on 31 March for making provison of excise duty?


2) Should the amount of debit entry suggested in above journal entry be added to the closing finished stock?


3)What is the journal entry to be passed in the next year to reverse the provision?


4)Should any disclosures be made in notes to accounts in above scenario?

I request the caclub member who are in manufacturing industry or have done audit of manufacturing industry to please answer my above questions.


Please answer questionwise. Thanks.

Please guide, how the TDS provisions are complied with if a company do not directly incur the expenses but makes the reimbursement of expenses to the staff, in the 2 situations mentioned herein below.

1. Invoices are in the name of employee.

2. Invoices are in the name of company but payment was made directly by the employee and later on reimbursed by the employer.

Commission paid to a Non Executive Director of a Limited Company;Whether the same is taxable under the head Salaries or Business Income or any Other Head?

I can compare sales with closing debtors in case of Debt Turnover Ratio & closing creditors with purchases for creditors turnover ratio.

Can you please let me know when do we use closing debtors instead of average & closing creditors in place of average creditors.

if a person accepts loan in cash in this manner
1/4/07 15900
20/4/07 15800
3/9/07 15800

then whether he is liable u/s 269S & 269T IF IT IS
(A) AUDIT FIRM
(B) NON AUDIT FIRM

If that firm comes U/S 44AD or 44AF or 44AE?
what is the penalty for violating sec 269ss or 269T

Dear Sir/Madam,

I am going to appear for my pcc exam in May 2009.
As far as the preparations are concerned i yet have to fig out some good reference books,books which not only are good from the examination point of you but also from the conceptual point of view.
I would be highly obliged if you could provide me details of some good reference books for

1. COSTING
2.FINANCIAL MANAGEMENT
3.ACCOUNTS

Also i wanted to know how to go about studying all the subjects of PCC?

Hello,

1. Service Tax Paid on commission. Whether we can take credit for service tax paid on telephone, professional fees. But this payment we cannot bifurgate whether this is related to the commission service or it is for the different service. Because they also have other purchase and sales business. Please advice on the same.

2. Whenver we had paid and higher amount in respect of service tax before taking any exemption limit upto 8 lakh. Amount collected from debtors is all inclusive of service tax. So whether we can claim a refund upto 8 lakh. If yes, whether we should file a revised return and ask for a refund. Please advice.

How will you find a ommission of a bill from entering the accounts when you do not have or seen the bill? That is the bill is ommitted from accounting because of unintentional misplacement of the bill by the accounts department. The accounts department is not aware of the ommission.

How will an auditor will find the above query while vouching or general ledger scrutiny?