The company carries on the business of financial services.It has brought forward losses.But is making profit from past 2 years and paying tax under Provisions of 115JB.The company did not have any fixed asset, acquired fixed asset in middle of last financial year.But no provision for DTA or DTL was made last year.
My query is:
1) how should the deferred tax be treated this year?

2)What is the effect of brought forward losses on DTA or DTL?

3)Should the DTA or DTL added or reduced from brought forward losses?

4)The company has a brought forward loss of 10Lacs still ,based on the concept of prudence since the company is making profit from 3 years we can expect it to make profit in the next year also.As the company is paying taxes under MAT provisions on Book profit,can the company set off the MAT credit against the regular tax payable if the company makes huge profits next year?How can this be done?

5)Does MAT provisions have any bearing on Deferred tax? If yes how should the deferred tax be treated?

6)If the Company is not carrying financial services will the answers for above questions be different? What will be the answers?
[..Sir i understand there are too many questions but i really need answers for all of them as i have to complete the finalization.I hope i can get answers for these questions.]

A Client of ours(a US Resident) is concerned about the possibility of collapse in the value of US Dollar, so he wants to convert about $200000 into Indian rupees. for this purpose he contacted SBI Branch there to inquire about the FDs they offer for money converted to Indian Rupees. They are offering an interest rate of 8% for a 8-10 year FD and the client will have to pay 15% tax at source on this. The bank says that once the interest income is repatriated to US, the client will have to pay taxes as per US Code.
The client wants to know that what will be the actual tax at source?? and if he does not repatriate the funds back to the US, how much tax will he be liable for then? will he be taxed again on the maturity of the FD?
What monthly income should he expect in net from this FD??
Please help

can any one give me important sites and links to download ca matter

When the value of intangible assets like goodwill,patent get less then this less amount shown in amortization rather then dep. But when its value increased then what should be the name of head instead of appreciation? Thanks in advance

We have purchased memory stick for laptop and pendrive in what head they are clubbed and if they treated as assets then what would be Dep Rate?

Whether we have to deduct education cess on tds or not for the fy 2009-10

let a person having a money lending business and forfieted the building due to non receiving the lending money

and if such person give this building on lease & receiving rent

then rental income in which head to be shown

hi
if asset is purchased in a year whose value is less than Rs.5000, should be depreciated at 100% as per companies act.
pls tell me if this depreciation should be taken as per day wise depreciation or directly written off full figure of assets below Rs. 5000.
for example if asset puchased in a year whose value is Rs 4000 and used in a year for 150 days.then depreciation should b taken for 150 days only or directly written off Rs 4000 as depreciation????

IS THERE ANY EFFECT ON INCOME TAX DEPRECIATION????
WHAT IF ASSETS IS FULLY W/OFF AS PER COMPANIES ACT DEP BECAUSE OF RS. 5000 AND USED FOR FULL YEAR THEN WHAT WILL BE EFFECT ON INCOMETAX DEPRECIATION.
ASSET WIL NOT SHOW IN BOOKS OF ACCOUNTS BUT WILL SHOW IN INCOMETAX DEPRECIATION?

PLS TELL ME
THANKS

we have got a partnership firm of 3 years old with name "INTEGRATED QUALITY ASSESSMENT QUALITY ASSESSMENT SERVICES PRIVATE LIMITED" and "INTEGRATED QUALITY ASSESSMENT SERVICEPRIVATE LIMITED"
They have come back with the remark"required resubmission,resembling name.suggest fresh name submitted.
On checking we did not find any registered company with similiar name.Only One company with resembling first two words.Is this the reason.
If this is the reason,for example there are 7 companies starting with first 2 word same as
"INTEGRATED BUSINESS"

Can you help me? I have to have the name as the firm is running with the name for last 3 years.

Dear Frnds
pl solve the gn below query as early as possible

Within wht time period notice u/s 142(1) can be issued to the asseessee in the following cases???
a. If the return is filed on time
b. if the return is not filed on time
c. if the return is not filed at all.

Thanks in anticipation
Regards
Sangita