18 July 2011
one of our client received CAPITAL ASSETS (Air-conditioner) as gift from party of Rs.15,000/- (Incl. of Vat amount of Rs.1666.67/-)during the F.Y 2010-2011.
can u suggest me, the treatment in books of the company regarding booking of capital assets and also treatment of VAT.
18 July 2011
Definitions of certain terms relevant to income from profits and gains of business or profession.
43. In sections 28 to 41 and in this section, unless the context otherwise requires —
(1) “actual cost” means the actual cost of the assets to the assessee, reduced by that portion of the cost thereof, if any, as has been met directly or indirectly by any other person or authority:
Explanation 2.—Where an asset is acquired by the assessee by way of gift or inheritance, the actual cost of the asset to the assessee shall be the actual cost to the previous owner, as reduced by—
(a) the amount of depreciation actually allowed under this Act and the corresponding provisions of the Indian Income-tax Act, 1922 (11 of 1922), in respect of any previous year relevant to the assessment year commencing before the 1st day of April, 1988; and
(b) the amount of depreciation that would have been allowable to the assessee for any assessment year commencing on or after the 1st day of April, 1988, as if the asset was the only asset in the relevant block of assets.
07 August 2011
i wan ask u another Query, this query is reagarding Income tax.
One m Client is Proprietor Ship concern pay salary to employees and deduct and paid TDS on behalf of employees.
my query is, this concern deduct TDS of one employee in the F.Y 08-09 about 3000/- for the Period April to Sept. and paid the same. and later after one month that employee left. after collecting TDS Certs.
Now From Somewhere he came and tell me in current year." Dedction Of TDS of Rs. 3000/- not shown in 26 AS... i dnt understand what to do......"
i checked previos Records n i found, wronge feeding of (280)TDC CHALLAN i.e. Instead oof Writting PAN No they write TAN No;...........
Now Plz Tell Me is that reason to do not shown TDS Figure in 26 AS. and if this is the reason then what is the remedy for these.....
CAclubindia
