I have cleared my icwai inter and now doing job as a manager in a taxi stand,it is registered,but not a ltd co.can i use it for the purpose of industrial training in icwai inst.

Sir,

Is there any changes to TDS rates for the FY 2009-10.

Pl provide me applicalble TDS rates if available


Thanking you


yours faithfully


G Ramesh babu

I agree that as per Service Tax rules if Abatement is claimed, Cenvat Credit can not be availed.

However I have a genuine query, which I would like to clarify, with the following example-

Suppose I provide a Tour Package worth Rs. 1 Lac, for which I charge my clients Service Tax/ Cess @ 2.58% of the Package Value (Rs. 2580/-). (Means my total Invoice Amount is Rs. 102,580)

Now, I take some of the Ground Services from my Sub Agent (worth Rs. 50,000/-), for which he issues an Invoice in favour of our company and charges Service Tax/ Cess @ 2.58% of the value of Service provided (in this case- Rs. 1290/-).

Now my question is that I have charged my client Rs. 2580 as Service Tax/ Cess. Out of which I have already paid Rs. 1290/- to my Sub Agent as Service Tax/ Cess.

So the remaining amount of Service Tax/ Cess with me is only Rs. 1290/-.

Now as per your reply, because I have claimed the Abatement, I should pay the full amount of Rs. 2580 as Service Tax/ Cess (whereas I'm left with only Rs. 1290).

SO SHOULD I PAY RS. 1290/- OUT OF MY OWN POCKET (Reducing my Genuine Profit Margins)???

KINDLY ADVISE !!

Regds....Anurag

Hello ! Freinds
In case of Goods Tranport by road recepient of service is liable to pay the Service Tax. But, for the purpose of registration or to decide the liability to pay whose turnover is to be considered Whether the transporter or the receiver. And how it is to be Calculated.
What if the turnover of either of the two exceeds Rs. 10lacs and other one is below taxable.

Thanks and Regards

Gourav Mehta

Is VAT applicable to a retail cloth merchant i.e retail shop of readymade garments.

Thanks and regards

Hi! Freinds
Please resolve,
If MR. A has gifetd Rs. 5lacs to his wife Mrs. A and if she has invested the amount in a partner ship firm for a year and earn Rs. 75000/- as a share of profit and after that she withdrew the amount of Rs. 500000 and gifted to her daughter in law. Her daughter in law invested the same in a bank FD and earn interest of Rs. 50000. Now, in whose hands this interest income isi to be clubbed whether in the hands of Mr. A(Gift originates from him) or Mrs. B(Transferor to daughter in law).
Reference books are showing different views on this matter.

Thanks and Regards
Gourav Mehta

Why the CIT is other party in every income tax case ?

I HEARD THAT FOR AN ASSET BECOMING AS NPA NUMBER OF DAYS HAD INCREASED FROM 90 DAYS TO 120 DAYS BY THE RBI DUE TO RECESSION. IS THIS CORRECT. IF SO CAN YOU GIVE THAT NOTIICATION.

Hi all,

Date of incorporation of Pvt Ltd.company is 01-01-07.
Can u please tell me what will be the date on share certificates which issued to Subscribers. Is it the date of incorporation or date of first board meeting after incorporation of Pvt Ltd. Co.

Can first Board meeting can be held on the date of certificate of incorporation.

Thanks.

Why the CIT is other party in every income tax case ?