Is it possible to pass the Journal entry by squaring-off a/c receivable to a/c payable of the same party ?

Suppose if we make purchase and sale to same party situated outside India. My question is whether can pass the following entry.

A/c Payable .........Dr
To A/c Receivable

Does it violate any rules under FEMA ?

Thanks and Best Regards
Amit

RESPECTIVE SIR,

WE WILL SUPPLY OUR ELECTRICAL GOODS TO POWER PROJECT ON BASIS 'DEEMED EXPORT'

WHICH DOCUMENTS WE HAVE REQUIRED FOR THIS TRANSACTION ?

REGARDS,

Can I deduct Rs 30000 towards loss incurred by way of paying interest to a loan obtained from my relative for repair of existing residential house.Is there any necessity to produce any certificate.

when a trust is required to fill form-56

I'VE TWO QUERRIES.

1.Is the last final old course exam will be held in Nov 2009?

2. If I complete only one group till nov 2009 exam ,then whether I've to appear for both the groups in new course? or Only one group which I couldn't pass.

Facts: A(Husband)& B(wife) are two joint owners of property. Now A wishes to transfer B his share in property.

1. what is the most convenient option available & the resultant tax implications?

2. Also, is there a will required for transfer of property to B (considering A has only the above property as his asset)?

Facts: A & B, joint owners of property. Now A wishes to transfer B his share in property without any consideration.

What are the options available and the tax implications? and if suppose A wishes to transfer property to B after his death as the legal owner by a mention in his will?

Our company is engaged in manufacturing of Automotive Parts. The company have available Cenvat Credit on purchase of Capital Goods and Inputs for manufacture of goods.

The company have also the registration No. for Consulting Engg. Services under service tax act.

The company has provided a consulting engg. services and hv to make payment of Rs. 10 lac on account of service tax.

My question is whether this amount of service tax liabilty payable by us can be adjusted from Cenvat credit available by us on purchase of Capital Goods and Inputs.

I have a housing loan towards which I pay an interest of Rs. 2.4 lacs p.a the house is rented out @Rs.2000 per month. As this current house is far away from my place of work eventhough in the same city I have rented out a house for Rs. 9000 p.m., my company gives me an HRA of Rs. 8000 p.m.

Can I claim full deduction of Rs. 2.4 lacs minus Rs. 24000 rent receipts from my taxable Income.?

If i m selling goods, whose VAT rate in maharashtra is 12.5%, to a dealer in other state, say gujarat, and he will NOT provide me Form C, What rate should i charge in my Tax Invoice - 4%, 2%, or 12.5%?