A Financial Institution has waived of the Loan amount of Rs. 60 Lacs along with the Interest of Rs. 20 Lacs of One Loss making Company.
The Interest Amount Waived is Credited to P&L A/c and taxable as Income U/s 41 of IT Act and Also liable to be taxed under MAT.
I would like to know about the Accounting and Tax Treatment of Principal Amount Waived Off.

SIR I WOULD LIKE TO KNOW
IF IN THE MEMORUNDUM OF ASSOCIATION OR RULES AND REGULATION OF ANY TRUST PERMIT TO PAY SALARY TO THE CHAIRMAN OF THE TRUST THEN SUCH PAYMENT WILL BE AN ADMISSIBLE EXPENSES OR NOT AS PER INCOME TAX ACT?

if an autonomous body acquires land on lease for a nominal value of re.1, then is it necessary to make a valuation of the land so that it could be reflected in the books?

hi
i hv strtd wit my articleship n hv 2 register wit d insti for my fynls.i hv heard tht d last exam under old scheme wil b nov 2009 (wic is d oly attempt ill get if i register b4 oct 30th).Shud i take a chance n take up old scheme or register 4 d new one?
i am confused..pls help

thnx

If a company is treated as a quasi partnership firm. what kind of voting rights will be executed in a general meeting i.e. will it be based on shares, as normally in a company, or will it be on number of partners.
Also where can i get reference on this topic on the net.
Thank you.

PLS LET ME KNOW WHETHER EDUCATION CESS(.36%)

IS APPLICABLE ON RESEARCH & DEVELOPMENT CESS UNDER
THE R&D CESS ACT 1986

A manufacturing company "A", through a due process of law and by scheme of arrangement approved by Hon'ble High Court, got demerged. The existing company "A” retained its legal entity and continued to exist as a project undertaking and executed its on-going domestic/local orders. The newly formed demerged company "B" became a 100%EOU. The export orders so far handled by company “A” and the land, plant, machinery, workers, staff, all future liabilities were transferred through a scheme of arrangement as above to company “B”, while the domestic orders and present liabilties were retained by Company “A”. Company “A” retained some of the old employees and some contract labourers for carrying out its activities. A revised layout of the factory showing the areas of operation of the two companies and the High Court Order copy were submitted to Central Excise Department as well as Customs Authorities. Company “A” continued to file monthly return and other periodical reports to Central Excise Department. The Central Excise Department after obtaining recorded statements from some of the employees and managers and production staff took away some files records and other documents from the two companies and alleged that Company “A” does not have manufacturing facilities as the machinery work force etc were transferred to company “B”. It issued show cause notice disallowing the entire cenvat credit available in the books of company “A” and also the cenvat amounts already availed for clearing its manufactured goods after the demerger date. It may be noted that Company “A” continued to execute its domestic job orders. Is the Department justified in disallowing the cenvat credit? I request our expert panel for their valued opinion on this serious issue. Sorry my query is quite lengthy as my intention is to present full facts of the case. If there are any decided case laws, please let me know. Thanks a lot.

I m a student of PCC.
Is it necessary to byheart all the section numbers in law????
der r soo many sections 2 remember....
Are there any extra marks for writing section numbers?????
pl reply...........

I took termination from a firm this month.My principal has shown like I ve taken excess leave.ies I ve not worked two years thats the eligibility criteria for taking up final exams.My chance is in this nov 2007.Since I had already appiled for the exam,My friends are telling ICAI may withheld My results.I in a mess now.Dont know what to do.

Sir, i studied science in class 12, but i had accountancy and bookkeeping in class 8,9,10. Due to delay in postal, the study materials have reached 1 month late ie i have two months for prep. In the first 8 days(this week), i have finished first 2 chaps of ACC,first 3 of Eco, upto sequence of maths excluding permutations and have been stuck in Mercantile law's in first chapter where two units are remaining.

Can i finish the curriculum as well as revise with questions from sample papers before the nov cpt at this rate? or do i have to pace up even more?

I have left Additional exercises of maths so far,only the exercises have been done(with few doubts in each chaps)?