Dear All
My query related to investments u/s 80C wherein funds are locked for a 3 yrs period. If for instance I invest in an ELSS Mutual Fund, I get units allotted in my name. After a 3 yr lock in period, it is taxable, if redeemed.
My question is that whether MF is considered as security under the Securities Contract regulation Act, if yes, then it would be a long-term capital gain on securities, which would not be taxable.
Then why is the whole amount subject to tax wherein the principal amount is also involved along with appreciation
Pl. suggest.
C.A.Satyen Sharma

while filing an ITR of a company I came to know that it has more than 1 PAN number.Is it possible?How? If yes,than which is the valid number should be used while filing ITR etc. And what is the procedure to cancel the invalid PAN number. I know that I have to surrender one card and inform my IT Deptt. about surrender of one pan no.if i will have more than one PAN then it will cause penalty. But i have one pan with me one in it dept two different number how to track all the no frist

Dear All,

One of my senior colleague is a retired Colonel and is receiving Pension from Government of India since last one year. Now this year, he will be filing return of Income Tax towards salary receiving from current organisation.

Should while computing the Gross Taxable Income, pension received from Government would be considered as a taxable income or is it tax free, being paid to ex-serviceman?

Regards,
Umesh Mishra

The closing stock of traders is valued at cost or market price, whichever is lower. I want to know that what is the meaning of “cost price” for any item which remains unsold in the second consecutive year. Is it same the price at which it was valued at the end on the preceding year (as it is the input cost for the current year), or the actual cost incurred in the preceding year.
Kindly suggest that which is the cost price of share of a company XYZ.
(A) Actual cost in Financial Year 2005-06 : Rs. 10,000/-
(B) Market price on 31-3-06 : Rs.6,000/- (considered as the value of closing stock and brought forwards in the Fin Yr 2006-07).
The item remains unsold in Fin Yr 2006-07.
(C) Market price on 31-3-07 : Rs.8,000/-.
What should be considered as Cost Price while valuation of closing stock as on 31-3-2007 : (A) Rs.10,000/- or (B) Rs.6,000/-.

we observe since last 4 to 5 years no body is filing wealth tax returns in our region , now department is issuing notices for filing of returns, will you please guide me how to handle the problems of earlier year & current year wealth tax return if an assesse covered in filing criteria but not yet filed.

Whether tax to be deducted in case of supply of food/tea by a hotel at office premise. assuming payment crossing the limit.

It is not a catering type of arrangement

No doubt serving food at restaurant is not covered U/s-194C.

Just because person (Labour/waiter) coming and providing the facility. is it necessary to deduct tax ?

Dear all CA Club India Experts!!

Good evening!!

I request you to pls.... pls.... pls..... pls. .....provide me the important MAFA theory questions expected in May 2008 exams......I am really hard pressed and finding it very difficult to get thru MAFA......Theory is very crucial to get thru this subject.....purpose is to just focus on highly crtical areas now in MAFA.

I shall be highly obliged for ur kind act of urs...time is really short and running out fast.....pls. help!!

Regards

Pankaj Gupta

pankaj_1512@yahoo.co.in

I am already registered with service department under authorised service station category, i am opening a new branch at a new location , on asking the authorities i was told that they will give a branch liscence only if i maintain centralised accounts i,e continuous serial number.
Is it legally allowed to take a new liscence at my branch as they are advising me to do so

Is the CPT Syllabus going to change for June Attempt?

Actually my CA- final attempt is in Nov09 and i read in recent CA newsletter that first CA final new course examinations are going to held in Nov08 and when i ask Institute for the new course registration they told me that if u want new course registration u have to go for MAY 2010 examinations which i don't want, so pls resolve this query