Sale of agricultural land by an assessee does not attract Capital Gains Tax. But when the assessee is a Corporate Entity will it be liable to pay Minimum Alternate Tax on the Sale Consideration recieved?

We, a Public Limited Co, have at present the following heads of Income coming within the purview of Service Tax

Division 1. Renting of Immovable Property ( from June 2007 onwards)
Division 2Started in Dec 2007.(a)Cargo Handling
(b)Storage and Warehousing
Division 3.Goods Transport Agency from 2005-06 onwards

we have a separate division doing the weighment services and it is no way connected with any of our present business. we have started this service a few years back.

Now the service Tax Auditors is of the view that it is a taxable service coming under Business Support services. I have gone thru the relevant heads of Income, but being no specific provisions which includes the weighment service under the head.

However, we seek clarification in this regard at the earliest

Thank you

Whether book profit earned from revaluation of fixed assets will be taxable or exempt. Please suggest with section details.

Dear Sir,

With reference to above subject I want know Different between Bank Garantee & Letter of Credit

With best regards,


Vilas Choudhari

Dear Sir,


I want import material from abrod
What formalities I have to do

With best regards


Vilas Choudhari

while preparing consolidated financials, for unrealised profits of subsidiary, should holding bear all liability or holding & minorities both should bear it. is thereany ICAI clarification over the same.. plz give reference

Hello Experts

First of all thanks for showing your interest in sharing your knowledger.

Guide me about section under which i am responsible to deduct tat at source whether 194C(contract) or 194i(rent);
1. I have taken Material Handling machine (Forklift truck) on hire, rent is fixed for a month. I have to fill diesel and to incur all other operating expense and the machnine remains with me only.

2. I am using the same machine but i have to just pay a sum fixed for a month(use for 8 hr a day) & extra cost per hr for overtime if any. i dont have any possession of the machine and i dont have to incur any other operating exp. or even diesel exp.

As per my openion tds provision will be applicable as follows;
1. U/s. 194I as the Machine is hired and possession remains with me only.
2. U/s. 194C as i have given contract for working at my site and i am having no control over possession of the same or not to incur any operating exp.

One of the knowledgeble person disagree with my opinion in respect of point no. 2. In my case the works is going on permanently now tell me what will be the situation if the work is done for few days only (all other situation are same).

Even in ICAI Journal for Aug. 08 (Pg no. 293) in definition of RENT it is said then possession of the asset is pre condition for rent transaction.

Please give your valuable opinion on above cases.

Thanks
Rohit

THE CONCEPT OF GROUP ACCOUNTANT, A TEAM
1- SORTING AND FILING CLERK
2- DATA ENTRY OPERATOR
3- SCREEN AUDIT/CHECKING BY ACCOUNTANT
4- FINALISATION
5- TAX AUDIT/ VAT AUDIT BY CHARTERED ACCUNTANT.
6- RETURN PREPERATION AND WORKING BY CHARTERED ACCOUNTANT TAXCONSULTANT/STP/ITP/ADVOCATE
7 RETURN SUBMISSION.
8 ASSESMENT,SCRUTINY BY C.A.

EVERY ONE WILL CHARGE HIS/HER CHARGES AS PER HIS OWN THERMAMETER, SERVICES UNDER ONE CONTRACT,
WHAT ARE THE POSSIBILITIES KINDLY EXPLAIN AND IF INTERESTED PL CONTACT THROUGH PM

whether FBT is leviable on a company (registered u/s 25 of the companies Act) even if it is registered u/s 12AA or its income is exempt u/s 10(23C)?

Our company is having accumulated loss, but from last 2 years it is making profit. We have to fix remuneration of directors, so we have to calculate net worth of the company.

Can anyone tell me the formula to calculate net worth of company.

Also I want to know the advantages of changing from LTD (Deemed) to Pvt. Ltd. like exemptions from following companies act provisions etc.