This Query has 1 replies
Respected sir,
i am having a query regarding the sale to franchaisee, the details are as follows.
Rs.
1. sale 100000
less: vat @ 4% / 104 4000
Net sales 96000
7% comm on net sale 6720
service tax on comm 831
reimbursement 80000
octroi 2000
total deduction 89551
net recievable 6449
(i.e. net sales -
total deductions)
further clarifing that the above amount we are recieving per month from franchaisee.
with the above information i want to know that
1. is it service tax is chargable on 7% commission & if it is yes than under what service head.
2. is i have to deduct tds on Rs. 80000/- monthly reimbursement.
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Suppose a parent company acquires 75% equity share on 1-10-2000 in a subsidiary company. Later on 31-03-2001 assets of the subsidiary company are revalued upward by Rs 200000 then, will the revaluation profit (reserve) of the subsidiary treated as Post acquisition profit or pre-acquisition profit. Or there is any other treatment, please suggest.
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Hi, I've a query!!
Its about 1 savings bank account I'm having with nominal balance of 15000. I got this opened when I was doing part time job with college studies for only 3 months. Then I did not operated it for 4 yrs.
Now, in these 4 yrs I got shifted to some other state where i worked full time and had got my PAN card and filed a couple of IT Returns - without the above said bank details. ( I almost forgot that).
Now I'm again shifted to my old place and wish to operate my old bank account which I've not shown in books and return. So can you please suggest me if its legal/valid or any way how I can operate it and show in my next IT return.
I'd appreciate your help.
LIVE Course on Foreign Exchange Management Act (FEMA)(with recording)
accounting entry of sale to franchaisee.