dear all,

i would like to know what is the accounting entries fir SAD 4% refund?

1) In 4% SAD refund, It is clearly mentioned that it should not be pass on to the customer. It means Importer should not consider 4% SAD in the Import cost sheet & as well as Import Purchase account.The same amount should show as SAD receivable at the time of TR6 duty paid.)

2) within 12 months of Tr6 paid, we can file SAD refund. Before SAD refund it is cleared that SAD refund receivable should show at time of Tr6 paid.

3) If actual SAD refund received 90% it is based on sales & balance 10% SAD refund not received then same can be written off as Expense which is allowed.

Someone argued on the subject & informed against the subject as said below-

1) According to him that we can show SAD amount in the Import cost sheet and accordinlgy can show in Import Purchase account.

2) According to him, SAD refund receivable should show at the time actual refund application only ( It means current year SAD refund would be shown in next year as refund application would be applied in between 11 to 12 months)

Entry
Debit SAD refund receivable A/c & Credit Purchase rebate,claim & discount a/c under Purchase group.


I have mentioned that his system is incorrect-

1) We are breaking laws as SAD refund amount should not be pass on to the customer so it should not be Included in the Import cost.
2) Inventory chart will not tally ( Inventory & Ledger & It will require reco at the year end.)
3) Vat & Cst reutrn to be revised as Net shell of Purchase would be changed.
4) If receivable not shown at the time Tr6 duty paid then it would be disallowed to get refund.

please inform me the correct tally entries

Dear All ,
I want to know about Central Excise Duty for MFG Unit , when we charged Excise on Invoice , I mean to say F.Y = 2012-13 our Trun over Total Below 4 Crores , So we charged Duty from st April 2013 or after trun over of 1.50 crores we charged duty ,

Pls guide me promptly .

Hi..
I received messg on my mobile' for A.Y2012-13 intimation U/s 143(1) will be sent on ur email id'on 21.03.2013??
I dont received any email from cpc yet..??
Wht should i do? intimation U/S 143(1) is it penalty???

i just want to know that when e filling side will be get updated for filling of returns for the A.Y. 2013-14. as so far the site is not updated.

A propreitory firm neither having Tax audit in previous year expects nor in the current year, pays salary above threshold limit to its employees is required to deduct TDS on the salary paid to them.

Regards

Sir,

Shall we claim DRAWBACK AND FPS Scheme for every shipment if we eligible?

One can take transfer during his first year of training only but is also mandatory that the new articlsship has also go be taken in the first year only?? I have a fracture in one of my legs and can't continue with training for some time soo I'vetook the transfer but the new training will take some time. Meanwhile the first year will be expired. Kindly guide me on the same

Sir/ Ma,am,

If we pay past years rent in lump sum in previous year than is this payment is allowable expenditure in calculating income for tax purposes.
Please give your advice.

Thanks

Dear Sir,
I have filled My ITR for the assesssment year 2012-13 and self assessment tax deposieted in Time. Due to clerical mistake Challan no & date written incorrect in ITR.
Now i should be revised return or reply to Local Income Tax office with Photocopy of challan.

Pl. Help.

Hi Experts, Please Help

How to Identify at what Price will be the Excise Applicable

For Example
Product is Bag = Cost is 1200 and MRP is 2400/-

if i have to Transfer it to my Branch on wht Value will i have to Pay Excise

if i have to Transfer to Third party with 20% Margin on What Value will i have to Pay Excise.

Please Help Urgent