My orgainistion is registered under society's Act and non-profit oriented and receives govt.grants. The govt.has given land free of cost. The members of the society are nominated by Govt. Recently the Accountant General personnel conducted audit of our accounts. The pointed out that :

1. The land has to be valued at market price and shown in the books of accounts where as we assigned Rs.1 value as it is given free of cost.

2. Similarly two buses were given by one of the PSU free of cost and shown At Rs.1 in the books where as they wanted to show at depreciated value from the date of purchase.
Please clarify.

A person is an employee in 3 company and is in receipt of transport allowance of Rs 800/- per month from each company.In this case can he claim exemtion of Rs 800/- from each of such company.

HELLO, THIS SYED IRSHAD HERE.I WANT TO COMPLETE MY 100HRS IT TRAINING.BUT I CANNOT COME TO CUFFE PARADE AS I AM WORKING IN A FIRM. PLZ TELL ME OTHER PLACES IN MUMBAI WHERE I CAN COMPLETE MY 100HRS IT TRAINING.IS INSTITUTE COMING WITH NEW LIST OF LICENCED INSTITUTIONS FOR IT TRAINING.

Dear sir

Please clarrify me that if Son Paid CAR RENT to Father and use the car and father Shows car rental income in his income tax return
Can they do this as per income tax

Rajesh

if a payment is made to a Local Authority whether there is a need to deduct any TDS u/s194 or not. please send the reply as soon as possible.....

Dear Sir,

Please let me know how will avoid the maximum tax exemption and state sections and amounts.


Thanks in Advance.

I need clarification on whether profits earned on sale of alloted shares in ipo are taxable, i.e short term capital gain tax attracts on profit earned.?

Please help with any case if any.

my email id is : vikram_ranka2000@yahoo.com

Regards,
Vikram Ranka

Respected seniors,
Plz help me regarding these questions,

My company (ABC ltd)purchase some gift items from XYZ Ltd and
1.Paid excess amount against the bill
2.The XYZ Ltd return the excess amount after some days and one more thing I don't want to maintain the the XYZ's ledger

So, what will be the accounting entry for these tranjections.

Needs only experts opinion
Thanks in advance.

Kindly mention the new amendments of service tax which is benifitting the paper indutry as a whole.

Can I the details of Section 194I .

I want to know the rates and the period within which the same has to be paid.