Hi I am kinjal.I am under confusion about the difference between public deposits in NBFCs and other companies.

Can somebody tell me vat rate applicable in maharashtra and for sale in maharashtra on chocolates wrapped in gift paper meant for diwali ?

A firm of Chartered Accountants gets work of audit of accounts of a partnership firm for the financial year 2008-2009 in August 2009

As per Income Tax provisions, since the firm is maintaining accounts on mercantile system, it shows the expense of audit fee in that year ( FY 2008-09 ) by showing it as a liability, on 31.3.2009.

However, since the CA firm has undertaken the audit work in the FY 2009-2010 , it will show the income in that year itself.

The problem arises regarding deduction of TDS by the partnership firm. Since the TDS provisions state that the payer has to deduct and pay TDS on amounts paid , at the time of actual payment or credit in the books of account, whichever is earlier., the partnership firm will deduct TDS on the expense provided for , on 31.3.2009 and deposit the amount in the bank accordingly. The TDS certificate issued by the partnership firm in favour of the CA will show the year as FY 2008-09.

This means that the CA firm has to claim this TDS deduction in the return for the FY 2008=09. How can it do so when it has not shown the income in that year and it may have already filed its income tax return for the FY 2008-09 ( without this income ) . If the CA firm claims it in the return for the FY 2009-10, it will not be allowed by the Income Tax department , as per its guidelines.

Can someone throw some light on the correct method to be adopted to claim the TDS amount deducted from the professional fees ? Can the TDS certificate amount issued by the partnership firm be claimed by the CA firm in the return for the next year ( FY 2009-10).

Can anyone please........... explain the provision of taxability of cap gain at different rates,i.e,section 111A. At times capital gain is taxed at 15%(if STT Paid) & At times @10%.Please explain the two provisions & at times at normal rates.
Also what is slab benefit under LTCG?

Hello friends,

Can any one give me names of good CA firms in Mumbai with bank audits or Advisory services or Internal audits, other than the Big 4's.

Thanks

Balwant

In the case of resident an Individual or a HUF, if the basic exemption not exhausted by any other income then STCG u/s 111A shall be reduced by the unexhausted basic exemption limit and only the balance STCG shall be chargeable to tax @15%.

Can any body explain it with a few Examples?

Respected Members of caClubindia

I AM A PCC STUDENT WITH PCC EXAMINATION IN MAY2010. I HAVE ALSO ENROLLED FOR C.S FOUNDATION EXAM WHICH I CAN WRITE IN DEC2009. I HAVE A QUERY THAT WHETHER I SHOULD SUBMIT FORM-112 SINCE I AM NOT ATTENDING ANY CLASSES & ALSO FOUNDATION EXAMS DOESNT MEAN I AM A STUDENT OF CS.

IF YES???? THEN WHEN SHOULD I SUBMIT THE SAME

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TONS OF THANKS

REGARDS

KIRTHI.K.JAIN FCA

FUTURE CHARTERED ACCOUNTANT

FACTS:
A Firm of Chartered Accountants is maintaining its accounts on cash basis and filed its Return of Income for the financial year 2008-09 with in the prescribed time on 30.6.2009.

During the current financial year 2009-10, the said Firm received an audit fees on completion of the audit of a company for the financial year 2008-09 after deduction of TDS on 20.8.2009 and passed the following entry in its books of accounts:
Dr. Bank A/ 18000
Dr. TDS A/ 2000
Cr Prof. Fees 20000

As the accounts are being maintained on cash basis, it has shown Rs. 20000/- as income for the financial year 2009-10. So far as TDS of Rs. 2000/- is concerned, it will be claimed as deduction from tax payable or will be claimed as refund as the case may be when the said Firm will file its Return of Income for the financial year 2009-10. This is the practice which is being followed by the CA Firm for the last so many years.

QUESTION:
1 Whether the TDS of Rs. 2000/- should have been claimed in the Return of Income for the financial year 2008-09 ? And if not, whether a revised Return is to be filed ?
2 Whether the said TDS of Rs. 2000/- can be claimed in the financial year 2009-10 in which the fees has actually been received by the Firm after filing the previous years Return.
3 If the said TDS is to be claimed in the Return of the previous financial year 2008-09 (Asst. Yr. 2009-10), then what will be the entry in the books of CA Firm as on 31.3.2009 ?
4 Whether it would be correct to account for part income (TDS Rs.2000/-) in previous accounting year and part (Balance Fees Rs.18000/-) in the next financial year ?
5 What is the general practice adopted by CA Firms in this regard ?

Please let know how do I get transfer within the same city for trainee/articleship. I suppose there must be a rule allowing transfer.

Thank you in advance for your help.

I have this querry that ...a proprietor consumes some articles of the organisation and later on pays for it....will this amount to sale?? he has paid till the cost of the asset..
Is this following accounting treatment correct??
Drawings A/c Dr.
To Purchases A/c

then
Cash A/c Dr.
TO Drawings A/c

or pass the direct entry as Cash To Purchases??

Pls guide in this regard

Regards..
Bonita