I am planning to start my personal CA practice as a proprietor. I also wish to become a partner in other two firms. What effect it will have on the empanelment eligibility of all these 3 firms for Bank audits, Insurance sector audits, PSU audits, etc.?

MY CAPITAL GAIN IS 462500/-. THIS IS LONG TERM CAPITAL GAIN BY SELLING OF PROPERTY IN THE FINANCIAL YEAR 2008-09 . IN THE SAME YEAR I PURCHASED THE PROPERTY FOR RS. 2271104/- SHOULD I PAY ANY TAX FOR THIS. IS IT NECESSARY FOR ME TO GIVE SALE AND PURCHASE DETAIL IN INCOME TAX RETURN ? IF I HAVE NOTHING TO PAY ANY CAPITAL GAIN THEN I THINK THERE IS NO NEED TO GIE DETAIL OF SALE AND PURCHASE OF PROPERTY IN INCOME TAX RETURN AM I RIGHT ?

Dear All,

Mr. X is a salaried employee. He is also the proprietor of ‘PPP POLYMERS’(a manufacturing unit registered under DVAT).

Now can Mr. X file separate return as followes:-
1.One for his salary income;
2.Another in the name of ‘PPP POLYMERS’ in respect of the manufacturing unit’s income.

Thanks,
CS Siddhartha Banik

It is common knowledge that the FBT has been abolished Starting 1st APR 2010. But a specific clause has also been added to 17(2
) saying Fringe benefits shall be taxed as perquisites hereinafter.
In a nutshell, 115WB(1)(D) says that all sales promotion activity will be liable to FBT.
Expenditure on festival celebrations happening in an organisation was liable to FBT earlier. Now, should an employee pay tax for something like a festival celebration happening in an organistaion, which is not organised/planned by him?
The funnier aspect of this, is the fact that the same expenditure becomes deductible from the revenue earned and only the remaining is taxable.
I understand a clarification on the above points is due to come, but don't you think, in a budget, the Finance Minister must have reasonable homework before spelling out anything.
This, in my opinion is shoddy crazy work!
Atleast a notification to clarify the same must have been issued.

What is the impact of abolishment of FBT on the following expenses?
1. Food Coupons
2. ESOP
3. Fuel & Maintenance
4. Medical Reimbursement
5. Gift Coupons

sir,
my Clint is a business man and his wife also.my Clint purchase a house taking interest free loan from his wife, what is the treatment for these transduction,ITO can take it as scrutiny assessment for clubbing of income.

WE HAVE INPORTED THE MACHINERY ON EPCG LICENCE
NOW WE WANT TO TRANSFER THIS MACHINERY MOULD TO OUR ANOTHER PLANT WHICH HAVE SEPERATE EXCISE REGISTRATION NO WE ARE USING THIS PLANT FOR ONLY JOB WORK PURPOSE FOR OUR MAIN PLANT

CAN WE TRANSFER THIS MACHINERY
HAVE WE TO TRANSFER IT ON INVOICE OR JOB WORK CHALLAN

PLS ADVICE

any one tell me briefly about Sec.194C-TDS on Payment to resident contractors/ sub-contractors,& Sec.194I-TDS on Rent,plzzzzz

Sir,

I am working in a Kerala based PSU having branches all over the Kerela.It is enagaged in the business of productions and manufacturing of electronics goods as well as software products.The company also have a five subsidiary units,fully incorporated as company under the Indian Companies Act,1956.The Holding Company's productions as well as proudctions of subsidiary units are selling through the marketing offices of Holding Company,w hich have various offices all over India.Holding Company have eneterd in an agreement with the subsidiary company realating to the selling of products of subsidairiy units.Subsidiary company is required to pay a commission of 5% on the net sales effected by the marketing offices.My question is whether the commission received by the Holding company is laible for services Tax?Monthly expenses on behalf of some of the marketing offices is incurred by the said subsidiary unit which will be adjusted with the above commssion at end of the each quarter.Based on the above circumstances what is time limit for charging/paying the service tax liablity?