Audit queries [919]

All Resolved Open

hemang

24 March 2009 at 23:54

form c

hi i want to know what is the rate applicable for c.s.t , vat, excise if the party have issued the form no c againt it

hemang

24 March 2009 at 23:41

transportation

hi i want to know what is the differance between the transportation cost and freight

kvita garg

24 March 2009 at 16:37

bank audit

guide me on bank audit , wt shld i study ,tell in brief about main things in it

Mehul

24 March 2009 at 15:09

Excess provision written back S/ 41 of Income tax

We are STPI company and claimed 10A benefit in last year.

There are some expenses claimed in last year & reversed in current year. Auditor has asked to reverse it as Other Income. Our problem is if we show as other income then we can't include in business income to claim 10A deduction becuase, in general, other income used to take out from business income and offered to tax under other sources head.

for us tt is better to not to claim provisional expenses so income get increase and claim 10A benefit rather pay 30% on reversal of expenses which were actually not paid by the company.

What should be the remedy,can Co. claim 10A benefit on reversal of expenses i.e. show that exps reversal in business income? Any supporting case law is available to satifsy audior?

Please help.

Regards,
Mehul Dedhia
mehulddedhia2002@yahoo.com