Automated Data Entry into Tally, Zoho Books, Quickbooks

Kovid Jolly
03 March 2008 at 16:50

Liquidation of HUF / Partnership firm


I have a query.

Incase an HUF (under liquidation) has after paying up all its secured creditors some losses left in the books.

Can that HUF sell its business (book losses) to a COMPANY?

If yes, can you please mention the procedure for such Liquidation and consequent Acquisition?

my email :

Thanks and regards,

03 March 2008 at 14:49

Applicability of TDS

Which section would apply for deduction of TDS for Car Hire charges is it 194C or 194I...can anyone help us...

03 March 2008 at 14:38

Capital Gains on agricultural land

Mr. X has purchased 3.00 Acres of agricultural land for Rs. 3.00 lakhs in May,2004. The said land is within panchayat limits and more than 8 Kms from a town/city. He has sold the said agricultural land for Rs. 18.00 lakhs in December, 2005. Is there any liability for capital gains tax?


03 March 2008 at 14:26

tds on inwardfreight

we have purchased steel. the billing pattern as follow.

Commodity Rs.
steel 1000000
Freight charges 25000
loading charges 1000
Vat @4% 41040
total 1067040

Q1. if No transport (LR copy) copy has been given
Q2. if Transpot copy has been give

what is the applicable TDS in above cases

Q3. we have posted entry in our books as follow.

particulars Dr. Cr.
Steel a/c 1001000
Inward Freight 25000
Vat 41040
Party 'x' 1067040

note: we have separated freight charges towards service tax calculation

please clarify the above queries
thank you sir
with regards.

N J Ansari

If TDS provisions are applicable on payment to Chemixil for allotment of
stall to particilate in international Exhibition.

03 March 2008 at 11:19

Charitable Trust

Please reply to my question - Urgent...

Q1) The advancement of any other object of general public utility shall not be a charitable purpose, if it involves the carrying on of any activity in the nature of trade, commerce or business. What will be the effect of recent amendment in definition of “Charitable purpose” in the budget?

Q2) If any charitable trust is printing and selling the religious & other books @ nominal profit margin of say 5% to cover any future loss, will this profit be treated as business income ?

Q3) Any Charitable trust say “Mahila Gruh Udyog” making and selling farsan and papad and earning profit for welfare of ladies of weaker section of the society. Will this be treated as business and profession.

Q4) Any person is donating cash in “Cash box” kept @ Panjrapol, which is charitable trust for welfare of animals, is this called Anonymous donations ?

Q5) Any religious trust in making surplus on Yatra Pravas or sale of sweets and farsan, will it be called business and profession?

Q6) How to segregate income of trust from donation and business income if separate books of accounts in not maintained.

Q7) If surplus arising out of sale of farsan,sweets,books and used for charitable purpose ( as per object of the trust) , will this surplus taxable?

Q8) Charitable institution like Panjrapol selling cow milk and using that amount for maintenance of cows and other animals, will income from sale of milk will be taxable?

Shruti Jain
03 March 2008 at 11:18

house loan interest deduction

my house is jointly owned by my mother and we two brothers. we have taken a house loan and paid Rs. 166000 as interest. can i and my brother both can claim deduction of Rs.83000 as total deduction limit is Rs. 150000.

03 March 2008 at 10:53

Payment of lic premium

The assessee pays LIC of Rs 100000/-per year for last three years.The premium paid was not disclosed in the books of account.Now the assessee realises the fact and wants to disclose the upcoming premium payments in the books.What are the remedies available and the consequences of the last three years premium already paid but not disclosed in the books.

CA Vikas Agrawal
03 March 2008 at 10:16

how the income will be calculated

sir query is that,
some person is working in erp implementation team in india, thus for assignment they have to go outside india also,thatswhy they earned some salary income from germany on which they deduct tax in germany and at the time of issuing the Form 16 company didn't show thats germany income.

so wt should i do for this germany income, whether we have double tax treaty with germany or not?

03 March 2008 at 10:04

income from house property

In the head INCOME FROM HOUSE PROPERTY it is mentioned that a person should be the owner of the building in order to treat the rent received under this head and it is further mentioned that ownership includes lease hold rights.
Now a person holding lease hold right pays rs8,000p.m to the actual owner and gives this property to another fellow and receives rent of rs 10,000p.m ,can he show this amount of rs10,000 under this head,and if he can do that where will he show this 8,000 as deduction

Automated Data Entry into Tally, Zoho Books, Quickbooks
Advanced Level Course on GST Returns and ITC Issues with CA Abhishek Raja Ram

Follow us

Answer Query