My question is :

Our company has paid the previous year tax as per the MAT, but the entry of the same is not reflected in the books of accounts, so can we get the credit of the MAT in the current year or the coming year as per the I.T Return filed by us.

With regards to the query asked earlier about the amount that can be claimed if assets are lost by fire, replied by Mr. Mishra, some further clarifications r reqd.

The case was : A Partnership firm has lost all its assets in fire, then wont Sec 37 disallow the loss from being claimed bcoz it is not the Expenditure incurred for the business?

Further the firm is not in receipt of any insurance claim nor did it have any.

Tahnks & Regards.

Dear Sir,

We are a manufacturing unit based in Kolkata. Our production has started in the month of September 2006

Reliance Industries, Jamnagar is our main supplier of our raw material-PP Resin. Reliance Industries was an EOU when we started the production.

Reliance has raised the bill on us as follows.
74,600.00 Basic (a)
700.00 Cash Discount (b)
4,850.00 Trade Discount-Location (c)
69,050.00 B + C –A (d)
3,452.50 5% custom Duty on d (e)
72,502.50 d + e (f)
10,150.35 CVD 14% on f (g)
203.01 ECS 2% on CVD g (h)
101.50 S&H ECS @ 1% on CVD g (i)
278.15 ECS (CD) 2% on Total Duty, e+g+h+i (j)
139.07 S&H ECS (CD) 1% on Total Duty, e+g+h+i (k)
286.49 ECS @ 2% on Cenvat, e,g, h, I, j, k, (l)
141.86 S&H ECS @ 1% on Cenvat, e,g, h, i, j, k, (m)
83,802.93 Total (n)
1,676.06 CST @ 2% n (o)
3,832.00 Freight (p)
89,310.99 Invoice Price (COM+Freight) (q)

Kindly inform which are the amounts we could claim as input with Excise

With regards
Lalit

The assessee undertaking is eligible for deduction u/s. 80IB since last 5 years. Recently, the assessee has started job work for outsiders to utilise the spare capacity fully and receives labour charges for services rendered. Does labour charges so received qualify for deduction u/s. 80 IB?

I have a query. A husband is going purchase a piece of land. but he does not have the amount. His wife has enough amount. His income is exempted from tax but his wife income is not exempted. What will be beneficial for him from the point of view of income tax either to take loan from his wife and repay back the loan or payment from the joint bank account so that there will be no tax liability in future.

hi,

I have 2 queries

1) What does promoter of a company means? The director recruited at the time of formation will be termed as promoter?

2)con a company be a sister concern of two different companies??

Waiting for the prompt reply

Thanks in Advance...

Rama

Is There any copulsion to pvt. ltd. company to transfer the profit to general reserve in case of profit.Is there any minimum proportion which must be provided?

we have not received tds certificate from party for the income we have claimed for a.y.2009-10. would we get the credit of tds even if we have not submittting tds certificate.or should we claimed such income when the certificate is received i.e.a.y.2010-11.

can a single director call a board meeting when company has four directors

i have taken some amount from Bank against the morgage of my own house and i had used the money for the purpose of trading in shares. Lat year i beared a loss in shares and also paid heavy interest in Bank.Can i adjust the Bank Interest from Other in come (Commission received in my own company in which i m a director)