dear sir/ madem

i was drafting a deed for an home appliances firm i wanted to know that what shall put in Nature of business clause in drafting the deed

WE ARE CARRING AND FORWARDING AGENTS(FIRM) OF PETROLEUM COMPANY.HERE, THE ACCOUNTANT IS WRONGLY PAYING SERVICE TAX ON BILL RAISING & NOT ON RECEIPTS.DUE TO THIS,WE HAVE MADE EXCESS PYT OF SERVICE TAX OF Rs 27000 LAST FINANCIAL YEAR 2008-09.WE HAVE ALREADY ADJUSTED THAT EXCESS PYT IN THIS QUARTER.WE HAVE NOT BEEN ABLE TO INFORM COMMISIONER WITH IN 15 DAYS..I HAVE ALREADY SUBMITTED THE RETURN AND SHOWN THAT EXCESS PYT IN RETURN.WHETHER ANY PENALTY WILL BE IMPOSED ON US AND WHAT ARE REMEDIES BEFORE US.WHAT SHOULD I DO NOW.

Respected Sir/Madam,
(i)Form "I" is required for exemption from CST when buyer is Located In SEZ(Special Economic Zone. Is this Form "I" is still Relevant? ii) Is any form is required for Exemption of Excise Duty when buyer still located in SEZ? (iii) and When Saler is located in SEZ then he needs to charged CST and Excise Duty if no then How? Thanks in Advance

as per income tax provisions which relative can give gift to individual.

Dear Exprts,

Can you pl explain the applicability of the following ST notification to custom house agents, freight forwarders & tranporters


20th June, 2003.

Notification No. 12/2003-Service Tax

In exercise of the powers conferred by section 93 of the Finance Act, 1994 (32 of 1994), the Central Government, being satisfied that it is necessary in the public interest so to do, hereby exempts so much of the value of all the taxable services, as is equal to the value of goods and materials sold by the service provider to the recipient of service, from the service tax leviable thereon under section (66) of the said Act, subject to condition that there is documentary proof specifically indicating the value of the said goods and materials.

2. This notification shall come into force on the 1st day of July, 2003.

Sir,
I am having a doubt on the method of calculation of tax deductible under sec 194B and 194BB..
in one of the books that i read, it is given that the tax is calculated at the specified rates on the amount recieved less the exemption amount under the section (ie Rs.5000 and Rs.2500 resply).is this the correct method to be followed or is it that the tax is to be calculated on the gross amount recieved??

and if it is on the net amount.. then is the exemption amount to be deducted on every reciept of such income for the pupose of calculating the tax on it??

We have rented premises, the tenant has provided furniture & fixture, now is charging service tax for the furniture & fixtures, i need a clarification whether service tax is applicable on rented furniture & fixtures

Dear Friend,

Is there is any Deprciation Rates available under IFRS Like companies act.

what is the new tds rate for transporter?

I want to know the diff between renewal and revival in banking sector.