Can a Company be a partner in a partnership firm? If possible, how can the creditors of the partnership firm proceed against the company for recovery od their dues incase of dissolution of the firm? If the company is held liable, from what source will the company pay off the firm's creditors and what will be the impact on the company's own creditors and shareholders?

Dear Peers,

I have paid 50000/- INR(principal)as repayment of loan taken to purchase a house but house is still under construction and i have started making payment to the concerned bank from whom i have taken the loan. Please let me know that any exemption under chapter VI A is available or not....Also is there is any case law on the same.

Regards

Akhil Goel

If originally the asset was purchased with an option to sell back the asset to the vendor within
stipulated time(if company gets better price in market, it can sell it in the market) and so the
depriciation was charged on the term of the buy back agreement considering the buy back price and
the period of option as the usefull life of the asset. But subsiquently management has decided not
to sell the asset back to the vendor and to retain it. How would this decision affect the charge of
depriciation on such asset?

Am a student one by six rule is not applicable to me for filing my return and I do not have Taxable income more than exemption limit. Am not Filing my Return of income.

My question now is

The party has deducted TDS for some professional service ?
How do i claim Refund ? or what is the procedure I have to follow in such circumstances ?

as per s. 199 , credit for TDS is available only on the year in which the corresponding income is accounted.
But this is sometimes unworkable for those who maintain accounts under Mercantile system . Think about an individual contractor who follows mercantile system. He completes a work in February 2007 and issues a bill to the Contractee.Naturally he passes a journal entry in his books by crediting 'Contract Receipts A/c' and debiting ' Contractee's A/c'. But the Contractee makes payment of the said bill only in August 2007 and deducts TDS.
So the date of payment as per TDS Certificate will be August,2007. How can this individual assessee file a Return in ITR - 4 for AY 2007-08 by claiming this TDS in the Return - even that before the last date of filing Return ie 31.7.07 supposing that he is not coming under 44AB?

WHEN THERE IS UNAUDITED INTEREIM FINACIAL STATMETNS, IS THERE ANY REQUIREMENT FOR ENTERPRISE OTHER THAN COMPANY TO FOLLOW AS-25, AND OTHER THING WHEN IT IS COMPANY AND UNAUDITED FINANCIAL STATMENTS ARE THERE AND AS-25 IS NOT FOLLOWED THEN IS THERE ANY RESPONSIBILITY OR OBLIGATION TO REPORT TO IN STATUTORY AUDIT REPORT OF STATUTORY AUDITOR.
PLEASE REPLY.

AS PER INCOME TAX ACT, TAX CAN ONLY BE LEVIED ON INCOME. AS PER DEFINATION OF INCOME, WHATEVER FBT IS CHARGED ON EXPENSES IS NOT COVERED THEN CHARGABILITY IS VALID OR NOT ?
PLEASE GIVE ME ANSEWER.

respected experts,
i have cleared PE1 in May 2006,i have given my first attempt for PE2 in Nov 2007. i wasn't able to clear PE2 this time, now i want to opt for single group only in May 2008.
if i give one group in May 2008, then when would i be able to give the second, whether in PE2 or PCC,
secondly, if i appear for both groups in May 2008 exam and clear only one group, then when i be able to give the second, whether in PE2 or PCC.
thirdly, if i m not able to clear in May 2008 both groups, then i will be converted into PCC, for that would i have to clear 18 months training or direct exam attempt,
fourthly, if i convert my registration to PCC then when i will be able to appear for PCC atttempt.

also give ur suggestions of better option.

Please throw some light on what are press notes and what is the difference between Circulars, Notifications and Press Notes?

Which is more relevant and has an overiding effect over the other?

Dear All,

If our company developing the website and doing desktop application for foreign and Indian clients as well, I would like to know what type Taxes will be applicable on this type of business/transaction?
Should Indian client deduct TDS on it and also should we need to pay Service Tax on it?
Please solve my query...
Regards
Subodh