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CA Shailesh Kumar Bhagat's Expert Profile

Queries Replied : 2325

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About me

    What kinds of questions I can and can't answer?
    Accounts : Accounting in power sector, Construction accounting, Works accounting. Tax : Income tax- " Business /Profession", TDS, Transfer pricing. VAT : Any question ralates to VAT. Service Tax : Construction & Industrial Services.

    My area of expertise
    Accounts & tax

    My experience in the area (years):
    15 Year

    Organizations I belong to:
    Prsent : NTPC LTD ( Power Sector)

    Publications or writing which has appeared :
    No

    Educational credentials:
    Bcom ( Hon's) , CA, CWA

    Award & Honors:
    various Awards at organisation levels

  • kan says : contract
    Dear sir, Yarn is excempted from excise duty so service tax is applicable. plz confirm Regards kk

  • avinash narayanrao korde says : journal entry
    DEAR SIR, WE PRCHASE MACHINERY OF RS 100000,AND PAID A AMOUNT TO PARYT THROUGH CHEQUE BUT THIS MACHINERY WE PRCHASED FOR OUR CONTRATOR NOW HE RAISE A BILL OF RS 200000,MY QUESTION IS HOW WE DEDUCT AMT. FROM CONTRATOR BILL. WE MADE A ENTRY IN PURCHASE A/C. MACHINERY A/C DR 100000 TO PARTY A/C FROM WHOM WE PURCHASE MACHINERY. AFTER THAT WE PAID A AMOUNT TO PARTY & PASS SECOND ENTRY PARTY A/C DEBIT 100000 TO BANK 100000 WHAT WILL BE THIRD ENTRY ON THE BASIS OF WHICH WE CAN DEDUCT AMOUNT FROM CONTRACTOR. THANKS.

  • NITIN B DHAVAN says : mat
    my client has suffered huge lossess B/f business lossess before dep as per books of accounts Rs. 50.00 Lacs & B/f dep as per books of accounts as per Rs150.00 Lacs during the year the company has earn book profit of Rs. 25.00 Lacs so what will be the deduction for u/s 115JB. and we have taken deduction of loss B/f whichever is less our income as per computation is nil after setoff and what is the status of remaining C/f loss in next year.

  • sree says : thanks
    thank u for ur ans. some of our experts suggest that the income earned from sale of trees is treated as capital receipt and is exempt from tax...because it is not the sale of product it is the sale of entire tree (teak wood) can u clarify..


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