Hello
I am a CS executive old syllabus student, I want to know that if the OMR mode for the announced papers is applicable for old syllabus students too or is it just for the new course students.

TDs is applicable if interest on bank deposit exceeds rs.10,000/. In the case of FD, the system of calculation of TDs on FD is as follows. Interest earned and credited during the financial year plus interest accrued till 31st march but not credited. While appreciating inclusion of interest accrued also for TDs calculation, the component of interest accrued so included in respective financial year is not excluded from the interest credited in the following f.y. Ultimately, TDs is recovered based on a wrong calculation formula presently done by many banks. Why this practice is followed which is detrimental to the interest of depositors who are forcibly identified in the TDs bracket due to this incorrect calculation methodology, under the guise of IT norms which is silent with regard to elimination of interest accrued on previous fly while calculating interest earned during a f.y ?

Time limit for taking credit on input and input services: credit shall be taken within six months from the date of the
invoice or challans or other documents specified [change to have effect from 1st September, 2014].

Pl clarify that whether its related to taking credit or utilisation of credit.If its related to taking credit then whats the purpose of this provision.

hello plz ans my question which is confusing me case is mr.a is salaried employee and now his employer don't deduct tds from his salary as he is non auditable but my question is that how do employer knows that he cant judge only from salary income he might be having other income also like under head ifos....so my question is no. 1 ..to deduct tds depends on auditability base or exemption limit of 200000 based (now 250000)... rahul

Dear experts just now i received tds intimation for default..It denotes that late deduction for a sum of Rs.280/-..But i deduct before 5th tds from deductes..and Q1 filig also file on 09/07/14.then why i get received default intimation plz explain experts as soon.

Agriculture losses can be adjust in Total income from individual tax calculation???

In the process of financial restructuring of a chronically sick central public sector Enterprises ,Govt of India waived its accumulated loan and interest.As a result the company earned net profit arising liability for payment of current tax.However due to its precarious fund condition,Govt. of India also provided it with fund assistance under Grant-in-Aid for payment of such Income Tax Liability.

In the stated circumstances,I am rather confused about the accounting treatment of such Grant- In -Aid,if it should be treated as capital Receipts in conformity with para 10 of AS-12.or it should be treated as Revenue Receipts in governance with para-18 of the said AS.
Awaiting Suitable response from the Experts in this regard.

Regards

Snehanshu Kar Chaudhuri

Dear All,

I have to file ITR for F.Y. 2013-14 for an Individual. She is a Fashion Designer and make garments in form of works contract as well as provide services also. She wants to apply for Business loan of Rs. 5 Lakhs. She maintained no books of accounts (BOA) till date. I have made BOA on the basis of available Information received. Its sales at present is around 8.5 lakhs but showing loss of aprox 4.5 lakhs. Cash is also very less as per Balance sheet.

Kindly let me know on what points I should pay attention specifically and finalize her return. Like what shall be cash?or what r d ratios which I should check, what shall b d profit, what shall be d minimum sales? etc...

Kindly help and reply ASAP

why cenvat credit of service tax or vat input is taken and why not cenvat input or Vat input is charged in profit and loss acoount. Please reply this question,

why cenvat credit of service tax or vat input is taken and why not cenvat input or Vat input is charged in profit and loss acoount. Please reply this question,