in section 2(22)e there is law that if company give loan & advance to any concern, is income of the company. but in exception if concern company is lend money as ordinary course of business and substantial part of business is lending then not amount not treated as income. tell me about what is 'substantial part of business' and what is requirement under non banking finance company....

I want to known that whether Premium paid on Redemeeing Preference Share or Debenture is allowed as Expense in the Companies act and under Income tax act

if the company is engaged in lending money but that part is substantial.Is the company liable to register in rbi as NBFC company? my case is stand in the exception of u/s 2(22)e that is in ordinary course of business loan given to shareholder is not deemed dividend but the AO asked is the co. is NBFC CO.i said no it should be then he said it must be nbfc. so wat should i do.


thanks
bharti

the new scheme requires training for a period of 3 years, wherein the final exams can be given after completion of the said period.

Training norms for the new scheme i.e. IPCC is for 3 years wherein the final exams can be given during last six months of the said training.

If a candidate converts to IPCC, then what will be the time for his Final exams,
(as per ICAI.ORG, the articleship needs to be completed as per the deed of articles signed between the student and the principal.

Dear Friends

Please give your view

If a specified person is paying service tax on freight inward after availing 75% abatement.Can it take cenvat credit of this service tax.

condition 1: if the above situation is before march 2008.

condition 2: if the above situation is after march 2008.

Is director of company can claim reimbursment of petrol exp

I would like to know as to the steps to be followed for a newly qualified CA to start practice.
I beleive one can take COP in his individual name or in the name of a propritorship firm. What is the difference between the two and the advantages or disadvatages between the two??? Also, if I want to set up a proprietorship firm, what are the requirements?

I have SSi where i manufacture marble slabs.this year turnover cross the limit of 1.5 crores,so liable to pay excise duty.Jobwork is also done in the marble unit i.e. marble blocks of others SSI's are converted into marble slabs.Whether I am liable to pay excise duty or liable tio pay service tax on this jobwork done in the unit?

If we purchase the car what the expenses should be capitalized what are to be treated as allowable expenses from Income Tax point of view?

1. Car Basic Cost
2. Taxes on Basic cost of Car
3. RTO Exp
4. Insurance
5. AMC
6. Road Tax
7. Registration charges
8. File charges for loan sanction
9. interest on car loan
10. Octroi & taxes
11. VIP Number Charges
12. Accessories

Mr.A Exported Goods to US at 1500$ as invoice value. He made Forward Contract for 1500$ @ Rs.40 Per Dollar. Mr.A Discout that Bill with bank. But the Bill Realised only for 1400$. In this case bank recover loss of 100$ short realisation from Mr.A in what Exchange rate ?