What are the steps to be taken by an HUF firm, wants to change its constitution into private limited company.
Which is the best possible way and what are the tax implications.

One of my client has manufacturing unit at Navi mumbai and other mfg. unit at Delhi. for mumbai unit VAT & CST has been applied but yet not received these no. due to some discrepancy in document. so now mumbai unit is transferring goods to Delhi unit. so what is the procedure for that and what document will be prepared by mumbai unit for their accounting purpose? like form or proforma invoices etc.

Dear All

Please note that while making the calculation under section 349 the most of teh deductions to be made from the net profits like interest on mortgages excuted on the company, etc are already been deducted from the gross profits while arising at the said net profit of the company. SO what is the logic behind deducting them again. Kindly help.

Can two partner entered into two different partnership firms in which only both of them are Partners??

If YES, then can they have same name for both firms?? whether both firms required Different nature of Business or same??

If No, then can it be possible if applications for registration made in two different ROF???

Ex. A & B entered into PS Firm XYZ @ Mumbai, now they want to make new PS Firm XYZ @ Delhi

DEAR MEMBERS,
THIS IS PARAMJIT SINGH. I HAVE HAVING CONFUSING IN SPECULATIVE BUSINESS INCOME AND NORMAL BUSINESS INCOME. PLS SEE THE BELOW MENTIONED:
THE ABC & cO. A PROPREITERY CONCERN HAVING BUSINSSS OF ACCOUNTING SERVICES. AND SIDE BY SIDE THE PRORIETOR DO SPECULATIVE TRADIGN FUTURES IN NSE FO AND MCX. THE THING IS THAT HE DO SAID SPECULATIVE TRANSACTIOS THROUGH HIS PROPRIETORSHIP CONCERN'S AND NOT IN HIS INDIVIDUAL NAME. SO THAT THE INCOME FORM THAT SPECULATIVE TRANSACTIONS ARE REFLECTED IN HIS ACCOUNT BOOKS OF PROPREITORY CONCERN.
SO FIRST OF ALL
1. IN IT RETURN HOW IT CAN BE BIFURCATED THE NORMAL BUSINESS INCONME AND SPECULATIVE BUSINESS INCOME.
2. CAN THE PROP. SET OFF HIS PREVIOUS YEAR LOSSES IN SPECULATIVE BUSINESS (WHICH HE HAVE DONE ON INDIVIDUAL NAME) FROM CURRENT SPECULATIVE INCOME WHICH HAS DONE IN PROP. CONCERN NAME.

PSL REPLY

WAITING FOR YOUR REPLY
THANKS
WITH REGRDS
PARAMJIT SINGH

our firm paid Rs 20,200/- in single payment in cash towards transport charges on this tds will be dedcuted or not and it is pad to a single transporter

Dear Expert,

I am ca final student waiting for ca final result. I hope both group will be cleared. I am interested in international taxation i.e. DTAA, Transfer Pricing.

Plz guide me which course i have to join?

Mr. A purchase house property in the year 1979 and transfer the same in the name of his elder son Mr X in the year 1991. Mr A has three son X, Y, & Z. Now the propery will be sold and sale proceed will be distributed equally to three son X Y Z.

How the tax will be effected and what tax planning should be done

I got married on 02/12/1999. And I have two daughters,first one born on 28/11/2002.

I wish to use HUF as a tax saving tool.

1.. what should be date of incorporation/birth ??? date of marriage or date of birth of first born??

2.. How is the capital created in this account. Should i deposit cash in the new bank account (as gifts recd over the last ten years or should i put my cheque as loan ??)

3. can i take consultancy or commission income in this HUF account.

Suggest me a good website/book/info source for taking advantage of HUF as a tax saving device.

regards,

Dear Members

My query is

Mr. X (a non-resident) having a Sole proprietorship firm (X & CO.) in India, Mr. X is a professional artist providing services to ABC Pvt Ltd. through X & Co. like stage performances in their theater.

There is a contract between ABC Pvt Ltd. and X & CO. that on every Show ,ABC Pvt Ltd. will pay a fixed amount of Rs.2 lacs + 30% of profit* from the each Show.

*Profit is to be calculated by deducting particular expenses from the total income per show.

ABC Pvt Ltd. is deducting TDS @ 1% on such payments by saying that it is a contract which is covered under the provisions of Section 194C (TDS on Contracts).

My question is whether ABC Pvt Ltd. would deduct TDS @ 10% (TDS on Professional Services) as it is seemed that the above service is covered under the provisions of Sec194J.

Please solve my query and also quote any case law regarding this.



Thanks and Regards

Rahul