Hello Sir
My client is a partnership firm, it formed in 1995. The nature of business is buying n selling land, construction of shops, complex and trading in that. The firm had 9 partners. But in last seven years it has no trasaction so the land standing in books as stock in trade @ Rs.18,00,000/- But today the market value is Rs. 1,00,00,000/-.
One of the partner is retiring and two new partners are introducing.
Now the problem is capital standing in the credit of the capital account of the retiring partner is Rs. 3,50,000/- but he is demanding higher amount.
so how i deal with this in income tax, as income tax does not provide computation for this as per my idea. so whether it is taxable or not. or there is no effect in the income tax.
In accounts i can do this by debiting gaining partner and crediting retiring partner.

Please guide

a company has taken a loan to finance its fixed assets but due to financial crisis financial institutes waive some amount of loan and interest outstanding.m what should be the treatment whether it should be deducted from fixed assets and depreciation should be charged on balance amount or it should be shown A profit or some alternative if any

There was a case of Penny stock Shares Transactions, wherein shown as a LONG TERM CAPITAL GAIN, and shown as exempted in original return for A.Y. 05-06, however later on investigation dept on broker at mumbai in jan.06.

Broker given the statment the same was modus operandi.

Hence assessee declared the same as income and filed revised return and paid tax along with tax+int.

During scrutiny, same was accepted and levided the penalty u/s 271 (1)(C)after issuing a notice and given the reply.

can any one suggest on the same any case law / any same type of cases and how to handle the matter in CIT APPEALS.

THANKS IN ADVANCE

SHAM

My friends and my seniors at the firm tell me that one should study Coaching material/ Reference books more but with few reference to the ICAI module. Even an old CA had told the text material in the module is more than the syllabus prescribed (many extra things are given; which has nearly 100pc chance of not being given in exams).

Take my coaching’s case in Business Ethics. In the sub-chapter “ Corporate Governance”; the material given to us by coaching had the condensed form of the chapter of the module. In module there was
a)History of evolution of C. governance in abroad and India
b) Case study of C.G. Stucture in ITC (company)

But in our material; the history part was totally missing. Does that mean we don’t have to memorise(one memorises history usually; not understand them) the history of C.G.?

Similarly, does this same thing stand for other subjects as well?

P.s. A CA student told me that “ a PCC/final examinee succeeds due to his ability to grasp the syllabus in the last six months: that’s why students prefer Coaching materials wisely!”

as per new announcement . one ca do b.com only through coresspondance along with ca .

i want to ask can one do MBA after doing ca & b.com(coress) from a reputed insitute of mgmt?

coz they ask that from where we did our b.com??

Is LTC exemption is available for any journey outside india.

Should TDS be deducted for accountant, who does part time job in many places? If yes under what sec it should be deducted?

Mr. A has applied for Service TAx No. and paid the service tax during the FY 07-08. Now as per the new amendment he is not liable to pay service tax as his turnover is below rs.10 lacs for FY 2007-2008.

What will be his status in FY 08-09? whether he has to apply for cancellation of number?

Dear All,

Can you please guide me that is Sales Tax also covered under the notification of epayment of all corporate taxes from 1st april 2008 for all corporate houses?

Regards

Deepak Maheshwari
+91-9891006006

I have completed CISA course post CA qualification. I am practicing CA. Can anybody pls help me with a course which will enahance my preofessional skills.