WHAT IS THE PROCEDURE FOR CONVERSION OF LIMITED CO. INTO PVT. LIMITED CO.

HOW MUCH TIME IT WILL TAKE TO CONVERT.

WHAT IS EXP.

FROM
CA Deepak Bagrecha

We manufacturing Tractors for agriculture purpose as well as supplying the Tractor Parts to our customers from our Spare Parts Division situated in the same premises on one registration no. in Central Excise Department from 1st June-06 under cover the notification No. 14/2008-C.E.(N.T.), dated 1.03.08. Tractor is exempted for the payment of Excise duty and the “Parts, components and assemblies of any automobiles “are liable to pay the duty.

For the fulfillment the purpose of supplying the ‘Spare Parts of Tractor’ to the customers, we procure the material from the supplier’s in our “Spare Parts Division”.

After doing the re-packing and labeling of our company’s brand name, we sell the parts to the dealers and stockiest and discharging the duty of MRP after claiming the abatement.

In addition of the above, we procure the pre-packed material from the “ABC” in the fix lot size packing with the declaration of “ Manufactured and Packed by ABC “ which is required by the rule 6 (1)a of The Standards of Weight and Measures (PC) Rules,1977. from the suppliers who is situated in the duty exempted area in the Parwanoo of Himanchal Pradesh. ( being in the exempted area the said supplier not charge the duty, so there is no question of the duty credit at our side) and further when we sale these parts so purchased we not do re-packing and labeling (means we sale this material as it is condition) treating it as non-excisable sales.

My query is :- Can we sale this material without charging the excise duty as we are not doing any packing or re-packing, labeling on the above said material.
Pls. Clarify.

Can any one tell me wht how a project report be prepared? Are there any sample projects available in the share files. If so pls let me know.

i am depositing cash in our account and made a account payee cheque in the name of the company for sahre application after some time company alloted me share,

is it violation of the section 269SS. if yes pls specify section 269SS in this regards

Our company wants to transfer a property in the name of the one of the Direcotr' HUF. Accordingly company will charge nominal rent from the director's HUF. On other side HUF will earn Income from the same property.
Can any one explain the implication in Income tax or any other act for the same transaction.

I wnt to knw abt c & f accounting wat it includes

I would like to know as to the basis on which a company decides on whether to capitalise an expenditure or not. The normal stance is that where an expenditure is likely to give an enduring benefit, it is to be treated as Capital and where the benefit does not extend beyond a year, the same can be charged off in the same year. The query is whether this basis is as per Accounting Policy of each company or is it governed by the Accounting Standards issued by ICAI?

Case: An Housing Project consisting of majority of flats within 1000 sft / 1500 sft and some exceeding 1000 sft / 1500 sft, which fulfills all other conditions as stated u/s 80IB(10) of the Income Tax Act, 1961. The cost incurred and profit earned for the flats within 1000 sft / 1500 sft and for flats exceeding 1000 sft / 1500 sft are clearly identified. Form No. 10CCB for flats within 1000 sft / 1500 sft has been certified by Chartered Accountants for tax exemption u/s 80IB(10) on profits earned from sale of flats of 1000 sft / 1500 sft.

Q1. Is tax exemption for this case allowable by the IT Department? If yes, is it on the actual profit or proportinate profit for the flats within 1000 sft / 1500 sft?

Q2. Is there any Departmental Clarification or Juducial Pronouncement regarding allowability or disallowability of profit for the flats within 1000 sft / 1500 sft, in this case?

Please help.

Dear Expert

Ex gratia payment is tax free or not if employee worked in Private limited, company management has plan to give 2lac in the way of ex gratia (other than PF & Gratuity) for employee death. whether we can deduct TDS on Ex gratia payemnt?

The COmpany X is a Indian Private Company. ABC is a foreign director and he is paid salary and not Directors remuneration. Then is there some procedure.. The Board will only take on record that ABC is being paid salary. are there any limits for private company. Directors remuneration is not paid only salary is paid. kindly guide.. send mail to agarwal.sarika@in.kline.com