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

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

dibnm2710@gmail.com

I am a proprietor for a firm which is into video tape production category of service tax. My revenue / income stands below Rs.50.00 lacs for current and preceeding financial year. I want to clarify whether i have option of paying service tax on receipt basis as per the new rules / notifications of service tax.

Is this option available for select 08 individual / proprietorship service providers such as CA, CS, Architect, Lawyers etc. or individuals like me (service provider of video tape production) also have this option of paying service tax on receipt basis.

dear sir,
i sold a plot in which long term capital gain arising rs 450000, i am planning to purchase a new plot within 6 month of rs. 5 lac, can i take benefit of exemption of capital gain by purchasing plot or it is applicable only on residential property.
is plot comes under residential property?

Dear Sir/Madam

We are paying all service tax other than negative list we are paying in tax code (All taxable services-Other than Negative List 00441089)till date whether we need to pay in same code or we have to make in different codes

Further to my query regrading wrong agm date mention in23ac , I have not issued notice to the shareholders but kept for my record since it is a pvt. company. I have reply to the ROc regarding my misatke and non provision for revision of agm date.
This cannot be a case of compunding also.


This query is for mr. Mishraji

hi
my name is vivek. i have completed my ca ipcc in november 2011 and icwai inter in december 2012 .as i cannot write my cwa final in december 2013 i want to quit icwa and write cs inter exams in december 2013.
can i register and write cs inter exams in december 2013 .please help.

I am a Accountant, in an organisation. i have deducted tds (salary, rent, professional services, advertisement) from 1.4.12 to 15.3.13 total around rs.150000. but not remitted the same to govt. now how can i proceed, what are the penalties i have to pay ? please help me,.

If the service provider is enjoying abatement, it clear that he wont be able to take canvat credit ?

But i am little confused to know , can we atleast take Cenvat credit on those input invoices which service tax has been levied after abatement ?

Eg, If i charge 3.09 % on output invoices, abatement wont be available on input invoices with 12.36% but will it be available for invoices which also have 3.09 % or other abatement rates ?

Pls clarify my problem.

Thanks !

Assessee had Private job in which his PF was deducted. Now he got the Govt. Job and PF deducted from pvt. job is reimbursed ( before 5 years). While filing his ITR whether he is eligible for PF deduction under section 80 c or not
and what is the tax treatment of amount received from PF a/c?

Hellow,I passed CA-IPCC in November 2012 attempt. Is there any cutoff Date for CA- Final Registration??