In the process of financial restructuring of a chronically sick central public sector Enterprises ,Govt of India waived its accumulated loan and interest.As a result the company earned net profit arising liability for payment of current tax.However due to its precarious fund condition,Govt. of India also provided it with fund assistance under Grant-in-Aid for payment of such Income Tax Liability.

In the stated circumstances,I am rather confused about the accounting treatment of such Grant- In -Aid,if it should be treated as capital Receipts in conformity with para 10 of AS-12.or it should be treated as Revenue Receipts in governance with para-18 of the said AS.
Awaiting Suitable response from the Experts in this regard.

Regards

Snehanshu Kar Chaudhuri

Dear All,

I have to file ITR for F.Y. 2013-14 for an Individual. She is a Fashion Designer and make garments in form of works contract as well as provide services also. She wants to apply for Business loan of Rs. 5 Lakhs. She maintained no books of accounts (BOA) till date. I have made BOA on the basis of available Information received. Its sales at present is around 8.5 lakhs but showing loss of aprox 4.5 lakhs. Cash is also very less as per Balance sheet.

Kindly let me know on what points I should pay attention specifically and finalize her return. Like what shall be cash?or what r d ratios which I should check, what shall b d profit, what shall be d minimum sales? etc...

Kindly help and reply ASAP

why cenvat credit of service tax or vat input is taken and why not cenvat input or Vat input is charged in profit and loss acoount. Please reply this question,

why cenvat credit of service tax or vat input is taken and why not cenvat input or Vat input is charged in profit and loss acoount. Please reply this question,

can someone hv notes or summary of isca...if, please upload the same

I cleared my ipcc on nov 2013 but I join articleship in july 2014.so is it possible to take the articleship certificate from December 2013 (backdate)....? If yes....then what will be the procedure..?

I am registered as a Works Contractor under Composition Scheme of Delhi Value Added Tax with 3% tax liability.

I want to exchange my old car with a new car which has been used for personal as well as business use.

Depreciation benefit is being claimed on the car.

I want to know will there be any D-VAT liability on exchange of the old car? What would be the rate of tax?

Will I have to pay income tax also on exchange of old car?

On what amount would I be liable to pay VAT & Income Tax on? On the whole exchange consideration OR only on profit ( i.e. sale amount - value of car in books)?

What if I incur loss on exchange as per books? Will I still be liable to pay VAT/Income Tax?

Hi
I have salaried income of 10 LPA and NSE F&O turnover of around 8 LPA .

My Profit % of turnover is greater than 8 % .

My Question is do I need to get my Accounts audited by a CA before filling my return.

I am getting mixed opinions :

a) if your turnover exceeds 1 crore and your profit is less than 8% of turnover than only you need to audit your account.

b)if you want to claim losses and your other income(salaried income) exceeds slab rate(2 Lakhs) you are liable to audit

Is audit required in my case . How should I proceed with filing my return

Is Vat Reimbursement included in the definition of Gross Receipt or Gross Turnover u/s 44AB of The Income Tax Act?

Hi, I have a tax liability of around 3000rs for FY13-14. Should I be paying the tax first and than file ITR or should I File the ITR first and then pay the tax?