If the executives of the company are provided re-imbursements of following as part of their salary:
1)Sales promotion expenses.
2)Books and Periodicals.
3)Conveyance.
4)Telephone.
5)Petrol Expenses.
6)Medical Expenses.
So in such cases fringe benefits would be valued at 100% or 20%?
Also give me reference to the section?

Will it covered under Sec115B(1) or under Sec115B(2)i.e as Deemed Fringe Benefits.

Please solve my query urgently.

Thank You.

As per Rule 53 of the MVAT Act,2005 input Vat Paid Will be reduced to the extent of 4% on purchase of Furniture And Fixtures,Electrical Installations,Office Equipments.

However my Question is:

1)What all includes as Office Equipments?
(Give some comprehensive list)

2)Do computers,fax machine, printers, safes,air conditioners,mobile sets,etc purchased for office use are to be termed as office equipments?

3)So,Vat paid @ 4% on computers purchased will not be available for Set-off?

4)Are there any amendments to this rule?

One of our client in SEZ wishes to hire a a person residing in U.K on salary basis to look after their marketing activity out there. Please advise whether tax is to be deducted on payments to be made from India.His residential status in India would be non resident.

thank you for your prompt reply, GUL. if i m not mistaken there is no service tax applicable on the OCEAN FREIGHT. pl recnfm.
the service tax is on the THC [terminal handling charges] and DOC charges which is charged by the line to him and same is collected from shpr and repaid to line .
he is not pocketing the service tax collected from the shpr. he is only collecting service tax and paying to the line.
also note he is not mentioning word 'SERVICE TAX' in the bill. so is it still not correct???
also note service tax is clubbed in the THC amount and DOC amount and billed to the shpr.
if he obtains the service tax no. then on wat element the service tax is applicable to him?? also adv under which a/c head this business is covered to be liable for service tax??

pl do adv urgently.

As per Section 145A the purchases, sales and inventories to be valued inclusive of taxes, duties, cess, etc incurred or paid. VAT introduecd during the FY 2006-07. Sales effected out of opening stock also and that stock is on declaration of forms or exempted goods. Is the closing stock to be valued with VAT on such stock as well as the opening stock also. Is Vat receivable only to be added in closing stock or the actual VAT paid on closing stock should be added. Further as per new ITR in the P& L a/c the Purchase, sales, closing stock etc to be inclusive. Can we do adjustment in computation only and the net effect can be shown in adjustment. If this method is followed then will it not be treated as defective return as the P& L not prepared as required in the form.

Regards
R K Dhandia

As per Section 145A the purchases, sales and inventories to be valued inclusive of taxes, duties, cess, etc incurred or paid. VAT introduecd during the FY 2006-07. Sales effected out of opening stock also and that stock is on declaration of forms or exempted goods. Is the closing stock to be valued with VAT on such stock as well as the opening stock also. Is Vat receivable only to be added in closing stock or the actual VAT paid on closing stock should be added. Further as per new ITR in the P& L a/c the Purchase, sales, closing stock etc to be inclusive. Can we do adjustment in computation only and the net effect can be shown in adjustment. If this method is followed then will it not be treated as defective return as the P& L not prepared as required in the form.

Regards
R K Dhandia

1) mr. a is forwarder. he gets quote from shipping line say, for muscat, adds his profit margin and quotes the same to the shpr. shpr in turn picks up that line's cntr and exports his goods to muscat.

is there any type of service tax applicable on the profit margin of mr. a?

2) mr. a has not taken service tax no. can he charge the same in the invoice to the shpr as he only collects the same from shpr and pays to the shipping line.
pl adv urgently.

hi friends
an individual had purchased two residential house property 10 years back, which were adjacent to each other.He combined the properties and started using the same as a single house with common entrance, living room, etc. He had purchased them vide two separate agreements. He now sold them vide two separate sale deeds and has invested the entire proceeds in a single house property. Can he claim exemption under section 54 in respect of long term capital gain arising on sale of old two houses.

hello friends, i have a problem in finding out whether the consideration is in net payment method or net asset method because in net payment method you cannot take assets and liabilities. I am in great confusion please help me

hiii
is it dat PCC may 2008 attempt is the 3rd attempt?????
i hv seen the PCC papers in icai site also....
hw can students give PCC without completing 18 months articleship???