CA RAMESH KUMAR AHUJA's Expert Profile

Queries Replied : 1508

About me

I am a science graduate, law graduate and Chartered Accountant. I have also qualified DISA from ICAI.

I am in practice for about 30 years and take care of Income Tax, Accounting, Audit, Company Law, Service Tax, Bank Audits and System Audit assignments of corporates, LLPs, Firms, Individuals, AOPs etc. I have also been attached to Capital Market Companies where I was heading Business Monitoring department with profile of monitoring of Policies, development of new business strategies, formulation of methods and procedures for the development of business and ways to increase revenues and control the costs.

My other interests are listening Music, teaching pupils, net surfing and playing Badminton. I believe in Karma which is ultimately followed by Destiny.

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asha fernandes says : sec 40A(3)
dearsir, forthe a.y 08-09 do we have to see that expenses claimed last year towards puchases and credited to creditors account single payment in a day doesnt exceed 20,000 thank u sir

asha fernandes says : sec 40A(3)
sir, but if the bill is for 95000, and i know that the bill exceeeds 20,000 .if i pay fully at 1 go its violation ,but if i split in 5 days and pay each installment is less than 20000, it is allowable expense. am i getting it right sir. please guide me . thanks

asha fernandes says : perks of business
sir, thanks for the answer.but if i may elaborate on this one. my client is a doctor who refers his patients for various tests to a particular diagnostic centre. so in turn the diagnostic cente can say as a token of thanks or an incentive to patronise further has sponsored some bills of the doctors house construction and towards some furniture purhcase. the doctor could have very well got the cash if he was not constructing a house. what do u think of this transaction sir? thanks

asha fernandes says : perks of busines

CA RAMESH KUMAR AHUJA says : PF Contribution
Dear Harilal, This is not discretionary on the part of the employer to deduct or not to. Every employer who is covered by The Employees' Funds & Miscellaneous Provisions Act, 1952 (EPF & MP Act) has to follow the statutory provisions contained therein otherwise the fines and penalties may be levied under the act. The Employees’ Provident Funds & Miscellaneous Provisions Act, 1952 (EPF & MP Act) which applies to specific scheduled factories and establishments employing 20 or more employees and ensures terminal benefits to provident fund, superannuation pension, and family pension in case of death during service.