If a Private Limited Co (Non Listed) wants to declare interim dividend, so what is the stipulated period to make dividend payment and suppose if the Company fails to make the Dividend payment within stipulated period what will be the penalty under Companies Act and Income Tax Act etc…
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Dear All,

Following is my query-

If we have recieved Inward remittance from abroad for Invoice raised against software dev. activity, then in accounts how will be the treatment as far as currency conversion is concerned.

1. The date on which we receive amount in EEFC account
2. The date on which we convert the currency in INR
3. The Date on which we book the invoice.

Please let me know how and what will be the entires taking into consideration the exchange fluctuation gain or loss?

X ltd having Computer Worth rs. 25000 in balance sheet during the year x ltd paid rs. 6900 for purchase of software, Rs. 2500 for the maintainance of website, Rs. 3690 purchase of ram, so shall X ltd have to capitalise Rs. 6900 if yes then what is the rate of depreciation in companies act and in cometax act.

One more query.

If the employee opts out of PF Contribution, what's the procedure to opt out? In this context, what's the obligation of Employer, should he still continue to contribute 12 % of Salary as PF? or he can also stop contribution since the employee opted out?

Thank you,
Raghu

HI,

My self is an Accounts Officer working in a MNC dealing with BPO Services. We are having the PF registration and have been deducting the PF according to their Basic salary and depositing the same in SBI and also depositing the monthly returns.

Regarding the same I wanted to know the following:
1. Lets say if aemployee's Break up is Basic Salary = 6500.00, HRA= 3250, Conveyance All = 800, Medical All = 1250 & Spl All = 1200.00 amountind a package of Rs. 13000.00. The his PF deduction will be 780.00 and what is the criteria for ESI deductions???
and
2. If the salary of the employee increases from 13000.00 to 20000.00 then his break up would be Basic salary = 10000.00, HRA=5000, Conveyance=800, Medical all=1250 & Spl All=2950.00. Now my Question is PF will be deducted 780.00 (as it is the maximum level) and the break up is what I have given. IS ir OK or something different?

and
3. what is the eligibility criteria of ESI deductions and what is the procedure and how it can be implemented.

Please give the answers andf I will be highly obliged.

Thanks & Regards
Someshwar Rao
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