Dear Sir,
Medical payment to approved hospital(for specified dieses) is exempt from tax. And for other medical reimbursement is taxable if it exceeds Rs. 15000/- in the hand of employees. As per CBDT circular it seems that when medical reimbursement to emploees exceeds Rs 15000/- than no FBT to Employer and if it is within 15000/- then only FBT is payable that means if Reimbursement is Rs 15100/- then no FBT on employer and for employee only Rs 100/- is taxable. Wheather my interpretation is Right or not. Please clarify.
Regards
CA. Sandeep Aggarwal

A Partnership firm has been converted as pvt ltd company under chapter IX of the companies act, 1956 on 20th October 2007. How much depreciation will be allowed to partnership firm and company. As per Income Tax Act Depreciation is not allowed in the year of disposal/transfer of assets. Since Partnership Firm has been converted during the financial year 2007 - 2008 weather depreciation will be allowed to firm or not. As per Income Tax Act Depreciation to the Company should be allowed for half year as Company came into existiant only on 20.10.2007. It appears that only half depreciation will be allowed for financial year 2007 - 2008. Is it not a disadvantage on conversion. Plz reply catagorically stating each event with reasons.


R. A. Joshi

A Partnership firm has been converted as pvt ltd company under chapter IX of the companies act, 1956 on 20th October 2007. How much depreciation will be allowed to partnership firm and company. As per Income Tax Act Depreciation is not allowed in the year of disposal/transfer of assets. Since Partnership Firm has been converted during the financial year 2007 - 2008 weather depreciation will be allowed to firm or not. As per Income Tax Act Depreciation to the Company should be allowed for half year as Company came into existiant only on 20.10.2007. It appears that only half depreciation will be allowed for financial year 2007 - 2008. Is it not a disadvantage on conversion. Plz reply catagorically stating each event with reasons.


R. A. Joshi

It will be onland drilling Rig,Mounted on carrier/chassis with Tyre.This will work together with few items like Drill pipes,Mud pump,Motors,welding machine,Tanks,Safety equipment,Generators,Containers.they can be singly identified items as well package of one.The working of that machine is drilling and workover rig in oil and exploration field.
i want to know depreciation rate as per income tax act and as per company act.

we are taking internet connection from Reliance Web Stores Ltd.

Rs.175000/- monthly amount paid to interenet charges to reliance on that TDS deducted or not?

Plz. sir urgent

A Partnership firm has been converted as pvt ltd company under chapter IX of the companies act, 1956 on 20th October 2007. How much depreciation will be allowed to partnership firm and company. As per Income Tax Act Depreciation is not allowed in the year of disposal/transfer of assets. Since Partnership Firm has been converted during the financial year 2007 - 2008 weather depreciation will be allowed to firm or not. As per Income Tax Act Depreciation to the Company should be allowed for half year as Company came into existiant only on 20.10.2007. It appears that only half depreciation will be allowed for financial year 2007 - 2008. Is it not a disadvantage on conversion. Plz reply catagorically stating each event with reasons.


R. A. Joshi

income tax on salary earned outside india.what exchange rate is to be considered for accounting purpose as because it is vary every month?some part of the money transfered to NRE ACCOUNT and some parts r not transfered in nre a/c.then wat will be accounting treatment and in wat way it will be taxable?

out company printing, brouchers and labels contract with out side party.
In the f.y.2007-08 first two months deducted tds as per tds on contracotrs rate.
From the month of june'07 onwards party given VAT bill (4%), on that no deduction of tds, party said.
Now onwards our company people not deducted tds from party.
so, it was correct procedure or not?
as per IT Act it was correct or not?
plz.. sir, this was my major doubt?

Trades without STT (overseas):

A. Gains from overseas stocks sale (long term: more than 1 year
holding) = 1,00,000

B. Capital Gains from overseas stock options (Same day purchase and
sell) = 1,00,000

C. Difference in vesting day price and allotment price for options
in B above = 1,00,000

D. FBT paid on the stock options to the employer = 33,900

E. Total profit in overseas stock options (B + C - D) = 1,66,100

F. Speculative gains (losses) in overseas market (Futures and
options) = (1,50,000)

Trades with STT:

G. Short term gains (losses) in domestic exchange = 50,000

H. Speculative gains (losses) in domestic exchange (Futures and
options) = (3,00,000)

Other income:

I. Income from bank deposits = 50,000
J. Salary income = 5,00,000

Queries:

What is the best way to offset the above losses with gains to
minimize tax implications?
Can overseas stock options gains be offset against domestic market
speculative losses?
Can overseas speculative losses be offset against salary or interest
income?

Dear Sir

The following information I like to verify from youe end. I will be very much onward if you kindly verify the information.

1. Director Profession Tax paid by company will that be contra entry of taken in and out in the tax computation

Regards
Satyajit Roy Chowdhury