hi experts,

i would like to know that amotization of preliminary expenses in the income tax act is available for how many years (5 or 10years).

such expenses are incurred after formation of company for development

regards
sudipt

All spanning several years, Interstate Movement with LR endorse ment was sufficient for sale in transit under CST .Now We understand with latest Supreme Court Judgement in the case of A& G Projects and Technologies Ltd Vs State of Karnataka dt 11.12.2008,sale in Transit under state requires the follwoiung

1.No prior Contract before the commencement of Goods
2.No mention of ultimate customer name in the Supplier Invoice on the First stage dealer as it pointsout to a prior contract

Based on the above Andhrapradesh Govt initiated action on all "sale in Transit cases " on the Comapnies and the Dealers and slapping them with demand notices for payment of Local VAT disallowing exemptionunder sale in Transit

We would like to know the follwoing
1.Whether this stand is correct as it is genearlly believed that sale takes palce when Invoice is raised
2.Ultimate customer requires his address and ECC no to be mentioned in the Invoice for availing CENNVAT
3.Without a contract collection of c form becomes difficult
4.It is diificult to find a buyer when the material is under transit and still collect C Form for taking VAT expemtion of SAle in Transit under CST

We need clarity on the issue

Sridhar

One of my client is having unrealised debtors for past 5 / 6 years. He wants to write off the same as bad debt in the current year resulting in adjusting of profits. Pl advice in accordance with the provisions of IT Act whether the same will be allowed as deduction and expense or not.

Can anybody tell me regarding section 88C of the income tax act-1961. Tax Exemptions to women.

after amendment can sec 44 AD cover all tpye of Business/sagment or cover only some specified business.

Dear sir,

Can you please tell me what is excise duty on Ayurvedic medicine(triphla churna & saff saff tab. & products (as almond shampoo). Is dvd taxable or exempted ( cds is Dr. lacture about health & beuty etc.)if taxable than what % will be apply.what is the excise limit in a year sale is it 150caror or excess.
Thanks & regards
Deepak jha

Dear all,

I am working in Manufacturing industry in Costing Dept. Now, my working scope is expanding to accounts also. But, I am not very comfortable with Debit / Credit concepts. Can you suggest any good book to easily understand the accounting concepts right from posting Debit/Credit entries to finalisation of accounts ..?

waiting for your reply.

We have applied for change of Name of Pvt Ltd Co. to ROC and the name was available. We have even filed form 23 with EGM and other requirements?

Now we get to know that instead of 'Clothing' we have applied for 'Clothings'. We want to rectify our fault what can we do now or what are the procedure now to rectify our fault?

dear expert
whether education cess wiped out as per 2009 finance bill, what is new rates for Contractor and professional & from which date it will be applicable?

Dear Expert,

Company : Developer & Construction

Nature of Transaction : Rent for DG Sets

Party bill provided for Rs. 300,000/- &
architect has certified the same bill
as under

Please note that amount needs to be debited from the final bill of following Contractors in the proposed manner

Vendor Percentage

A-20%, B-30%, C-15% & D-35%

I debited above vendor's account as per architect & TDS deducted & remitted to Govt as per Contract Rate 2.266%(u/s194C)
in June-09

My question is the aforesaid trasaction will attract u/s 194I (TDS-Rent of P&M)

Whether it will attract u/s 194I,What can I do. Because I have already deducted & remitted to Govt as per Cont Rate (u/s 194C)

Pleasedo the needful, it is very urgent

Thanks,

If it is Final Bill, Total Contract Value is Rs. 300,000/- & E-TDS return also done in 15.06.09 as per Section 194C,What can I do