in regards to Income arising to the spouse from an asset transferred without adequate consideration [Section 64(1)(iv)],the section says

Where the assets transferred, directly or indirectly, by an individual to his spouse are invested by the transferee in the business, proportionate income arising from such investment is to be included in the total income of the transferor. If the investment is in the nature of contribution of capital, proportionate interest on capital will be clubbed with the income of the transferor. Such proportion has to be computed by taking into account the value of the aforesaid investment as on the first day of the previous year to the total investment in the business by the transferee as on that day.


please explain the last sentence regarding proportionate income...can we say that


amount to be clubbed=investment by transferee as on 1st day of p.y divided by total investment of business(including other peoples investment ) multiplied by income of business

Will IFRS be applicable for ca final may 2013 exams.

Hi Friends,

Here I would like to share you that I Hv cleared my PCC & I hv taken admission in CA final, so all of you are kind request pls help me to arrange CA Final Accounts,Direct tax & Indirect notes. I shall really be very obliged for this.


Regards,


Kamal Tayal

what are the provisions applicable, if an assessee has taken a home loan in his individual file and utilised the same amount for purchasing shares in a company?
please mention the provisions applicable to company as well as individual.

Hi Every one i want to know about Work and contract tax. like on which kind of transaction or assessee this tax is applicable. and how to compute it and in DVAT 16 return form it is shown for taking input so how can we claim input in case of WCT in DVAT 16 form. and Give a suitable example to compute WCT tax considering an interior decorator company want to compute its wct..??

one of my client has accepted the renal advance in cash, will the provisions of sec 269 will apply or not? if not pl provide the answer with recent case laws and oblige
Regards

While calculating quorum whether we will include additional directors and nominee directors appointed by cg or not?
I.e 1/3 *( directors appointed till date + adiitional directors if appointed+ directors appointed by cg if appointed)

If a co. is supplying machinery manufactured by it and also providing commissioning service to a foreign company and raising invoice in INR. now it's raising invoice for the lumpsome value including price of machinery & value of commissioning service. Now pls tell me on which value service tax is to be charged,its a case of export of service..

Dear Expert,

I had Advance tax Of Rs. 141000/- for the A.Y.09-10.It is showing in 26AS also.

But While filing It return manuualy, I was wrongly claim only Rs.36500/- it returns up to my tax liability..
2nd thing, i had filed the I.T. return late i.e.10th may,2010.
I want to rectify my mistake now, I had discussed the same issue with ITO , but he refused my request.
Please help me in this issue, I want to claim my Refund of Rs.104500/-.

Pls respond at the earliest.

Can anyone tell me whether Companies Bill passed by Lok sabha on 18 December,2012 shall be applicable for May'14 attempt of CA final or not??

If yes, then when should I study right now, Allied laws will remain same??