Under section 24 Municipal / property taxes paid is allowable as deduction from income from House property.
Similarly under the service tax laws as per notification 24/2007 provides for deduction of municipal / property taxes paid is allowed as deduction for purposes of computing service tax payable.
Can an assessee claim both these deductions ? or as in the case of CENVAT on capital goods and depreciation , only one deduction is allowed either for service tax or under Income tax?

I have just passed the C.A. exam & appearing for campus interview at Ngp. i want to know about it.

what is the diff between AOP & BOI

what formalities required to do while delition of any object from the main object of the memorandum of association of the company as per companies act 1956

When we are create the deferred tax asset in the balnce sheet asset side what is the corresponding liability effect on that item

Please clarify me in this regard

Regards,
CA RAMA KOTI REDDY

Hi all...had a query..hope u can help me out.

Say a construction company XYZ has 2 project sites called A & B. C is the head office. A supplier say RAM supplies materials to both sites & some to head office. He is paid money by head office : 2.00 lac for Site A , 3.00 for site B, 1.00 for C.

I wud like to know the amount given to RAM in acocunt of diff. sites. & likewise for other suppliers . Suppose if i open ledger for SITE A ..i shud c suppliers RAM, SHYAM ..etc and theier amounts respectively . I require the procedure of grouping into groups/ledger and way of accounting. I hope my query is clear

Can addl depreciation u/s 32(1)(iia) be claimed on laptop used to operate a machine which in turn is being used for manufacture.
Pl reply at earliest.

Can addl depreciation be claimed on laptop used to operate a machine which in turn is being used for manufacture.
Pl reply at earliest.

Can any one pls. tell me what is the Technical difference between accounting cost & accounting Expeses.
my e-mail id is rajputmahesh1@in.com

A Machinery was purchased which is not a qualifying asset as per AS 16. A loan was obtained to purchase the machinery. While the loan was obtained, Stamp Duty Charges were incurred.

Pls clarify whether the Stamp Duty Paid for obtaining loan can be capitalised?
or
stamp duty charges can be treated as borrowing costs and accordingly charged to P&L Account as the machinery is not a qualifying asset?

If your answer is "Yes, You can capitalise", Pls consider the following points.

As per AS 10, any costs directly attributable to bringing the asset to its working condition for its intented use, can only be capitalised.

And finance and borrowing costs (Ancillary costs such as Stamp Duty, Processing Charges, etc. are also included in the finance & borrowing cost )can be capitalised and included as an element of cost of Fixed Asset, provided the asset is qualifying asset under AS 16.

In the above case, the asset is not a qualifying asset. How can i capitalise?

plz support your answer with proper supportings