Dear All

Please confirm that when an employer reimburse the medical exp. 20000 to an employee, Is FBT paid by the employer on the same or upto 15000 only?

With regards
Sanjeev

A Pvt. Ltd. Co. has three C/C Limits. All these are to be shown in the final balance sheet. Is there going to be any problem due to more than one C/C Limit? If yes, please tell about that.
Further, If the company increases its C/c Limit, then it has to modify the charge already created or nothing is to be done with regard to increase in C/C Limit.
Please guide me as it is very urgent.

Sir/Madam

What is the depreciation rate as per Companies Act & Income Tax Act for Leasehold equipments such as office interiors & furniture & fittings. Can we write off in the period of lease holding?

We are a SSI manufacturer of Pharmaceutical Formulations clearing goods under basic exemption of upto 1.5 crore turnover.
We have signed an agreement with a party who intends to supply products manufactured by us to the Government under the following terms:
1. Products will be manufactured by us under our own mfg licence granted by FDA (no Loan Licence).
2. All inputs required will be procured by us (No Job work or contract mfg)
3. Agreement mentions that sale is on Principal to Principal Basis
4. The product packaging states Manufactured by us and Marketed by the other party.
5. Since goods are for Govt supply there is no MRP printed, instead the pack says "Not for Sale".

My query is
1. Can we clear the goods so manufactured under our available exemption limit?
2. If yes, is the assesable value the transaction value between us and the buyer or is it the rate at which the buyer sells to the Govt?
3. If no, then what is the assesable value?

Thanks in anticipation.
Regards.

Are the Expenses on maintenance of Guest House liable to FBT for the AY 2009-10?

One of my client purchased flat in 2003-04 for Rs. 6,35,000/- & made furniture of Rs. 1,75,000/- in the year of purchases.Now he decided to sale that flat in March 2009 @ Rs.17,00,000/-, So my queries are as follows:
1)Is it benificial to sale Flat in the month of March 09 or postpone this decision in next F.Y?

2)Can we take advantage of furniture cost as cost of improvement, if deceision is to sale that flat as furnished flat?

3)Hoe we minimize long term capital gain tax ?

4)Is it necessary to mention flat amount & furniture amount separatly in the Sale Deed?

hi
my client have started a redevlopment project in mumbai- maharastra, werein they will be constructing 14 storied residential cum commercial building as such the ground floor will b commercial and 1st to 7th floor would be given to existing members and 8 to 14 floors they will be selling, now they are constructing the entire bldg on their own, hence would like to have clarification on the following.

a) Is VAT registration required?
b) If yes what are the advantages they can get.
c) Can they procure material for constrcution against C form , can they get the benefit.
d) what would be their VAT liability are they require to collect VAt from Client.
as such they have just started the constrcution activity a month ago.

The asset is wrongly classified as P&M instead of Intangible asset. whether Amortisation/ Depreciation shall be with retropective or propective effect?

Dear Sir

I am Proprietor of two firm.
1. Jai Balaji Hosery

In it trading of garments and turnover is 3650000.00

2. Jai Balaji Trading Co.

Trading of Computer & related goods.
Turnover is about 3500000.00

In my view Seprately firm have no required any tax audit but both company is prorietorship so tax audit required and how.

Harish

As a service provider under Manpower Recruitment & supply agency we are providing worker to Manufacturing Industries in the same way we are also reimbursing the Providend Fund which has been paid

Now our query that Is it require to charge the service tax on Providend Fund as above mention ???


With Regards.

Keyur Vora