Parties :
A : Original Buyer ( From Maxico)
B : Manufacturer ( In Nepal)
C : Intermediate Buyer ( In India)

Facts :-
"B" has received order of 50K Garments from "C" with condition to dispatch the material to "A" at Maxico. Now "B" is asking for LC in USD as the shipment is being sent to Maxico. Can "C" open the LC in USD on "B"?

are interest from US 64 Bond and RBI Bond tax free

my query is that i have prepared balance sheets of a govt organization from 1990-91 to 2008-09. Since the Balance sheets are prepared now no audit of any type was done previously. now how the matters will proceed in regard to statutory & ag audit.

Thanks in advance
Amit Jain
Dehradun

is it possible to submit audit report prior to submission of return?

thanks

As per Indian companies Act, a company will have authorized share capital. When the company issues shares, a share cetificate will be issued with the details of number of shares and the face value per share. Every further issue if made to the same person will be done in the same procedure as a new investment.

For US companies, the incorporation certificate shows the no. of shares they are authorized to issue. Break up of face value per share is not specified. Now, I got the information that there is no concept of face value per share in US. They don't provide any documentation for the sharecapital issued.

So, I would like to know what is the actual procedure followed in US for issuing shares (to anyone and in particular to Indian companies). If the information received to me is correct, how do they value the share of the share holder in the company.

Dear Sir/Madam
There are only two partners and partnership is at will. Both decide in month of Sept,09 to dissolve the firm and accordingly firm is dissolved in the month of OCt.2009. One of the partner retains the asset and the business, while the outgoing partner receives consideration amount. However the balance sheet is drawn only till 31/03/2009. Thus the query is that can the outgoing partner pay its capital gain tax on the basis of particulars stated in balance sheet for the year 31/03/2009?

A Partnership firm is having accumulated loss to be carry forward and current year also the firm is having loss, but the return for current year is not filed with in the due date, so he is not eligible to carry forward the loss of current year, but is he eligible carry forward the accumulated loss?

What will be the treatment of Prior Period items in Income tax.

Whether the income will be taxed in current year or in the year to which it pertains ?
Please quote relevant reference. Thanx.

I am CA Final Student. Just now I cleared P.C.C.exams.I have completed my 30 months of my aticleship still there is one year to complete my total articleship.Recently now I heard that ICAI has removed restictions on articlship trasfer and now one transfer is allowed.Wether is there any such recent notification? If YES kindly give me details of the same.

I would like to know what will be the tax audit limit for doctors who are selling medicines as well. Especially Homeo / Ayurvedic Doctors where sometimes over 50% of receipts can be from sale of medicines. The medicines may have been manufactured by themselves or made on jobwork or may be purchased.

Will the limit be Rs.10 L on gross receipts including sale of medicines or should it be considered seperately as has been given in GN for Tax Audit issued by ICAI.

Also, let me know if there are any circulars/notifications/case laws on the above matter

Thanks & Regards,
Rahul