WE HAVE MADE ARRANGEMENT WITH A HOTEL TO PROVIDE 2 DAYS ACCOMODATION AS WELL AS FOODING @ RS 7500/- PER PERSON FOR TWO DAYS. ROOM RENT WILL BE Rs 1.50 LACS AND FOODING BILL WILL ALSO BE AROUND RS 1.25 LACS. PLEASE LET ME KNOW THE TDS APPLICATION IN THIS CASE EACH FOR RENT AND FOOD.DOES IT MAKE ANY DIFFERENCE IF HOTEL RAISED ONLY ONE CONSOLIDATE BILL WITHOUT BIFURCATING ROOM & FOOD CHARGES ? PLEASE CLARIFY

a co who has subsidary and operation in foreign . when is employees goes to abroad nad the co gave them foreign currency and after returning the employee settles his account and return the foreign currency to the co. than in that case books main entry treatment kya hoga and can co . froeign currency apane pass rakh sakati hai . if yes to kab tak is there any provision in fema let me plz tell with reference

akhil rastogi
Ca final

Dear Sir,

Can we show the current account in the Balance Sheet under header capital and reserves.

or it is better to show the net amount after deducting from the retained earnings.

my question is :

Is it good to display the properitor drawings in the main first pages of balance sheet.

Which is the better practice?

Please comment.

Sam Koshy

There are many statistics in the second section of this subject ranging from revenues, percentages,etc. What sort of statistics and percentages should we give imp. and memorise?

1) Mr T is a partner in XYZ Associates, Chartered Accountants and in ABC & Co., Chartered Accountants;
2) XYZ Associates is an Internal Auditor and is advisory to the management of M/s Wellrun Ltd;
3) Whether M/s Wellrun Ltd can appoint ABC & Co., Chartered Accountants as its statutory auditors u/s 224?

1) Mr X bought a plot of land for Rs. 28,000 on Feb, 1982.
2) He want to sell it for Rs. 6,00,000 during the month of Dec, 2007.
3) What will be the tax he liable to pay?
4) How can he exonerate from this liability? and he can do anything to avoid tax.
5) What are all the documents to produce before the Tax Authorities for buing, selling or otherwise reducing his tax liability?

1) An employer refuses to act according to the provisions of Income Tax Act in collecting tax from his employees, but repeatedly says that he should collect the respective TDS as per the circular instructions of his head querters and he is liable to obey only such intructions;
2) The said circulars are fully wrong in delivering the intructions regarding TDS without following strictly the provisions of the Act;
3) How can I advice him?

1) An employer collected TDS from his employee say on 28th September;
2) What will be the last date to credit such proceeds to the Central Govt Account in this instant case?
3) If the employer does not do do so due to any reasons, what will be the remedy for the employee? Will the employer be held liable for his act? If so, what are all the liabilities?

Dear Mr. Gul and Mr. Ravi Kumar,

Thank you very much for your reply to our querry for medical reamburshment.

Our company is still saying that FBT needs to be decucted.
The fact of the case is
1) Rs. 1,250/- pm deducted by company so total Rs. 15,000/- pa
2) We have to claim, say Rs. 18000/- as medical reamburshment and company is reamburshing Rs. 15,000/- by cheque and not by crediting in salary account. So Rs. 15,000/- is not forming part of the salary.
3) the company is saying that Rs. 1000/- will be deducted form Rs. 15,000/- as company have to pay FBT on Rs. 15,000/-.
3) I understand from your reply that upto Rs. 15,000/- there is no FBT.
4) I request you that can we have some support for the reply so that i can put before the company.

CS Jatin Vora

1) I was the student of Intermediate course, and have completed articleship, but could not pass any group of Intermediate exams and appeared Professional Education -II but not passed any group;
2) Shall I apply for conversion to Professional Competence Course?
3) Shall I eligible to get transition to Professional Competence Course for the reason that I have not passed Foundation Examination?
4) Whether transition to Professional Competence Course is available only if I have passed Foundation Examination or CPT conducted by the Institute?
5) Shall I get full credit of 3 years of articleship already completed?