Section 35 D - Preliminary Expenses - Allowability

Section 35 D - Preliminary Expenses (Income Tax)
This query is : resolved

Author : Anonymous
( Author )
27 September 2010
Dear,

We have commenced business in June 2008, with Authorised Share Capital of Rs. 1 Cr. Requirement of Preliminary exps u/s 35 D was met.

However, during F.Y. 2009-10 , we enhanced our authorised share capital to Rs. 5 Crs.

Kindly confirm whether benefit of enhanced authorised share capital of Rs. 4 Crs ( 5-1) can be taken in F.Y. 2009-10 or is it for commencement stage only.

Will Preliminary exps incurred for enhanced authorised share capital allowable u/s 35 D in F.Y. 09-10





CA Shailesh Kumar Bhagat
( Expert )
28 September 2010
35D is not applicable on enhancement of authorized share capital.

Need Clarification

Recently i have opened a medical shop in village in tamilnady.while purchasing the medicine i am paying the vat(4%)amount to wholeseller.but when I sell the medicine to patient the rate as per the MRP mentioned in the conver pasted by producer.

for Eg.
Medicine cost 10.00
(+) Vat (4%) 0.40
Purcahsing the medicine 10.40
selling the medicine as per the MRP pasted in the cover 15.00

Could you please advice whether I need to pay sales tax or vat tax to the government.
or will i pay the income tax in the year end.

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Fill in the blanks.

1> --------- uses algebraic procedure to solve any problem, which satisfies the test of linearity & certainty.

2> under preventive maintainance "(hour's worked for maintainance)/(scheduled hours's)*100 = ---------- .

3> Trend value of all yer,s may be obtained advantageously using the ----------- .

4> ------------- is a process that bakes on a white, brittle protection finish.

Tax on foreign remitance

Company A is Indian company, It has a company B in US.The company B is a Wholly owned subsidiary of Company A (Indian company).
The company B also has a company C in India as its wholly owned subsidiary company.
Now Company A wants to acquire company C commpletely (Which is a subsidiary of Company B which is also a subsidiary of company A)

NOW IF COMPANY A PAYS SHARE CONSIDERATION TO COMPANY B FOR ACQUIRING COMPANY C. IS THERE ANY TAX DEDUCTION TO BE MADE FOR FOREIGN REMITTANCE.

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can an educatinal society apply for 12A if so which form is to apply and how?

One of my fried educational society earned a gross receipt of 29 lakhs can we claim exemption u/s 10(23c)iii ad?

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Appeal

1.can CIT revise an order under section 264 one matter of which is subject matter of appeal with tribunal.

2.can at a time assessee can go for appeal to tribunal and revision under section 264 on different matter.

say two expenses A & B disallowed by AO then-
1.can Assessee file an appeal to tribunal for exp A.

2.can he make application to CIT for revision of order for expenses B under section 264.
plz reply soon

Thanks in advance

Date of filling Annual Return of 09-10

What's last date of filling Annual return in Gujarat which manufacture under Audit under section 44 & 63 applicable.

urgent reply : bhavin.cma@gmail.com

questions

sir please send me questions with solutions related to new services onwhich service tax is applicable for my clearance of doubts

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We are an India based company with branch office in China purchasing goods there for the purpose of third country exports. Is it feasible for us to convert that into a subsidiary and enjoy the export incentives & benefits provided by Chinese government and transfer the profits to India in transfer pricing?

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