CMA. CS. Sanjay Gupta's Expert Profile

Queries Replied : 24107

About me

"PROUD TO BE AN INDIAN"

Hi!

I am Sanjay Gupta from "City of Joy - Kolkata". I have completed ICWA, M.Com, CS, DIM and currently pursuing MBA. Presently i am working for Hindustan Aeronautics Limited, Barrackpore Division as a Dy. Manager (Finance). Prior to this, for last 3 years i worked for "West Bengal Industrial Development Corporation Ltd" as Officer On Special Duty and before that for 3.5 years i worked for "Jekay Group of Companies" as Manager (F & A).

I am a part of caclubindia Family to share whatever knowledge i have and also to enhance my own knowledge. We all learn something everyday, because education never ends be it in school, college, institutions or in Journey of Life.

My message to all "Keep Sharing your knowledge to help people. Knowledge increses by sharing and not by preserving"

Thanks for visiting my profile.

CMA. Sanjay Gupta

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himanshu saluja says : accounts
a ltd. formed as a pblic ltd company with an authorised capital of rs 2000000 divided into shares of rs 10 each. altd issued fully paid up shares of rs 10 each in consideration of acquiring asssets worth rs 3,80,000 fro m/s rahim bros, the shares are issued at a premiuim of 25%. to the transaction share capital need to be credited by........ what is its answer? and how

jayant singh kalra says : financial reporting
how should the reporting be made in case branch has different financial year than h.o

Devki Durgapal says : Tds on professionals
Thanks for your reply. I would like to know that if their single bill is of Rs. 4,000/- .We have done 12 payments in a year. Should I deduct the TDS for the same or not since the total amount for the year has become 48,000/-

Amit Kr. Mishra says : Income Tax (Add Back of Profits)
One of my friends is in need of some guidance on the following subject and wants to know if there is any chance of escape from being the below expenses added back to his income as he has received a show cause notice from the IT Deptt. (Relevant AY 2008-09) 1. Rs. 7.33 lac has been debited as interest in the P/L A/c. Expense towards payment of interest included penalty interest of Rs. 2.79 lac for non payment in time. How can this be avoided from being added back to the income for the said AY. 2. An amount of Rs. 1.59 Lac has been debited as adjustments relating to Prior Period. The expenses were relating to heads like materials consumed, depreciation, freight and handling, audit expenses. The audit report also stated that incomes/expenditures relating to Prior Period are accounted for only in cases of errors or commissions. But as per the I T Deptt, these should be disallowed. Is there a way out? Doesn’t these expenses mentioned above fall under the said category of “errors or commissions”? 3. Donation to outside parties amounted to Rs. 1.06 lac which were debited to P/L A/c. The donations were given to local parties and organizations to maintain good relation and harmony. The business is in a sensitive locality and it’s not good for the business to make these organizations unhappy. Thus for the smoother and better running of the business, the donation was given. Can this donation be not regarded as business expense on this ground? 4. Mercantile System of Accounting has been adopted by my friend except for (a) Payment under Family Pension Scheme & (b) Rent for Guest house, which has been accounted on Cash Basis since it is not possible to create a feasible provision of the same. The IT Deptt. wants to disallow the expenses made on cash basis since my friend follows Mercantile System. Can’t the said expenses, where proper provisioning is not possible, be allowed to be recorded on Cash Basis even if the accounting system is Mercantile? 5. An amount of Rs. 4.58 lac has been debited as payments in VRS Scheme in P/L A/c. But as per IT Act, u/s 35DDA(i) only one fifth of the payments should be allowed in the PY and balance should be deducted in equal installments for each of the four immediately succeeding PY. Is there any escape under the said section or any other relevant section of IT Act so that the whole amount becomes eligible for deduction during one year? 6. Provision for leave encashment has been debited for 3.84 lac but the actual payments made were Rs. 1.45 lac only for the liability which existed on the first day of the PY. and the IT Deptt. suggests adding back of the unpaid balance to the income of the PY. The provision was done as per the actuarial valuation. Though only 1.45 lac has been paid but the balance will be paid as and when required. How can this add back be avoided? Does it hit Sec 43B? 7. My friend claimed total amount of Rs. 3.78 lac as expense in the P/L A/c towards Provident Fund during the year under consideration but the actual payments were for Rs. 2.52 lac only. (as per Part B in Form 3CD of Audit Report). The I.T. Deptt. says that the unpaid balance should be added back to the profits. The unpaid balance stands as liability in the books of my friend which could not be paid off owing to some financials constraints. Keeping these things in mind, is not there a way in the light of the IT Act, to get the whole expense allowed? Your kind replies will be a great help to me and my friend. I request you experts to kindly provide your opinion and guidance. Thanks & Regards, Amit K M

sarika says : tds
dear sir , i want to know tds intsert in following case for professional fee exp. april bill amt 12000 may 16000 june 15000 if i want to deduct TDS now whether intsest will be levied on all bill