HELLO

I CHKED MY ADMIT CARD ON INSTITUTE WEBSITE> FIRST PAGE SAYS PROVISIONALLY ADMITTED PROVIDED LAST !@ MNTHS OF ARTICLESIP REMAINS AND IN SERVICE AS ON LAST DAY OF OCTOBER>

WAT DO I DO ABOUT IT >>WHAT IS DECENTRISED OFFICE HOW TO CONTACT THEM

Our company reimburses to employees in cash the Maintenance and Petrol cost incurred on the vehicle.The vehicle is owned by employee himself. The company reimburses Rs.20 as petrol & maintenance cost for every kms travelled by the employee during the month for the official purpose.The most of the travelling kms includes travelling from Residence to Office , factories, customers, etc..

The company also maintains the records/details which includes the date of journey, destination mileage in Kms and amount (total kms X Rs.20 for each Kms).

The reimbursement amount of Rs.20 for every km is fixed on following facts:-

Normal Taxi or Meru( Cool Cab) if hired for the day will charge fare of Rs.14-15 per Km. But considering the more comfort of employee in his own vehicle the company has decided to give reimbursement of Rs.20.

We would like to have your opinion on the following:-

1.Whether there would be any taxable perquisite in hands of our employee. If the answer is No, will any kind of taxability arise to our company in view of FBT being abolished from 01.04.09 , as earlier the company was depositing FBT on this reimbursement.

2. Whether our companies contention to reimburse the employee on the basis of the above facts will hold good.If the answer is No, what can be acceptable rate of reimbursement as per Income Tax Act whereby the employee or our company could not be taxed.

3.Whether the records maintained by us are sufficient w.r.t. Rule 17.

Please give me your valuable feedback on this matter.

Is it possible to know that a person is Director of how many companies if his DIN no. is available through MCA site? If it is possible kindly share it with me.

A private limited company acquired in 1986 commercial property which consists of open land and building thereon. It has let out the entire said property to one tenant and is earning rental income from this property.
The company has also been claiming depreciation on the said property.
The company does not have anyother income.
The company wants to sell the property. Can the company be exempted from paying Capital Gains Tax if it reinvests the sale proceeds in another commercial property? If yes, what are the conditions to be complied with?
Thankyou

A private limited company acquired in 1986 commercial property which consists of open land and building thereon. It has let out the entire said property to one tenant and is earning rental income from this property.
The company has also been claiming depreciation on the said property.
The company does not have anyother income.
The company wants to sell the property. Can the company be exempted from paying Capital Gains Tax if it reinvests the sale proceeds in another commercial property? If yes, what are the conditions to be complied with?
Thankyou

Dear Sir,

I am CA with 5 1/2 yrs exp. Kindly elucidate whether the SAP FI Module Certificate will help upgrade my career proposition.

Pls examine the career oportunities that will be available post this certification.

Thanks/Regards
Girish Sharma

Hi, cud someone pls tell me, whether ACCA or Indian CA, which one is better and why?

The proposed Direct Tax code (2010)though appears to be very simple and appreciable, slowly all the exemptions will be out and for the PF at the time of retirement will be taxed. Your views on this.

Sir,

I have a client who is eligible for deduction of Section 10A. He had incurred some expense on Computer Job Work, on which he deducted tax @ 2% u/s 194C, but in assessment the AO took stand that as the work is done on Computer the same would come under technical service and TDS would hv to be deducted @ 5% u/s 194J and hence disallowed the whole amount and on recomputation of income also didnot give benifit of Section 10A deduction on the addition of income. What are the remedy in the given case.

* is the expense wholly disallowable due to short fall in deduction of tax (which as per us shld come u/s 194C only)

* is Section 40(a)(ia) applicable to the case, as the amount is paid and not payable, as written in Act

* is Section 10A dedution is not allowable on addition made to income on account of disallowance of some expenditure

regards,

CA Gaurav Barai
Rajkot

Sir,
Recently we have been appointed as a statutory auditor of a pvt ltd company.
We have filled the casual vacancy because previous auditor has resigned.
I want to know is there any form needs to be filed with roc by the company for egm(i.e.the meeting in which auditor is appointed)
I also want the format of intimation letter for appointmnet of auditor in case filling of casual vacancy