My client has carried forward losses from his business of Rs.450000/-
This year he has earned a profit of Rs.150000/-He is a resident male not a senior citizen.
How much loss can be set off against his income of Rs.150000/- this year?Whether Rs.40000/- to make his tax NIL?Or Rs.150000/-? What is the position in the Act?

274(1)(g) Is it applicable to Private company. Doubt is beacause condition is

(a) the default is done by a public company and

(b)proposed appoinment is in a public company.

Please clarify Bad Debts & Provision for Doubtful Debts is allowable expenditure or not under Income tax Acr

whether dividend received on tax saver mutual funds at the time of maturity and interim period whether taxable or exempted

I sold a plot of land and got capital gain(LTCG). I have 2 questions:

1. I borrowed loan from Bank and with that capital gain, repaid the loan. I feel that this is considered for investment. NOTE: The flat is not registered yet. If I repay the loan withing the first year of the CG, then i feel that i have satisfied the investment criteria for LTCG. Am i correct

2. When is the purchase is considered for Income Tax (for claiming CG benefit) purposes?
(a) is it at the time of registration
(b) is it at the time of signing the agreement to sell

Thanks
G

I have filed e-return online and then manualy filed the acknowledgement within 15 days. However the acknowledgement has only the date stamp of the department indicating the date and ward where the return is filed. however it does not have the serial number stamp on it. Is the return is properly filed or else it will be considered as no return filed because serial number stamp is not there???????

A Co. has commenced a hostile tender offer to purchase all outstanding stocks of other Co. at Rs.61 a share. the other Co. is not satisfied with the offer as it thinks inadequate.so now this other Co. is reviewing a possibility of major recapitalisation.
effects of recapitalisation alternative :
maximum borrowing capacity Rs. 1738095
at a pre tax cost of debt of 10.5%
borrowings already there Rs. 172409
additional debt that can be taken Rs.1565685.

my query is now if this additional debt is taken what all things will be affected & effect on co.s book and market value balance sheet (items).Will M & M Approach be useful here?
Sir/Madam i request u to foward me the details of this case study.
thanking you,
Yours faithfully,
Manjushree Ursal
CA Final Student.

Hi i'm a final student registered under new syllabus. Can anybody tel me shall i join for classes in coming may batch. i'm hesitating to join bcoz of the thought that new syllabus will not b taken by any of the institutes now itself. Also pls tel me wen s the first attempt for CA Final exam under new syllabus.

HI suggest me some good reference books for all the subjects in CA Final.

Dear Sir / Madam,

I am an NRI from U.S. I have the following questions related to Income tax.

1. I have purchased property (Residential flat) in India by taking home loan and now, I want to show this on my tax returns for tax exemption. Do I need to request bank for certificate with details of all EMI-payments (principal & interest seperately) for this?. Please tell me the exact procedure on this.

2. If I get below 1 lakh / Annum rent income from above said property which is rented out to a private party then
is it taxable (I don't have any other income in India other than this and of course I have overseas income(salary))?
If it is taxable how much percentage? Is there any way to get tax exemption on this?

3. I will get Rs. 500 (approx) as interest for the year April 2007- March 2008 from my Savings A/C in India (I usually remit the money to this savings A/C from my Overseas Bank A/C). Is it taxable? Do I need to furnish these details in my tax
returns? If so, Do I need to get the Interest certificate from the Bank seperately?

Thanks a lot for your valuable information on this.

Regards,
Srini.