Please help me with details of GDCA and when the exam form will be available for the may 2012

Since TDS deposition has been mandatory for e-payment. then in this case, will TDS deposit date be next day if 7th day of the month is public holiday?

Hi,

Please give your comments and suggestions for the case given below:


A company is preparing its financials for the first year. They have not commenced operations yet. Therefore the company is proposing to capitalize its expenses as pre-operative expenses to be written off from the year of commencement of operations. All expenses including depreciation on fixed assets is transferred to pre-operative expenses under miscellaneous expenditure. The company will not have Profit & Loss Account for the year.

Deferred taxation effect is not arising here. This will be considered with retrospective effect from the year of commencement of operations.

Is this procedure correct.

A PERSON(senior citizen ,IT assessee) HAS TWO different HOUSE PROPERTIES.
IN THE CASE OF ONE HOUSE PROPERTY, HIS MAJOR SON AND THE PERSON ARE SHOWN AS JOINT BUYERS RESPECTIVELY IN THE SAME ORDER WHEN THE PROPERTY WAS REGISTERED intheir names AT THE TIME OF PURCHASE.
IN THE CASE OF THE SECOND HOUSE PROPERTY,THE PERSON AND HIS WIFE ARE SHOWN AS JOINT BUYERS RESPECTIVELY IN THE SAME ORDER, WHILE REGISTERING THE PROPERTY PURCHASED
1.) NOW MY QUESTION IS WHEN THIS PERSON SELLS THESE TWO PROPERTIES AND BUYS TWO MORE HOUSE PROPERTIES , TO TAKE ADVANTAGE OF CAPITAL GAINS TAX EXEMPTION ,
IS IT REQUIRED THAT THE NAMES OF BOTH ( SON AND FATHER IN ONE CASE, AND THE PERSON AND HIS WIFE IN THE OTHER CASE) SHOULD APPEAR IN THE NEW PROPERTY REGISTARTION DOCUMENTS IN SAME ORDER AS SHOWN AT THE TIME OF PURCHASE ?
OR THE FIRST NAME ( APPEARING IN THE PROPERTY DOCUMENTS WHEN REGD.) SHOULD APPEAR
OR ANY ONE NAME IS SUFFICIENT.

2.) NEXT QUERY ON THE ABOVE ISSUE IS
THAT THE MAJOR DAUGHTER AND MAJOR SON ( WHO OWNS ONE HOUSE JOINTLY WITH HIS FATHER) OF THE SAME PERSON , TOOK HOUSE LOANS TO BUY TWO NEW PROPERTIES . SALE AGREEMENTS ENTERED AND 50% SALE VALUE PAID THROUGH BANK LOANS BY DAUGHTER AND SON RESPECTIVELY.
THE FATHER WANTS TO USE FULL SALE PROCEEDS OF HIS ABOVE EXISTING TWO HOUSES ( WHICH HE IS SELLING) IN THESE TWO NEW PROPERTIES.(IN THE FORM OF REPAY BANK LOANS TAKEN BY THE DAUGHTER AND SON FOR PURCHASE OF THE NEW HOUSES---- BANK LOANS ARE IN THE NAME OF SON AND DAUGHTER ONLY FOR THE TWO NEW HOUSE PROPERTIES RESPECTIVELY--),
BANK SHALL RETAN BORROWER’S NAMES ( THE DAUGHTER AND SON BEING THE BORROWERS) ON THE (NEWLY FINANCED) PROPERTIES REGN. DOCUMENTS .
AGAIN MY QUESTION IS IN WHAT ORDER THE NAMES SHOULD APPEAR WHILE REGISTERING THE TWO NEW HOUSE PROPERTY DOCUMENTS TO AVAIL CAPITAL GAINS EXEMPTION BY THE PERSON CONCERNED,HIS SON AND HIS WIFE WHO ARE ALSO JOINT OWNERS IN THE TWO EXISTING PROPERTIES?
SINCE THE BANK MAY INSIST BORROWER’S ( THE DAUGHTER AND THE SON), NAMES TO BE SHOWN FIRST IN THE NEW PROPERTY DOCUMENT, (AT THE TIME OF PROPERTY REGISTRATION)S,
HOW THE ORIGINAL OWNERS (SON AND FATHER IN CASE OF ONE HOUSE AND THE PERSON AND HIS WIFE IN THE SECOND CASE ) AVAIL CAPITAL GAINS TAX EXEMPTION?

THANKS,
R.V.RAO
raovr2001@yahoo.com

i have completed my both group of ipcc and join a article ship firm and completed 3 months but now i want to take transfer and it is rule as per icai that an student in its first year can take transfer but my principal is not allowing me transfer please guide me what are the remedies available in front of me

Hi All,

Can anyone let me know that,

when shares issue to Non resident lost / misplace, we need to give indemnity to the company.

Where the indemnity bond need to be executed in india / outside india (i.e place of non resident)?

Early reply will be highly appreciated..

Regards

Please can somebody guide on whether to start with a practice or job. I am currently working in a corporate, but thinking of starting practice. I have not yet developed any clients, so getting afraid of starting with practice. Whether to start with a CA firm first & build contacts or start solely? Please guide me.. And what is the scope in practice?

Dear sir

Please help me our company does not deposit TDS monthly in bank than how can we calculate interest, what formula we use simple interst formula or compound interest formula? is this right if we deposit TDS quarterly in bank?

1)I have a following situation.
In X Pvt. Ltd. voting right pattern is as follows:
Mr A: 25%
Mr.B: 30%
Mr.C: 10%
MR.D: 35%
These three person are also member in another pvt ltd(Say Y Pvt.Ltd) in which shareholding pattern is as follows:

Mr A: 30%
Mr.B: 60%
Mr.C: 10%
X Pvt Ltd given loan/advances to Y Pvt Ltd Say Rs. 10 lakh. Then how it is to be/in which ration taxed as deemed dividend in each share holder hand?

2) X pvt Ltd has paid taxes of Y Pvt Ltd. Is it to be treated as deemed dividend?

Dear Sir

Let suppose there are a Buyer-A, a Contractor-B and a Manufacturer-C

Contractor-B get the contractor from Buyer-A of Rs.1500(suppose)

Contractor-B place a purchase order of Rs. 900(suppose)to Manufacturer-C as consignee Buyer-A

I want to ask what type of taxes, Contractor-B will liable to pay on his profit and margin of Rs.600 in case of sale in transit.