In case of a individual who does not have taxable income, but who has refund arising out of TDS in FY 2005-06. He has not filed his return claiming refund during the AY 2006-07. Can he claim refund in AY 2007-08. What would be the case if the assessee is a firm, society or a company. Please also detail the penalties possible.

CAN I HAVE TO PAY EXPENSE INCURED FOR EMPLOYEE TRAINING OUT SIDE INDIA

what is input service and capital goods under VAT and what is there relevance. does there is any law which specifically deals with these.
plz help me out

Can Accounting Standard 21 is applicable to Private Ltd Co

Can Accounting Standard 21 is applicable to Private Ltd Co

hi,

i am 28yrs old, i am working from past 9yrs as accountant, i did my graduation in the evening colleage.i have a dream to become a CA.i have cleared my CPT Nov 2007 1st attempt.

i am confused as a people are suggesting that it may be a wrong decision to do CA due to age factor.

please suggest me

Vedha

Hi,

From the following what are liable to FBT under Training expenses.

1. Fees paid to institutes for Training to employees like Develop ur self confidence.

2. Reimbursement of fees for training to employees for such programs.

3. Expenses on travelling for training purposes

4. Food expenses etc for the training..

5. will the answer change if the training is for selected employees say 3/100.

6. wat other expenses are liable under training exp and wat are not..??

what r the elements of Misc.Exp......? and wheather it is an P/L item or balance sheet item. Plz help me

How to do accounting treatment for following Income tax refund?

case
TDS=48000/-
Provision for income tax=44000/-
Income tax refund=2000/-
Actual income tax=46000/-

then
at the time of Refund what should be the Journal entry?

Mahesh Chandorkar(CA Inter)

Sir,
Thanks for your earlier replies
I wish you all a very happy, peaceful and prosperous New Year 2008
I have a query on Service tax on Works contract
A contractor executing a works contract also utilizes the work of a sub contractor.
Both main contractor and the sub contractor does the work involving labour, materials etc.
As per the new rules the value of works contract excludes the value of transfer of property involved in materials.
Now the situation is like this
The value of Works contract is Rs.50,00,000
The value of materials is Rs.20,00,000
The amount paid to Sub Contractor Rs.25,00,000

If I am correct, the taxable value of service for the main contractor is Rs.30,00,000 (50-20)
My query now is
1.If the amount paid to sub contractor also includes the value of materials involved, how to claim that exemption
2.Very importantly, is sub contractor also liable to pay service tax under the new rule?
3.If the sub contractor is liable, whether main contractor or the sub contractor can input tax credit in any possibility?
4.Is there any mention that even the sub contractor also liable for works contract service tax in the new rules?

Pls clarify the same.

Regards,
M.P.Arun