A Mfg. Company has paid cenvat in Aug 2010 on a/c of import material outside india. But forgot to claim as input credit in RG Register. In Jan 2012 company took credit itself in its books. Kindly suggest is it possible?

If an assessee has maintained books of accounts and profit as per P & L A/c is 210000/- and turnover is 530000/-, is he eligible to claim his profit to be 8% of turnover on presumptive basis or he has to file his return of income with a profit as per P&L A/c ?

If a employee who has resigned w.e.f 28feb 2013 from company, got cop w.e.f.10.03.2013 can sign the balance sheet of same company as statutory auditor for fy 2012-13.

I am a CA FINAL student and i want to know what are the best ways of preparing for CA FINAL apart from tutions,reference books,RTP?I have heard of mock tests but do not know who organise it,ICAI OR Others?Plz provide me details that when these are organised and how to appear in them?

One of my client manufacturing Exempted goods.

But he purchase raw material on which excise duty paid.

Meanwhile, the manufactured goods which are exempted are Exported.

Can he get the excise duty refund paid on raw material.

Thanks in Advance.

DEAR SIR
at present download itr4 from e filing portal I see there is a little change in MOBILE NO is now compulsorry but previously downloaded itr4 it is optional
, so can I used previous itr4 for itr filing? advice me thanks.....

sir, i am in audit of a manufacturing concern.as i came across purchases. i have seen transporter copy bill and extra copy bill instead of original bill.they told original bill was not available.i would like to know that is there any mandatory rule that purchses booked should have only original bill.can they book it through extra copy or transporter copy?suppose in a scrutiny do they accept tansporters copy bill or extra copy bill or will they mandatorily ask original bill only?please let me know?

How can i fill nil income tax return?

AMIT DARJI

Is CENVAT credit allowed to be taken of the service tax full paid by us as a Service Recipient under the Reverse Charge Mechanism?

Cost of Acquisition 137,000
Less: 20% Downpayment 27,400
Loan Received in Bank Acc 109600
Interest Payable on Loan Receipt for the period of 36 Months - 14738.25
( as per Repayment Schedule on Reducing Balance Method)
Amortization Schedule for 1st Year Date

Openig Balance Interest Principal Total Instalment Closing Balance 5-

May-12 109,600.00 753.50 2,696.50 3,450.00 106,903.50 5-Jun-12 106,903.50 759.46 2,690.54 3,450.00 104,212.96 5-Jul-12 104,212.96 716.46 2,733.54 3,450.00 101,479.42 5-Aug-12 101,479.42 720.93 2,729.07 3,450.00 98,750.35 5-Sep-12 98,750.35 701.54 2,748.46 3,450.00 96,001.89 5-Oct-12 96,001.89 682.01 2,767.99 3,450.00 93,233.90 5-Nov-12 93,233.90 640.98 2,809.02 3,450.00 90,424.88 5-Dec-12 90,424.88 621.67 2,828.33 3,450.00 87,596.55

Closing Balance of Bank is 87596.55

but as per my accounting Ledger Balance Shows 96738.25

I Accounted entry as follow

Bank A/c Dr 109600.00/-
Prepaid inTerest on Loan A/c Dr 14738.25 Loan Payable A/c 124338.25

then deduct every month 3450.00 as per above interest and principal schedule.


Can any one reconcile the balance n show me how to rectify the error


In Addition as per Bank Balance confirmation report there is some accrued Interest of 542.00 what kind of interest is this? pls Help

Atharparkar@gmail.com