dedcution of rs 1,00,000 in 80 C does limit of 1 lacs also includes employers contribution to PF or only eemployees share to PF.

Dear All,

In Case of Works Contract Service we have to pay both VAT & Service Tax,

For VAT if we are not able to separate Value of Material & Labour charges we go for standard deductgion option (e.g. in Maharashtra 25% standard deduction is available for labour)and on balance we have to pay VAT,

However,for service tax the chargeable value is 40% of total contract price as per service tax rules.Therefore we are paying tax on 115%(i.e.75%+40%).What is the solution for this and how to pass accountinf entries.

Please reply at the earliest.

Dear Sir,

Tds not deducted when total payment was below thresh hold limit but after wards total payment goes beyond thresh hold limit of tds deduction.

Now whether Interest is required to be deposited on tds not dedcuted on earlier payment.

Thanks,

Gorav Goyal

lets suppose Mr A has been hired for 25,00,000 p.a. ctc

can he have following break up of salary.
comprising only of basic salary.

basic salary p.a. 22,32,142

resulting in employeers contribution to PF of Rs 2,67,858 (@12 %) and ee's contribution of 2,67,858.Since Mr A wants to divert his maximum portion of salary into PF.also can he transfer his entire salry of Rs 22,32,142 to PF.

or is it necesaary to split the salary into various heads basic, DA, HRA etc etc.

We are purchasing one machine. We will open deffered LC for the same. Machine will come in single shipment. However partial shipment is allowed so that if any part remin can be shipeed later.
Now can we put clause in LC that we will pay 10% after 30 days of bill of lading. Balance 90% will be paid in 3 equal instalment at yearly intervals. Is such instalment clause is possible in LC. Any RBI approval required?

pls give entry for following case.

a employee was hires for gross salary of Rs 10,000 p.m. Basic salary Rs 10,000 employer share to PF 12%, employees share 12%.

Reverse charge mechanism of Service tax on Security Exp - is there any cut off amount say upto 75k it's not applicable or nothing lik that? also Tds need to be deducted on gross or gross + 25% of ST?

Dear Sir

I have paid stamp duty and registration charges of around 10000 for transferring the old house and 15 cents of land to my ownership by my father during 2012-13 FY. We demolished the old home and constructed new house during the period and will complete before 31st march of this year. Can I claim the stamp duty and registration charges u/s 80C for AY 2013-14.

A widwo of police man officer received a sum of rs. 8.50 lacs as a pension of last 6-7 year. that the amount she received is taxable or not?. if not so plz tell the sec under which this amount is exempt.? and if late police officer not file any return in that case what is the taxable amount in the hand of spous.?

One of our client has incorporated pvt ltd in 20.02.2013.
What is the due date filing of IT Return?

Should Annual report be audited by an Auditor before filing Return of income ?

Is it possible file the return of income Without adopting the audited accounts in First AGM ( Because They have 18 Months time to hold the First AGM)?

Thanks in Advance