when we purchase expensive items such as a car and a house,
and pay an initial amount at the time of purchase, rest 
amonut pay in installments. that initial amount called down-
payment.

Whats SAP Roadmap?? please tell me something??????

as per income tax Salary is considered as direct income

the income which is derived from the business will be 
treated as direct income as according to income tax
slab (or) flat rates

salery rent fixedcomission are direct income

we selling goods or meterial

Direct Income are those income which we get from purchases
etc, e.g Discount received.

For Organisation : Income dervied by doing day to dat 
businees (buying & selling of goods)

For Individual:Income derived in form of salary , commision

vat is a value added tax which is leived in case of 
manufacturing & cst is leivied when inter or intra state 
transaction is made on freight charge vat &cst is not 
caluculated  but freight was related to service so service 
tax is caluculated on it

no vat & CST is to be charges on freight charges

VAT & CST must charge on freight. It is compulsory.

AS PER MY OPINION VAT SHOULD BE CHARGED ON FRIGHT IF TO BE 
BILLED BUT IN CASE OF CST ITS VERY CLEAR THAT CST NOT TO BE 
CHARGES ON FREIGHT.

IF ANY CLEARIFICATION ON THIS MATTER PLS FORWARD THE SAME.

As per my opinion vat should be calculate on delivery e.i  
bill amount+freight+vat

As per my opinion vat should be calculate on delivery e.i  
bill amount+freight+vat+vat, in state, other than state it 
should be calculate cst. how i know corrent answer. you are 
giving only rank not answer

If the Freight is included in Invoice we need to pay VAT.  If it possible to find Seperatly freight charges, no need to pay VAT or CST. Only Service Tax is to pay.  Now VAT is 4% and Service Tax is 10.3%  to get benfit of Tax, all Traders are computing VAT on freight.  

  strictly speaking Service Tax is applicable to Freight. No CST or VAT

VAT Is chargeable on Freight (transporatation of goods) in 
case Transport is providing by the same Party.
In case Tranporatation by some other party then Service tax 
is applicable on the Freight.
In case of CST Tranactions it is clear that VAT is not 
applicable on Freight

International Financial Reporting Standards (IFRS)
accounting and reporting standards in the European Union 
countries.

These are standards set out by the professional accountancy 
bodies for preparation and presentation of a financial 
statement of any organisation within the legal framework.
1. Accounting for Fixed Assets
2. Accounting for stocks and Work in progress
3. Accounting for Revenue generated by the business
4. Accounting for Investments

Accounting standards are the principles and methods of 
preparing and presenting financial data of any 
organizations.
Here are the list of Accounting Standard :
AS 1-
Disclosure of Accounting Principles
AS 2-
Valuation of Inventories
AS 3-
Cash Flow Statements
AS 4-
Contingencies and Events Occurring After the Balance Sheet 
Date
AS 5-
Net Profit or Loss for the Period, Prior Period Items and 
Changes in Accounting Policies
AS 6-
Depreciation Accounting
AS 7 -
(Revised)
Construction Contracts
AS 8-
Accounting for Research and Development
AS 9-
Revenue Recognition
AS 10-
Accounting for Fixed Assets
AS 11 -
(Revised 2003)
The Effects Of Changes In Foreign Exchange Rates
AS 12-
Accounting for Government Grants
AS 13-
Accounting for Investments
AS 14-
Accounting for Amalgamations
AS 15-
(Revised 2005)
Employee Benefits [click here for related announcement]

AS 16-
Borrowing Costs
AS 17-
Segment Reporting
AS 18-
Related Party Disclosures
AS 19-
Leases
AS 20-
Earnings Per Share
AS 21-
Consolidated Financial Statements
AS 22-
Accounting for taxes on income
AS 23-
Accounting for Investments in Associates in Consolidated 
Financial Statements
AS 24-
Discontinuing Operations
AS 25-
Interim Financial Reporting
AS 26-
Intangible Assets
AS 27-
Financial Reporting of Interests in Joint Ventures
AS 28-
Impairment of Assets
AS 29-
Provisions, Contingent Liabilities and Contingent Assets
AS 30-
Financial Instruments: Recognition and Measurement
AS 31-
Financial Instruments: Presentation
AS 32-
Financial Instruments: Disclosures

What is Depreciation: Depreciation is the diminution in the 
value of asset owing to Usage, obsolecence, passage of time.
Depreciation is meant to amortoize the cost of the asset 
over the useful life of the asset.

The rates of depreciation are given as follows:

- in the Companies Act
- Under Income Tax ACt

- The depreciation rates under companies act are used to 
charge the depreciation to P&L Account. Hence the 
accounts / financial statements published use the rates of 
depreciation given under Companies Act

- However, the rates under Income Tax act are used to 
calculate the profit to compute the tax. Normally the 
profit as per the P&L is taken and adjusted for the 
additional deprecation rates allowed under Income Tax Act.
Higher rates of depreciation are allowed under Income tax 
act to encourage investments in FIxed Assets by 
corporates / businesses. Due to the higher rates of 
depreciation the net profit on which tax is levied 
(Computed) will be less.

15% on fixed Assets  on WDV Method & 60% on electronic goods
on stright line Method

Service Tax means, The person who render the service he is 
liable to collect the Service tax from the client and 
payable to Government of India. the threshold limit for 
Service tax for the FY 2008-09 10 lacs. The service tax 
amount is Service TAx -12% & Cess-3%, Below is the example
if you are rendering softwareservices

Dr XXX ( Client Name )  11236
cr Consulting Charges REcd 10000
Cr ServiceTax payable       1200
cr Edu.Cess Payable           36

This is a tax recongnised by the Relevant Tax Authority 
charged on services rendered to any given customer.

Calculation:-    Value of service or goods      xxx

Add % of Value of service                         x

Total value of service                          xxx

ex:- you bill 12000/- 

bill ammount               12000.00
service tax 12.36%          1483.00
 
 total amount               13483

yes

above 10 lacs than charge surchage on serviuce tax 
otherwise we will ignore surcharge and after calculate 
10%+3% on services

Service tax is a tax which is charged from the customer 
receiving the service and provider of service charged this 
amount and deposited to central Govt. of India.

service tax manes  exp:-
the service tax is calculate:-
bill amount 100000/
india  tax rule as per -12.36%
             bill value is 100000
             add service tax 12.36%
                            12360
               total value is ----------
                                112360
112360 is value of bill.

Financial accounting is the reporting of financial 
information to people outside of the business whereas Cost 
accounting is done primarily for management inside the 
business. It consists of determining the cost of producing 
a product or a service.

Was that Company doesn't know?  In which head it was going
to pay Surcharges of Rs. 1,00,000/-

Since your question is not able to understand. because 
company paid Rs.100000/-. surcharge for IT or TDS

A company controlled by another company. A company is deemed
to be a subsidiary of another if (but only if): (a) that
other (i) is a member of it and controls the composition of
its board of directors; or (b) holds more than half in
nominal value of its equity share capital; or (b) the
first-mentioned company is a subsidiary of any company which
is that others subsidiary.

in short whenever a company takes 51 percent or more shares 
of another compny...

then the latter co is called subsidiary compyy...

neha ur ans in perfect...this is what i was looking 
for..keep posting such stuff..Harsh..

A holding comapny is a company that holds major outstanding 
stock of the major comapany. It does not produce goods or 
services rather owing shares of the other companies.Holding 
comapny is the comapny which have majority shares(51%) in 
the other comapny and holds the power to manage the Board 
of Directors.

Holding company means

(1)the company which is holding 51%(morethan 50%) of Shares 
in anothery company.
(2)51% (more than 50%) of voting rights in any other 
company 
(3)the company which is having control on the the board of 
directorship in any other company.

other comapany called as a subsidiary company.
(4) Subiary of subsidiary company which is subsidiary of 
holding company(parent company).

Regards
soori

there are two companies which are called holding company and
subsidiary company for example A LTD    AND    B LTD
HERE A ltd acquired all the shares of Bltd .so here A LTD IS 
HOLDING COMPANY AND B LTD IS SUBSIDIARY company.

Depreciation amount may vary for fixed assets.
for Computer 60% is depreciation amount ( For ex. if the 
opening balance as on 01.04.08 Rs.10000/-.and in the 
financial year nothing was added so the closing balance 
will be Rs.10,000/-. below is the calculation)

Dr Depreciaton 6000/-.
cr Computer 6000/-.

Narration: Being the 60% Depreciation Calculated for the FY 
2008-09

depreciation is calculated by slm method for example if 
machinary is purchase of rs 100000  ask to calculate for 
the financial year. then you have to calculated under slm 
company will give how much percent to take if 10 percent on 
100000 means

100000*10/100 = 10000 

so depreciation of 100000 is 10000

The depreciation is calculated by following way
depreciation= value of asset+salvagevalue\life priod of the 
asset