pooja dedhia
17 August 2012 at 16:59
i want to export tomorrow the goods to US country,i want to make bill,please guide me what rate i have to take?
is it valid the following calaculation:---
suppose today rate now 1 USD=55.6912
I WILL deduct 0.50 from above rate.
Now rate will be 1 USD = 55.1912
TAKING THE BASE OF 55.1912, IS IT CORRECT practice or should i do take the Rate 55.6912
which are the correct site to consider the foreign exchange rate?
pl guilde me/
Aurobindo
14 August 2012 at 22:47
Dear experts,
My ITax refund for AY 2007-08 has been long pending. After years of follow up this is now not paid to me but being adjusted against a newly found short payment of surcharge in AY 2001-02!!
I only have income from salary. In that year my Saral return was exactly as per the calculation shown on Form 16. The error if any was committed by my past employer.
1) They tell me that in that year surcharge was 2% for income under Rs150,000 and 17% for income over Rs150,000. My form 16 has calculated surcharge at 2% only. (So if this an error it should have affected hundreds of employees not just me)
2) The IT Dept is now charging interest u/s 234B and 234C on the unpaid surcharge and has set off the refund due in 2007-08 against this demand. Even after this there is an unpaid amount. So far demand notice has not been given to me.
3)Sec 143 notice not issued for 2001-02 yet but issued for subsequent year 2002-03 along with refund for that 02-03, many years ago. Also one more Sec 143 has been received for another year and some refunds for subsequent years were also given to me after follow-up.
4) So can IT still go back and recover tax and interest for 01-02 now?
5) All this time they told me that the return was not processed but now they say the date of processing is 2009. Even their system shows this date now which I have myself seen was not showing earlier in 2010. How is this possible?
Please tell me if
a) the adjustment / set off against demand IT has made is time barred ?
b) should this not be recovered from employer who is liable to deduct TDS?
c) why is this being brought up now and I have to pay interest for the past so many years?
d) What is my remedy?
Thank you in advance.
Vipin Kumra
13 August 2012 at 15:48
Can a company transfer its stock in trade to its 100% subsidiary and then later convert the subsidiary into LLP.
Please guide asap
Thank You
Ranjit Singh
13 August 2012 at 14:17
Dear Experts,
What are the time limit to claim refund under Maharashtra Value Added Tax Rules and/or if it is possible to get it carried forward to the next Year.
Regards,
Ranjit Singh
hetalsangoi
11 August 2012 at 20:41
accounting std 11 to whom it is compulsory?
how to do reporting in audit report by the auditor in foll case:-
1.client has both import & export business.
for accounting of same he used book purchase & sale on the basis of mercantile method. when he made payment or received payment , do not debit or credit the foreign fluctuation account, but at the year end he convert the outstanding balance at the closing rate as on 31.03.2012. he claimed the out put will come one & same if he has followed the accounting as per as -11.
Is he right?
george
07 August 2012 at 21:15
Hello Sir, Thanks fo your valuable time.
My father had purchased a plot in Bangalore city in year 1993. However he was never aware that property tax needs to be paid on plot of land also. Recently I realised it and spoke to an official of Bangalore Muncipality(BBMP) on telephone and sent copies of the plot to him, who informed me that now I would need to pay fine/ penalty over delay of payment of propety tax from 1993 to 2012 @ 2% per month. My Question--Do we have to pay penalty on non-payment of tax for 19 yrs ( I approached the officials of BBMP first, and no notice/demand for payment ever issued on the plot till date by BBMP ). Is there any other way to avoid the penalty as it is a very huge amount. Also from which year did govt. implement penalty on non-payment of property tax Thanks George
pooja dedhia
07 August 2012 at 15:46
Mr xyz huf has given the building as warehouse to his relative firm to store the stock .Building insurance is paid by the firm as per the agreement clause.Is firm eligible for deduction of insurance exp?under wh
ich supporting ?
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