I am having a profit of Rs.48000/- before partner's salary can I divide the salaries between the two partners 24000/- each and show net profit of zero in Income Tax returns.

Dear Experts (Particularly CAs)
Mr.X Practicing CA, cleared SET/NET Exam and want to become Lecturer in college, does he??
i heared that if Practicing CA engaged in Full time job for more than 25 hours a week then he can not sign the Audit Report
CA Mr.X engaged for 24 Hors a week
(6DaysX4Hors)

hi,

I had opening balance(WDV) of ford car of Rs 720000/- as on 1-4-2007 and i have sold the same car on 20-1-2008 for Rs 560000/- and further no new car has been purchased .

My queries are-

1) Can I claim deprecition of ford car for Financial year 2007-08?

2) If yes then at what rate?

3) If no, please give me the reasons citing specific sections of the act.

hi,

I had opening balance(WDV) of ford car of Rs 720000/- as on 1-4-2007 and i have sold the same car on 20-1-2008 for Rs 560000/- and further no new car has been purchased .

My queries are-

1) Can I claim deprecition of ford car for Financial year 2007-08?

2) If yes then at what rate?

3) If no, please give me the reasons citing specific sections of the act.

Thanks In advance

Issue like this

i m a company and my original business is to manufacture cotton means blank cotton but customer want a cotton with design
so i m doing design outside from my company and give him a charge but at time of collect money from client i m liable to leavy service tax

reply fast i want

One of my client had entered into agreement for purchase of office premises. Possession was expected by June 2009. Part payment was made.and stamp duty paid However due to recssion agreement was cancellation. Whether Cancellation Charges and Stamp duty paid can be taken as business expenditure or to be treated as short term capital loss

installation of product takes 6-8 months. the installation is other than incidental to sale of product.

if contracts fall in two different accounting years, whether AS - 7 (percentage completion) or AS -9 (completed contracts) should be applied for recognising revenue and why.

what is the rate at which TDS is deducted on interest on FD in NRO Account

which auditing standards are required for PCC

Shop was purchased in the year 1987-88 at 1.50 lacs and renovation to the said shop was made amounting to Rs. 1 lac in the same year.

Now we are expecting sale proceeds in the A.Y 2009-10 amounting to Rs. 25 Lacs.

Kindly let us know the tax implications and or investment to be paid so as to have mimimum tax liability within the legal framework.