Hi all,

Acutally bank charges a commission on collection of amount through credit cards. Furthur on that commission plus ST is also charged by the bank.

i)Can we avail the input credit on ST charged by bank?

ii) Do we need to deduct TDS on Commission paid to the bank?

Dear Experts,
Greetings.

Can your goodself reply for the query
1) an organisation have more than 20 employees out of which less than 20 employees say 15 have gross remuneration upto 6500/- and others have remuneration more than 6500/-

PF Act apply or not?

Regards

Pls tell whether audit checklist IS AVAILABLE FOR audit of REVENUE ASPECT of airlines?

pls specify the site.

thnx

R. 14 (2)(c) of Schedule III to wealth tax Act reads as follows:

"the value of an asset not disclosed in the balance-sheet shall be taken to be the value determined in accordance with the provisions of this Schedule as applicable to that asset"

Doubt:

i cant contemplate an asset which is not disclosed in the Balance sheet.

can u help me? Please.


Another doubt:

S. 2 (ea) of the wealth tax Act defines the term asset. It is an exhaustive definition, since it uses the word 'means'.
Life interest is not covered there.

Then what is the need for R. 17 of Schedule III of wealth tax Act.

This rule talks about the procedure for valuation of life interest.

please provide me knowledge in these areas.

R.Soumyanarayanan FCA Grad CWA.

sir
ihave to fill form for ca articleship . i am also doing MBA from symbosis. (correspondence). i want to know whether i have to get permission from institute. plz answer.

Hi Friends...
If i receice a gift in cash from spouse of brother/sister of parents, is it exempt or taxable? If exempt, then upto what limit is it exempt?

What formalities do i have to fulfill to show that amount as gift (like any affidavit or any thing like that & what will be the text of that affidavit)?
Plz reply...

Thanx...

Srinivasa Raghavan sir,

will u please answer this doubt?

i am waiting for ur reply
S. 2 (1B) defines amalgamation as follows:

"amalgamation", in relation to companies, means the merger of one or more companies with another company or the merger of two or more companies to form one company (the company or companies which so merge being referred to as the amalgamating company or companies and the company with which they merge or which is formed as a result of the merger, as the amalgamated company) in such a manner that-
(i) all the property of the amalgamating company or companies immediately before the amalgamation becomes the property of the amalgamated company by virtue of the amalgamation ;
(ii) all the liabilities of the amalgamating company or companies immediately before the amalgamation become the liabilities of the amalgamated company by virtue of the amalgamation ;
(iii) shareholders holding not less than 3three-fourths in value of the shares in the amalgamating company or companies (other than shares already held therein immediately before the amalgamation by, or by a nominee for, the amalgamated company or its subsidiary) become shareholders of the amalgamated company by virtue of the amalgamation,

otherwise than as a result of the acquisition of the property of one company by another company pursuant to the purchase of such property by the other company or as a result of the distribution of such property to the other company after the winding up of the first-mentioned company;

i cant visualise the meaning of the last limb of the definition beginning with ".............othewise than as a result of acquisiton of the property..............."

can any one of u illustrate? please.

R.soumyanarayanan FCA Grad CWA

Dear

One of my friend deposit a cheque for amounting Rs. 30,000 for credit card payment but the bank returns the cheques with remarks insufficient fund, but the account has around five times money (in Lakh), can bank be held responsible for this mistake and any legal action can be taken against Bank,

please clarify

Amrish

If an Assesee invested X amount in Mutual fund eligable for 80C & claimed Tax benefit in that year. But if an Assesee withdraw that Mutual fund within 1yr or After 1 yrs. Thent what will be Tax implication for that.

How do i get exemption of LTA???
It would be gr8 if you can guide me abt recent provisions regarding this.
Please reply. Urgent.