A pvt. ltd. company formed in February 2008 and got the certificate of business commencement in 15.05.2008, has the following positions as at 31.03.08:
a)No expenses have been incurred except preliminary expenses,
b)It has purchased furniture for office on 13.03.08 and incurred preliminary expenses,
c)It has placed order for purchase of Raw Material to manufacture a product on 5.05.2008, purchased furniture and incurred preliminary expenses during the year.

My queries are as below:
i) Whether company can be said to have commenced business as at 31.03.08 in any of the situation?
ii) What should be the accounting treatment in each situation for-
a) Preliminary Expenses
b) Purchase of Furniture
iii) Do I have to prepare P & L Account for the year ending on 31.03.2008.

I have a opinion that P&L A/c should not be prepared until business is commenced. But then a problem arises what would happen to the depreciation on furniture and audit fees paid to CA for the year 2007-08.

Further I am confused because as per para 51 of AS- 26 expenses which does not bring into existence any intangible asset should be charged to P&L A/c.Hence preliminary expenses should be charged in P&L A/c.

Please answer in detail as I Have to finalise the Balance Sheet of such company.

i want to pay tax on dividend for the acct. year 2006-2007. which challan i can use for that either 280 or 280 & under which section 194 for 106 of income -tax? pls. clarify this as soon as possible.

thanks

Hi,

My Query is as follows:

The Last Exam of CA - Final (Existing Course) will be held in NOV'2009.

Whereas the CA - Final Exam (New course) will begin from NOV'2008.

Does the student have an option to appear between Existing Course or New Course for NOV'2008, May'2009 and NOV'2009 attempts.

Regards,

Nitin
nitinchakor@yahoo.com

1.Assessee working as builder gross turnover is 15L.
OR
2.Assessee is working as Interior Designer turnover 15L.

Wheather tax audit is applicable in both the cases under professional catagery or only in case no 2?
If the assessee not having professional qualification, can he decide on in which catagery to fall in?

Sir ,

One of our group company is running in loss of 2Crores it is a private limited company , can we claim the said loss after merger of same with a profitable unit

MODULE OF PCC IS VERY HUGE. IS THERE ANY WAY TO AVOID IT TO SOME EXTENT?

WHEN A PERSON IS CONSIDERED AS NON RESIDENT?

WHAT IS THE MEANING OF ASSESSMENT ORDER?

Hi,

Please guide about calculation of service tax on works contract.

& also what is abatement for service tax in construction field / works contract.

I was a resident of Kolkatta. Since last year I was filing my returns at Kolatta only. Howeever, it is about 8-9 years that I shifted to Bombay but still continued filing in Kolkatta. This time I filed my returns through Internet. So, my querry is where do I submit the acknowledgement for -in Bombay or in calcutta. Suppose, I can file in Bombay, then which area will be defined for me for submission.(resident: mumbai - 400002)