hello plz ans my question which is confusing me case is mr.a is salaried employee and now his employer don't deduct tds from his salary as he is non auditable but my question is that how do employer knows that he cant judge only from salary income he might be having other income also like under head ifos....so my question is no. 1 ..to deduct tds depends on auditability base or exemption limit of 200000 based (now 250000)... rahul

Dear experts just now i received tds intimation for default..It denotes that late deduction for a sum of Rs.280/-..But i deduct before 5th tds from deductes..and Q1 filig also file on 09/07/14.then why i get received default intimation plz explain experts as soon.

In the process of financial restructuring of a chronically sick central public sector Enterprises ,Govt of India waived its accumulated loan and interest.As a result the company earned net profit arising liability for payment of current tax.However due to its precarious fund condition,Govt. of India also provided it with fund assistance under Grant-in-Aid for payment of such Income Tax Liability.

In the stated circumstances,I am rather confused about the accounting treatment of such Grant- In -Aid,if it should be treated as capital Receipts in conformity with para 10 of AS-12.or it should be treated as Revenue Receipts in governance with para-18 of the said AS.
Awaiting Suitable response from the Experts in this regard.

Regards

Snehanshu Kar Chaudhuri

Dear All,

I have to file ITR for F.Y. 2013-14 for an Individual. She is a Fashion Designer and make garments in form of works contract as well as provide services also. She wants to apply for Business loan of Rs. 5 Lakhs. She maintained no books of accounts (BOA) till date. I have made BOA on the basis of available Information received. Its sales at present is around 8.5 lakhs but showing loss of aprox 4.5 lakhs. Cash is also very less as per Balance sheet.

Kindly let me know on what points I should pay attention specifically and finalize her return. Like what shall be cash?or what r d ratios which I should check, what shall b d profit, what shall be d minimum sales? etc...

Kindly help and reply ASAP

why cenvat credit of service tax or vat input is taken and why not cenvat input or Vat input is charged in profit and loss acoount. Please reply this question,

why cenvat credit of service tax or vat input is taken and why not cenvat input or Vat input is charged in profit and loss acoount. Please reply this question,

I cleared my ipcc on nov 2013 but I join articleship in july 2014.so is it possible to take the articleship certificate from December 2013 (backdate)....? If yes....then what will be the procedure..?

I am registered as a Works Contractor under Composition Scheme of Delhi Value Added Tax with 3% tax liability.

I want to exchange my old car with a new car which has been used for personal as well as business use.

Depreciation benefit is being claimed on the car.

I want to know will there be any D-VAT liability on exchange of the old car? What would be the rate of tax?

Will I have to pay income tax also on exchange of old car?

On what amount would I be liable to pay VAT & Income Tax on? On the whole exchange consideration OR only on profit ( i.e. sale amount - value of car in books)?

What if I incur loss on exchange as per books? Will I still be liable to pay VAT/Income Tax?

Hi
I have salaried income of 10 LPA and NSE F&O turnover of around 8 LPA .

My Profit % of turnover is greater than 8 % .

My Question is do I need to get my Accounts audited by a CA before filling my return.

I am getting mixed opinions :

a) if your turnover exceeds 1 crore and your profit is less than 8% of turnover than only you need to audit your account.

b)if you want to claim losses and your other income(salaried income) exceeds slab rate(2 Lakhs) you are liable to audit

Is audit required in my case . How should I proceed with filing my return

in a balance sheet i found

GENERAL RESERVE - 1603
P/L ACCOUNT - 807
SECURITIES PREMIUM - 500
-----
Total 2910

after B/S its given profit for the yesr ended given 3060. there are some rectification amounting to rs 60 , so after rectificatio profit comes to (3060-60)=3000.

so my Q. is what could be the probable cause between such difference means why is there a difference between 2910 and 3000. it should be same.

Referncence - Praveen sir , ca final , valuation of goodwill chapter , ABC Ltd.