Can a Loan amt. due to its share holder be paid before payment of IT from the profits of a Pvt ltd co.Can interest be paid on the Loan amt.Ifso under what sec.

Dear sir,

My friend need to register one company as a pvt ltd,so he asked me,if anyone help me to incorporate at low cost or suggest me how much it will take as a low cost for asking anyone
pls send mail to me
ravicommerce@gmail.com

Frequently Asked Questions:
Pertaining to Full and Final Settlement: Salary
Q1. When will I get my Full and Final settlement?
A1. Full & final is settled within 21 days from your last working date with ICICI Prudential.
Q2. What will be the mode of payment for my Full and Final settlement?
A2. The full &final amount will be credited in your salary account which you last updated on PACE. Incase your account no is not updated on PACE you would get a cheque at the last updated address on PACE.
Q3. What does LWP mean?
A3. Any unmarked attendance, leave not applied for or any other leave (PL, SL etc) or OD not approved/rejected by your reporting manager. This would be equal to the number of days for which you have not marked attendance, leave has not been applied for plus the number of days for which leave application was made but not approved by reporting manager.
Q4. How can LWP be reversed?
A4. It can be reversed by a mail from the reporting manager supported by approval of your HR manager approving your unmarked leave or attendance for those days that you had worked with ICICI Prudential.
Q5. Why is my salary in deduction column?
A5. LWP for previous month is recovered in current months salary. Recovery for any LWP, which was paid to you in your last salary earned will be recovered at the time of your settlement.
For e.g If your last working day was 30th June 2008 and you had 2 LWP in the month of May 2008 the amount towards those 2 days will be recovered from your full and final settlement.
Pertaining to Full and Final Settlement: Bonus & Payout
Q6. Why is my rural spoke relocation bonus in the deduction column?
A6. As per company policy: you need to be employed with the company for 6 months from the date of payment. Incase you have left the organization prior to this period, the entire amount needs to be refunded to the company.
Q7. Why is my joining bonus in the deduction column?
A7. As per company policy: you need to be employed with the company for 1 year from the date of payout of this bonus. Incase you have left the organisation prior to this period the entire amount needs to be refunded to the company.
Q8. I didn’t receive my Talent@hunt/Pinnacle payout?
A8. The payout happens after 3 months of completion of the employee referred. Incase you are not active in the system at the time of disbursement then you are not eligible for this payout.
Pertaining to Full and Final Settlement: Leaves
Q9. I had sick leaves in account for which I wasn’t paid
A9. Only privilege leaves are encashed not sick leave.
Q10.How is leave calculated?
A10. Leave encashment is calculated on the privilege leaves accumulated at the beginning of the year. The same are pro-rated till the last working date on your last drawn basic. For e.g.
Your date of joining 1-Apr-08 and your date of separation 31-Dec-08 so your PL is 20.55.
Working:
27(PL for the year)/12(no. of months in a year)*4( the month of month you have worked)=20.55
Q10.How is PL calculated?
A10. PL is on Basic salary. For e.g. If your basic salary is Rs. 4000/- and pending leaves are 15 you would get Rs. 2000/-.
Q11. Which calendar do you follow to calculate leaves?
A11. We follow the financial year.
Q12 Each year how many leaves are carry forwarded and?
A12. At the end of the 1st financial year only 15 PL’s to the max can be carried forwarded to the next year.
At the end of the 2nd financial year only 30 PL’s to the max can be carried forwarded to the next year.
At the end of the 3rd financial year only 45 PL’s to the max can be carried forwarded to the next year.
At the end of the 4th financial year only 60 PL’s to the max can be carried forwarded to the next year.
At the end of the 5th financial year only 75 PL’s to the max can be carried forwarded to the next year.
Greater than 5th year 90 PL’s to the max can be carried forwarded to the next year.
Pertaining to Full and Final Settlement: Notice period
Q13. Why is notice period in the deduction column?
A13. As per company policy, the notice period that was to be served by you as per terms listed in your Appointment letter, since you have not served the Notice period therefore the basic salary for those many days are being recovered
Q14. I was told that I am not supposed to serve any notice period then why is it reflecting here in the deduction column?
A14. On Submission of separation request you need to serve notice period as mentioned in your appointment letter.
Pertaining to Full and Final Settlement: PF and tax deductions
Q15. Why is my Provident Fund in deduction column?
A15. 12% of your basic (as calculated in Full and Final) will be deducted as part of your contribution to Provident Fund.
Q16. Why is my Professional Tax in deduction column?
A16. This is done as per existing government rules
Q17. Why is my Income tax in deduction column?
A17. This is done as per government rules at your existing income tax slab.
Q18.In other recoveries what all is considered?
A18. If any company assets, ID card, keys, salary advances, laptop recovery, PDA recovery or petty cash is not returned the amount applicable toawards it is recovered.
Pertaining to Full and Final Settlement -FCP:
Q19. Why my FCP in deduction column and what is the working of FCP?
A19. Amount claimed YTD is in excess of prorated eligibility of declaration on PACE, which means any FCP declaration that has been made, for which claim has been made with bills, would have been reimbursed to you pro-rated from the date of declaration.
If you have left ICICI Prudential in the middle of the year, the amount reimbursed pro-rated from last working day to end of year will be recovered.
For e.g. you have joined us on 1-Apr-08 and left on 31-July-08, your entitlement for medical is 15000/12=1250, 1250*4(no. of months worked) = 5000.
If you have received a claim for Rs. 4500/-, you would get the balance amount Rs. 500/- in your Full and Final settlement. Incase you claimed Rs. 10, 000/- and you are entitled for Rs. 4, 500/- then Rs. 5, 500/- will be in the deduction column which would mean that you would have to return the said amount to the company.
Q20. At the time of submitting my separation I had submitted FCP bills, I didn’t receive the full amount?
A20. FCP is calculated on prorated basis. You would get the FCP amount only what you are entitled for.
For e.g. you have joined the company on 1-Apr-08 and left on 31-Dec-08, your entitlement for medical is Rs. 11250/- only.
The working is given below:
15000/12=1250, 1250*9(no. of months worked) = 11250.
Pertaining to Provident Fund:
Q1. When will I get my Provident Fund?
A1. It takes 81 days from your last working date with ICICI Prudential or within 21 days from the time we receive the Provident Fund withdrawal form whichever is later. You need to clear your pending recoveries (if any) prior to Provident Fund settlement. If you wish, the Provident Fund amount can be transferred to your new Provident Fund account with your employer within 21 days of receipt of transfer out form.
Q2. What will be the mode of payment for Provident Fund?
A2. depends on your option provided while submitting the PF withdrawal form withdrawal form. An option of mode of payment is included in the Provident Fund withdrawal form. If you choose cheque mode it will be couriered to the address that you have mentioned on the Provident Fund withdrawal form. Incase you have opted for direct credit then the amount will be credited to your ICICI Bank Account.
Q3. My ICICI Prudential Provident Fund is settled but previous employer’s Provident Fund which I have transferred to ICICI Prudential is not settled?
A3. You need to follow up with your previous company since the Provident Fund amount is yet not transferred to ICICI Prudential. Once the same is done it will be duly settled by ICICI Prudential.
Q4. How can I get my Provident Fund accumulated and will it be taxed?
A4. PF can be withdrawn, but it will be taxed, incase you have not completed 5 years of continuous accumulation in the Provident Fund establishment. You may also choose to transfer it in your current employer by filling the Form 13 available with your current employer. The accumulation will be transferred to your new Provident Fund account within 21 days of receipt of the transfer out form.
Pertaining to Gratuity:
Q1. How can I get my Gratuity amount?
A1. Gratuity is given to all those employees who have completed 5 continuous years of service with ICICI Prudential. Incase you have, kindly submit the duly filled Gratuity withdrawal form which you can download from Intranet. The Path is Intranet>>>E- Forms>>>Compensation & Income Tax>>> Gratuity Withdrawal Form.
Q2. How long will it take to settle my Gratuity amount?
A2. 15 days from your last working day with ICICI Prudential.
Q3. What is the calculation for gratuity?
A3. Last Basic salary drawn/26*15*no. of years worked.
For e.g: your date of joinning was 15th Jan 2002 your last working day was 15th Jan 2008, your last earned basic was 10000/- hence your gratuity is computed as follows:
10000/26*15*6=Rs.34615/-
Pertaining to Incentive and bonus:
Q1. I have not received my Incentives in my settlement?
A1. As per company policy: at the time of disbursement of incentive incase the employee is terminated he is not eligible to get the same.
Q2. I have not received my Bonus in my settlement?
A2. As per company policy: at the time of disbursement of bonus incase the employee is terminated he is not eligible to get the same.
Q3. I was to get some gifts for the contest that I had won and I didn’t get the same?
A3. As per policy: at the time of disbursement of the gifts incase the employee is terminated he is not eligible to get the same.
Pertaining to Taxation & Form-16:
Q1. When will I get my form-16?
A1. Once the current financial year ends. For example: incase you have left the company in Jan ‘09, you would get your form-16 by June ’09. The same will be uploaded on this portal for you to download.
Q2. I couldn’t submit my investment proof at the time of separation can I submit it now?
A2. If your settlement is completed, investment proofs will not be accepted. But the same can be submitted to either your current employer or at the time of filing your returns to claim necessary refunds from the IT department.
Q3. You have deducted a lot of tax from me, can I now submit the investment proofs and get a refund of the same.
A3. No, once the tax is deducted from the employee, returns are filed with the Income tax treasury so it can’t be refunded.
Pertaining to reimbursements raised on CrossRoads:
Q1. In my full and final settlement I have not received the claims that I raised on CrossRoad?
A1. The full and final settlement is pertaining to your salary only which will be credited in your saving account. All the claims raised on CrossRoads will be settled separately and the same will be credited in your current/reimbursement account post necessary approvals by your approving manager.
Q2. I had telephone bills that the company didn’t pay to service provider because I left the company, am I am eligible for the same?
A2. Your mobile bill is reimbursed for last completed month of service on our rolls. Therefore your current mobile charges need to be borne by you.
Q3. I had conveyance bills that I didn’t claim for as NT ID had expired, how can I claim for it?
A3. Please get in touch with your reporting manager and HR manager, they will raise the claim on your behalf and once the claim is reimbursed it will be paid to you in your current account.
Q4. I have not received my client meeting expense how can I claim for it?
A4. Please get in touch with your reporting manager and HR manager, they will raise the claim on your behalf and once the claim is reimbursed it will be paid to you in your current account.

should i opt for cs or llb alternatively with currently going under ca course pcc

hi everyone

I need an appointment for a professional.

Can anyone provide me.

Pls. send me on my mail mkp2685@gmail.com

Thanks in advance

Mukesh Kumar

A company is engaged in the business of software development. Does software development amount to construction of assets. Is AS 7 on construction contracts applicable in this case.

Hai,
Any one please help how to make entries for the fixed assets in tally, with qty and location details, I dont have the seperate module,


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I have recently joined as Admin cum Accounts if a Charitable and Religious Trust in Karnataka. Since the trust recently started and now 6 employees being recruited-whether Professional Tax to be deducted from the salary?
What other legal requirement to be complied as an accounts-admin?
Please reply
Thanks and Regards,
Akshay.G

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