Dear Sir,

our parent company ( korean ) was working in india for more than 9 months. when the customer made the payment , they deducted WHT @40% + surcharge on invoice value. They gave the reason for 40% deduction was , as the korean company has been working in india for more than 9 months it will be treated as PE and tax will be 40% + S.charge as PE comes under the status of Foreign company.

We haven't submitted any Lower deduciton certificate to the customer.

My query is:
1. The Law states 40% + on the Profits and not on the Invoice value .
Then why did they deduct on invoice value.
2. is there are any law mentioning , if Lower deduction certificate is not provided , the WHT will be deducted on invoice value.

please help me to solve this query.

I HAVE MADE PAYMENT TO PARTY IN CASH . I HAVE DEPOSITED CASH ON HIS BANK A/C . IT IS TAXABLE PUNISHMENT ? I HAVE NOT PAID DIRECTLY CASH . I HAVE DEPOSIT CASH IN PARTY'S BANK A/C .

Sir if student register under diect entry .after 25/05/13 and ITT & OE class were full up to 28sep
then what can he do for may 2014 attempt

i have below income in my wife a/c : tution fees 75000 + equity share trading profit 85000 + bank interest 2560 . can u please let me know in which head of income shall i show the tution fees & equity share trading profit ? pls note that the share trading profit is "intra day trading profit" so in which head shall i show same.

thnx

Assessee is having two housing loans for one self occupied property. Can he claim interest on borrowed capital for these two loans u/s 24(b) for Rs.1,50,000/- and Rs.30,000..Pls help..

why excise duty is deducted from sales ?

WHAT IS THE TIME FRAME DURING WHICH THE SCHEME SHALL BE APPLICABLE, OR IN OTHER WORDS UPTO WHAT DATE vces 1 CAN BE FILED ?

PLS ENLIGHTEN

We as Chartered Accountants have received an approval from our institute for our firm name with effect from date 22/04/2013 . And so we wanted to enter the date 22/04/2013 in the partnership deed.

Will it have any difference if we get the stamp paper for the deed as on date 15/05/2013.

What will be the effective date for our partnership deed? 22/04/2013 or 15/04/2013?

Please advice?

Dear sir,

Why can't we show Depreciation under Direct expenses i.e Depreciation on Factory Building , Depreciation on plant and Machinery

Why we will show under Indirect exp?

Please Clarify

Would like to have an opinion on the following transaction.

lets say company A receives a consultancy services and the invoice for the same is as follows:
Consultancy services 100000
Service tax @12.36% ( rounding off for convenience) to 12000
tds on 112000@ 11.33% rounding off to 13000

So what would be entries in books of A


as per my opinion it should be as follows in books of A

1)first entry:

Consultancy fees Dr. 100000 -
ServiceTax payable A/c Dr. 12000 -
Tds A/c Dr. 13000 -

To A A/c Cr - 112000
To Tds payable A/c Cr - 13000

2) second entry:

Tds payable A/c Dr. 13000 -
To Bank A/c Cr. - 13000

3) Third entry :

A A/c Dr. 112000 -
To Tds A/c Cr. - 13000
To BankA/c Cr. - 99000