Consider an example.

Invoice amount $1 Lakh.
Calculate TDS in USD @ 20% = 20,000.
Exchange Rate = Rs.50

Entry as on 1.01.2013:

Expense A/c Dr. 50 Lakh
To Creditor A/c 40 Lakh
To TDS Payable A/c 10 Lakh

Now you have to pay $ 80,000 to the party. TDS will remain Rs. 10 Lakhs only.Rs. 10 lacs TDS has to be deposited by 7th February.

Now on the date of payment for e.g. 31.03.2013, exchange rate is Rs. 55.

Entry :

Creditor A/c Dr. 40 Lakh
Foreign Exchange Fluctuation A/c Dr. 4 Lakh
To Bank A/c 44 Lakh

TDS amount will not be affected by change in exchang rate. The difference is Exchange Loss/Gain.
But in 15CA/15CB we will mention amount in INR as 1,00,000*60= 60 lacs
TDS = 20,000*60= 12 lacs
Net amount= 48 lacs

So, this will give 2 different information to TDS/Income Tax Deptt.one is 10 lacs & other is 12 lacs..

Please suggest!!! How to deal with this practical problem.

Thanks in advance.

Deepak Kakkar

Dear MEMBER

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Hello all,

My name is Nakul.I need information regarding export of bananas.I want to know all the additional documents except compulsory documents while exporting those bananas.Please share asap.

If any special document is there please throw some light on that also.

Thank you

In one of Private Limited Company unsecured loan taken from shareholder and non shareholder. The fund received from both are debt free fund. The now question is that company need to pay interest on the unsecured loan. If the company don't want to pay then company can do so without creating any liability. If it needs to pay compulsory then what are the rate of interest.

Dear all,
Any one can explain me about below query.Suppose,
We have Claimed - say Telephone expenses of Rs. 50000/-in P&Loss A/c as deduction under income tax in previous year 2011-12.Now Next year say previous year 2012-13, we written back- Telephone exp say Rs. 3000/- (out of Rs. 50000/-,which claimed as deduction in previous year 2011-12 ) and shown as income - misc. income in Profit & Loss A/c.
Will this amount of Rs. 3000/- Misc. Income will be disallowed ,while making computation of Income for the previous year 2012-13.Explain under which section -41(1) ???

Please urgent reply.
Regards
Anil Jain
9312640067
akj9312640067@gmail.com

PLS HELP ITS URGENT

I have to file Tds return. For Q1 I have made tds payments late 8 to 10 days and have not paid interest but before filing of return I have to pay the intetest pls suggest how to calculate exact interest there are 200 entrries will I have to calculate interest in respect of each entry. I.E from date of deduction of each 200 entries

also pls suggest any excel file or software I use RPU software from TIN-NSDL site for exact computation of intrest .

Also how can I check whether interest is corectly computed
PLS REPLY ITS URGENT
Pls also suggest should I show the interest in total or against specific section in return....

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And assets use during the year and no payment made during the year.Then in such case depreciation allowed in income tax or not?

If allowed,provide reason OR under which section?
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Hi everybody,

My mother got family pension arrears of Rs 2,07,051 for last 3 years(from 1st sept 2009,2010,2011) in Sept 2012 , also she got Rs 75,192 family pension for current year. There was mistake in my fathers Pension order hence it took 3 years to receive this family pension. My mother is senior citizen. I know that family Pension is taxable as income from other sources after a deduction Rs.15,000 also I know that there is a relief u/s 89 , but I have difficulty in understanding how to calculate this relief as my mother was below taxable limit in all this years .Also I not aware whether this deduction of 15000 can be claimed for all years ?? My mother have other interest income and house income for current year.... Please help me how to find this relief... Is any form needs to file to income tax dept to get this relief?

Hi Sir/Madam,
I became a member in CA Club India today.I feel excited about it as I can enhance my knowledge on financial subjects & issues.I am a Trainer.I have experience in training Insurance & Bank professionals.That is how I bear a very limited and little knowledge on financial instruments .I hope CA Club India would certainly be a platform where I can acquire knowledge on financial instruments.Is there any scope for me to register myself in any Trainers Forum of CA Club India? Regards_Nasim