Dear Experts,

i need to provide figures of earnings on fob basis for f.y. 09-10.

to arrived this value i ve taken total exports bill realised during the period 09-10 & i ve deducted foreign freight & insurance from the total exports bill realised during the yr 09-10.

is this correct method?
if not pls let me know what is the right method or formula for the same.

Thanks in advance
Sushil.

We are a Private Limited company in which 85% shares are held by forgien company.

Now we want to do 25% buy back of shares. In this transaction there is huge long term capital gain to forgien company.

Now while remitting the funds out of India to them we are supposed to deduct capital gain..my question is what will be percentage of tax on this ???

Pls advise ASAP.

Thanks

Depreciation on revalued assets which are take over from partnership firm is allowed as per income tax act or not?

A person already owns a house and resides in it, on the ground floor. He constructs First Floor of the House (after approval of Plan from Municipality), by taking Loan from Bank. Whether the deduction of this loan will be available u/s 24?. If yes, whether the limit will be 30000 or 150000. since in proviso it is written "acquired or constructed after 1/04/1999".
Whether the deduction of repayment of loan u/s 80C will also be available on such loan?
Please quote any case law if available.
Thanks

Mr. X - Owner of Residential House Property since 1981-82 gifted the said property to Mrs. X in 2002-03. This house property is proposed to be sold in 2010-11.

Please, assume that all other condition of section 54 are fulfilled.

In whose name Cap. Gain would be taxed ?
For Claiming Exemption u/s. 54 how & in whose name Investment in new Residential House Property should be made ?

Shall it do if new investment (Residential House Property) is made by Mrs. X only because sales proceeds will be received by Mrs. X ?

Deduction u/s.54 is to be claimed by Mr X & we do not want to add Mr X's name in the new property. Is it possible ?

80 IA deduction to Power generating companies are availble.

Case :
A company is engage in power generation by wind mill. Comapny want to buy second hand windmill. Can they claim deduction u/s section 80-IA ?

My opinion :

Confusion under following two explanation u/s 80 IA

Explanation 1 : For the purposes of clause (ii) of this sub-section, any machinery or plant which was used outside India by any person other than the assessee shall not be regarded as machinery or plant previously used for any purpose, if the following conditions are fulfilled, namely :- (a) Such machinery or plant was not, at any time previous to the date of the installation by the assessee, used in India;

(b) Such machinery or plant is imported into India from any country outside India; and

(c) No deduction on account of depreciation in respect of such machinery or plant has been allowed or is allowable under the provisions of this Act in computing the total income of any person for any period prior to the date of the installation of the machinery or plant by the assessee.
Explanation 2 : Where in the case of an industrial undertaking, any machinery or plant or any part thereof previously used for any purpose is transferred to a new business and the total value of the machinery or plant or part so transferred does not exceed twenty per cent. of the total value of the machinery or plant used in the business, then, for the purposes of clause (ii) of this sub-section, the condition specified therein shall be deemed to have been complied with.


Pls guide whether the company buying second hand wind mill can claim deduction under section 80IA for balance period.

Sir,

My boss is NRI. He is earning income by way of renting property in India.

He is having NRI & NRO a/c & all the income received in India we are depositing in NRO a/c.

Now to save tax, we want to invest Rs. 1,00,000/= u/s 80C

So can we invest Rs. 100,000/= from his NRI a/c in PPF or Bank FDR or Mutual Funds

Pls. guide.

sir
i want to prepare pan card thru online i can prepare around 200 pan cards per month and i have to paid thru net banking so i want to know i can make the payment thru net banking.

I am Stock Trader what documents i take from my broker to calculate Profit from each Share Trading,F&O and Commodity Exchange??
And how to calculate from that each segment??

Respected Experts

I have taken a loan of Rs. 20 Lac from my company, which is pvt. ltd. and I am employee of the company. I have two Query?

1. Which is Fair Rate of Interest back to company on Loan?
2. Being an individual, It is my responsibility to deducted TDS on Intt. Paid or not?

Thanks