15 % Machinery Block on 20th June 2008 - Rs. 1.90 lacs
The Block comprises only a Car.

The Car is sold for Rs. 4.00 lacs on 21 st june 2008.

A new car is purchased on 20th August 2008 for Rs. 7.00 lacs.

My queries are

1. What is the balance of the 15% Block as on 31st march 2009 before depreciation?

2. Whether capital gains tax arises or not?

3. How is the profit on sale of car is taxed here?

Please solve my queries.

iS SUCCESS FEE TAXABLE UNDER SALARY

As per notification 18/2008, ST is leviable on tangible goods
What is Code (for pyt.) for this?
hw to check the code no.?
Notification is applicable from 16.05.08, whether Exemption of Rs.10 lakhs counts from 16.05.08 receipts? - is it correct.

One company A giving shares to his Directors as gift, value of shares is in crores of Rs.
Will the Company liable to pay FBT on the same?
Will the Director liable to pay income Tax?

Please answer in following 2 situations:-
1. Shares are of compny A
2. Shares are of any other company.

what is the definiton of the guest house under the income tax act?

Kindly answer my following two querries:
1) Articles of Association of XYZ Pvt. Ltd. contains provision to hold one Board Meeting every month. If for any month, Company fails to hold a Board Meeting, then what would be the legal consequenses?
2) What is the legal penalty to the Company, if it violets the provision of its Articles of Association?

Dear Sir,



Kindly advice on the Computation of the Deferred Tax for the following case:

Particulars

Amount (Rs.)

Profit as per Profit & Loss Account
790.00

Add: Depreciation under Companies Act
25,069.00

Less: Depreciation under Income Tax Act
59,904.00

Taxable Income
(-) 34,045.00

M A T under Section 115 J B


Profit as per Profit & Loss Account
790.00

Adjustments
NIL

Book Profit
790.00

M A T @ 10.30%
81.00








What would be the Deferred Tax for the year?



Thanking you.

Yours truly,

Srikanta Adhikary

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