A company is expanding its unit and purchasing Cement & other materials on which it is Paying VAT to seller. Can this VAT amt be claimed as Input Credit or there are some restrictions?

For A.YR 2009-10:- A firm has:-

N/P as per P & La/c (after interest & before remuneration) =10000
Interest on capital @ 12% =45000
FBT paid in the p.yr =500
Income tax for the firm paid in the p.yr=1250
Depreciation provided =5000
Depreciation as per IT Rules =5500


What will be its total income?
Whether this firm can calculate profit as per Section 44 AF?
If so, what will be the profit & total income?

A company adds Corporat Attire as a Salary Component in Salary structure for its employees. Now as per IT rules, I think the amt paid will be exempt from employees hand upto amt actually incurrd by them and will also not attract any FBT for company. Am I right or not? If its possible, what precuations or records Company/Employee is required to maintain?

Hi,

A professional ,say, a fresher C.A wishes to start practice and open his own firm. He estimates his Yearly receipts around Rs 900000. Now,
a) Will he need to take Service Tax Registration? If yes, when shd he take? Either in
very beginning or when total billing crosses some limit!
b) Need he compulsorily maintain his books of A/c under any Act or Law?
c) If books maintained, Will he be required to get his A/cs audited every Yr?
d) Assets he purchase for business shd be on name of business only or these can be
on his personal name/
e) If he brings some personal assets for use in Office, how shd he calculate Cost to be
recorded if he has not got Invoice for that Asset?
f) Will there be some restriction if he pays salary to his brother or other family member if
they are also possessing qualifications in related field?
g) Will he be required to take TAN as salary being paid to staff is more than their exemption limits? & then deduct TDS from their salaries and file TDS returns?

HI,

A proprietor takes some loan from his wife and pays interest over this amt. Wife shows the Interest Income while filing her ITR while husband claims this expense in his P&L A/c. Will this Transaction valid in IT provisions or any rule prohibits or disallows such transactions?

Dear Members,

Please clarify practically what is procedure for revalidation of Share Transfer Deed (Form 7 B)already executed.where i have approach for such revalidation of share transfer deed and what is the practical time to complete such procedure.Is it online services is available under MCA.

Thanks,

Regards

Any income of Agricultural Produce Marketing Committee/ Board is not form of total incomeand hence not chargeble to tax as per section 10 (26AAB) of the Income tax act. Whether TDS U/s 194A is required to be deducted on interest payable to such Agricultural Committee by bank on time deposit ?
Opinion with sitation of Circular / Notification etc. will be highly appreciated.

Thanks in advance.
Regards,

Hello sir
i am a pcc student appearing in june 2009.
So i wanted the list of important questions for information technology for this June exam.

can i get hightlights in Companies bill 2008

Hi,
CPT Cleared = Nov 07
PCC Attempt = Nov 09
Training Strated = 7 Dec 07
Training Completed till date= 7 Dec 07 to 6 May 09 (18 months - 50 leaves = 16 months)
Institute Requirment = 15 Months

My question is "Can i take termination (not transfer)from articleship. after termination will i eligible to take PCC exams in Nov 09 ? This is all because i m not getting sufficient leaves.
Kindly help me out.
Thanks