Dear All,

While quoting CTC or giving break up of Salary, is it a matter of prudence to mention the Mediclaim Insurance Premium in the break up of Salary offered to employee or Mediclaim is always given separately?

Regards,

Amit

A promoter of a private ltd. co. has been incurring pre-operative expenses like travelling [inland & foreign], Lodging & boarding, development exps., and other business promotion for inviting foreign client service orders. Th Company got incorporated on 21st Apr.'07. The period of pre-operative expenses is from Nov.'06 till 20th Apr'07 and the expenditure is to the tune of Rs.3.5 Lakhs.

a) How these will be dealt in as per Income tax Act?

Interpretation in regard with
Preliminary Exps. - Exps. connected with the formation of Company
Pre-operative Expenses - Exps. incurred after company formation but before commencement of business.

Only Public Ltd. has to obtain cert. of comm. of business and so may be incurring exps. after formation till commencement.

b) Will it be concluded that only Public Ltd. Co can be said to incur pre-operative exps. as Private ltd. Co. are allowed to commence their business on the day they get incorporated?

c) How can these pre-operative expenditure will be accounted in Private Ltd. Co. Books as per Companies Act?


d)Do Sec.35D allows pre-operative exps. also in addition to preliminary exps. for amortisation?


Sec. 35D(2)(d) postulates "such other items of expenditure (not being expenditure eligible for any allowance or deduction under any other provision of this Act) as may be prescribed". e) Shall we claim pre-operative exps. under this sub-clause?

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Dear All,
Please try to solve this query.
We are consignment agents for one of the companies in south. We keep stocks on behalf of the company & the co. provides us comission (about 3% on sales value). The total comission doesnt exceed 3.5 lakhs in a year. The responsibility of the sales & collection is completely ours.

We used to pay service tax before (have registeration as clearing & forwarding agents) & when we learnt about the exemption limits (now 10 lakhs, earlier 8L & earlier than that 4 lakhs), we stopped paying, but we still file the returns on normal dates.

Now, we went to department for cancellation of our registration as the comission is far below the exemption limit. But, the department says that we are liable for service tax & no exemption is available for C & F agents.

Please advice on the above,

Thanking you

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