sayed altaf hussain


{ City } hyderabad
< Country > india
* Profession * accounts manager
User No # 46433
Total Questions Posted # 0
Total Answers Posted # 5

Total Answers Posted for My Questions # 0
Total Views for My Questions # 0

Users Marked my Answers as Correct # 136
Users Marked my Answers as Wrong # 43
Questions / { sayed altaf hussain }
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Answers / { sayed altaf hussain }

Question { 8636 }

Can TDS be deducted without the minimum exemption. for rent
if annual rent is 1,50,000 then calculate TDS.


Answer

If the rent is exceeds 1,20,000/- TDS will be deducted on
entire amount i.e.1,50,000/-
Company :
if the amount <1 Crore
Tax : 20%
Education Cess : 2%
Secondery Higher Education Cess : 1%
if the amount >1 Crore
Tax : 20%
surcharge : 10%
Education Cess : 2%
Secondery Higher Education Cess : 1%

Firm :
if the amount <1 Crore
Tax : 15%
Education Cess : 2%
Secondery Higher Education Cess : 1%
if the amount >1 Crore
Tax : 15%
surcharge : 10%
Education Cess : 2%
Secondery Higher Education Cess : 1%

Is This Answer Correct ?    16 Yes 0 No

Question { 4508 }

We purchase Electricals Cabel for Panel & Fitting for our
company,
we have issued Form "C" to above material purchase From OGS


Answer

Where you have purchased either inter state or other state.
please clariy. If you purchase the materials from inter
state no need to issue 'C' form. Other state purchase 'C'
form will be applicable.

Is This Answer Correct ?    2 Yes 4 No


Question { Construction, 9982 }

Our Company is engaged in Construction activities. We are
going to purchase Exacavator Machine from the interstate.
Whether the above purchase covered by issuing C form ?
Whether can we apply for C Forms in sales tax Dept ?
Please clarify sir


Answer

C form is applicable only for other state purchases not
applicable for inter state purchases. inter state purchases
are applicable for VAT as per the rates. No need to
apply 'C' form.

Is This Answer Correct ?    4 Yes 12 No

Question { TCS, 21957 }

if we have amc any vendor 30,000 pa. should we deduct TDS


Answer

No need to deduct TDS. If the amount exceeds 20,000 but
aggregating 50,000 per annum then TDS will be applicable.

Is This Answer Correct ?    55 Yes 13 No

Question { 50532 }

DEAR ALL,
HOW TO ACCOUNT THE SALARY ADVANCE A/c. I HAVE TAKEN AN
ADVANCE OF Rs.25000/-. I HAVE DEBITED SALARIES ADVANCE A/c
AND CREDITED THE PETTY CASH A/c in TALLY. I dont't know
whether it is correct or not. If correct, in my individual
ledger no entry is reflected. Alternatively, if I debit my
self and credit petty cash a/c it is reflected in the P & L
Account, but it is not an expense. and not reflected in the
balance sheet, but reflected in P & L. I think I need to
put a journal entry. Like debiting the salary account and
crediting the salary advance account. Is this correct or
not? Can any one help me please. my mail add:
cdvijay100@yahoo.co.in or kmlnkml@live.com


Answer

If you take a salary advance you have to create your
personal account and debit the amount to your personal
account. It means this amount is reflecting in the balance
sheet under sundry debtors. While creating the personal
account the account should be under current assets.

Journal Entry :

ABC account Dr
To Cash
(Being salary advance paid to Mr.ABC)

Is This Answer Correct ?    59 Yes 14 No