Bhaskaran Chackrapani Warrier's Expert Profile

Queries Replied : 22307

Graduate of Kerala University.

Fellow member of ICAI.

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Kartikeya Goyal says : Accounting Entries for Finished Goods Destroyed
Dear Sir, Please suggest the accounting entries for Finished Goods Destroyed by Fire during the year in the following example - Value of FG Destroyed: 16 Lacs; - Salvage Value : 2 Lacs; - Insurance Claim Accepted & Receivable - 8 Lacs

Vikrant Lele says : itr 6
i am filling itr-6 for my company. we have changed the method of depreciationresulting in a surplus. where do i show this in itr -6 ??

M. A. Imran says : Help in Filing ITR
I am getting the following error while uploading return of company. Error 1: Line number: 1392 , Column number: 66 Message: Value '0' is not facet-valid with respect to enumeration '[1, 2]'. It must be a value from the enumeration. Error 2: Line number: 1392 , Column number: 66 Message: The value '0' of element 'ITRForm:PLAcntPrepAsperAGM' is not valid. Please help me in this about what could be the possible error. It has given line no and column no in the error, please tel how to track that line and column no also

HIMANSHU says : Notional Rent
We are a registered Partnership firm carrying on business of real estate development . Couple of years ago we had constructed a residential building in which we have retained 4 residential flats, out of which 3 flats were/are given on leave and license basis. The 4th flat is used by the partners for personal use and is shown vacant in our Balance Sheet. We have shown the flats as Fixed Assets in our Balance Sheet and claiming Depreciation on all the 4 flats. The Income Tax Department is assessing our rental income under the head Income from Business & Profession. We wish to know whether Income Tax Department can calculate notional rent (Annual Value) on the 4th flat which is not given on rent. Kindly advice

Hemant Manral says : Import of Advertisement Services
A Online advertisement Company import Advertisement Services from outside India from Social Media websites Like Facebook, Linkdin. company purchasing services through credit card. Nature of services is pay per click (PPC) & space on website for advertisement. Company purchase services from Facebook & selling to Indian clients. I need expert's advice on quarry as follows. 1. If we are paying through credit card is there is any liability to pay service tax & TDS on credit card purchase. 2. Is any TDS applicable or import of Advertisement Services, Like Facebook there is no Permanent establishment in India ? 3. How to Calculate TDS ?