income tax on salary earned outside india.what exchange rate is to be considered for accounting purpose as because it is vary every month?some part of the money transfered to NRE ACCOUNT and some parts r not transfered in nre a/c.then wat will be accounting treatment and in wat way it will be taxable?

out company printing, brouchers and labels contract with out side party.
In the f.y.2007-08 first two months deducted tds as per tds on contracotrs rate.
From the month of june'07 onwards party given VAT bill (4%), on that no deduction of tds, party said.
Now onwards our company people not deducted tds from party.
so, it was correct procedure or not?
as per IT Act it was correct or not?
plz.. sir, this was my major doubt?

Sir,
I thank all for earlier suggestion.
I have a very important query and please advise me on this
This query is relating to Director disqualification u/s 274(1)(g) under Companies Act.
There are two public limited companies A and B and there are common directors in both companies.
The company A has finlaised the accounts for 2006-07 on 01.09.2007.
The annual returns for 2006-07 have also been prepared and we have not filed yet which we will be filing this week with additional fees also.
Now this company A has also not filed for 2004-05, the date of AGM being 01-09-2005 and not filed for 2005-06, the date of AGM being 01-09-2006

Summary For company A
----------------------
F.Y. Date of AGM Annual
Returns with
ROC filed date
------ ------------- -----------
2004-05 01-09-2005 28-01-2008 (filed belatedly with fine)

2005-06 01-09-2006 will be
filed with in this week

2006-07 01-09-2007 will be
filed with in this week

2007-08 01-09-2009 financial year
not yet closed

Company B has filed annual returns till date.

As stated above, we filed the annual returns for 2004-05 on 28-01-2008 and we will be filing the other two immediately.
My understanding of the section 274(1)(g) is that for any attestation on 2007-08 onwards, even if we file the annual returns now, this section will not be attracted immediately. But I do not the date from which, the applicability of Sectio 274(1)(g) in the above scenario is applicable and for what activities it is applicable?
Which date is important here for the applicability of Section 274(1)(g)?
1.Please let me know whether this situation is going to attract Section 274 1(g) for company A?
2.The company A has also closed its operations and is only on the verge of selling its fixed assets also.
3.The company B being a active and regular public limited company(has regularly filed annual returns till date), whether the directors being common to both A and B are safe in terms of the above?
3.If yes, is there any compounding of offence under which the same can be regularised so as not to render the directors also disqualified for Company B also. This is because, the directorship of common directors in Company B is very very important and please let me know this positively and I am keeping my fingers crossed with anxiety.
Please suggest me how the common directors can be saved from disqualifying from Company B directorship.

Regards,
M.P.Arun

Trades without STT (overseas):

A. Gains from overseas stocks sale (long term: more than 1 year
holding) = 1,00,000

B. Capital Gains from overseas stock options (Same day purchase and
sell) = 1,00,000

C. Difference in vesting day price and allotment price for options
in B above = 1,00,000

D. FBT paid on the stock options to the employer = 33,900

E. Total profit in overseas stock options (B + C - D) = 1,66,100

F. Speculative gains (losses) in overseas market (Futures and
options) = (1,50,000)

Trades with STT:

G. Short term gains (losses) in domestic exchange = 50,000

H. Speculative gains (losses) in domestic exchange (Futures and
options) = (3,00,000)

Other income:

I. Income from bank deposits = 50,000
J. Salary income = 5,00,000

Queries:

What is the best way to offset the above losses with gains to
minimize tax implications?
Can overseas stock options gains be offset against domestic market
speculative losses?
Can overseas speculative losses be offset against salary or interest
income?

Dear Sir

The following information I like to verify from youe end. I will be very much onward if you kindly verify the information.

1. Director Profession Tax paid by company will that be contra entry of taken in and out in the tax computation

Regards
Satyajit Roy Chowdhury

i have large no of transactions regarding shares during the years.In other words i m doing business in shares. i just want to know whether i should calculate LTCG & STCG separately or should take all profit as business income without calculating LTCG & STCG seperately.Whether we can treat securties transaction Tax as TDS in any of above two situations.Plz send me the ans at my email ID medjdj786@gmail.com

PE- II MAY – 2006
Paper -3, Business and Other laws

We are herewith furnishing the questions and answers as produced in suggested answers to questions set at the PE-II Examination Group I May, 2006

Question No.10
(b) (i) Can the declaration of Board of Directors of interim dividend be revoked.


Ans: Dividend
(i) The Articles of a company may empower the directors to declare interim dividends, i.e., dividends in between its two annual general meetings. The Board may from time to time pay to the members such interim dividends as appear to it to be justified by the profits of the Company. (Article 86 of Table A)

An interim dividend is not a debt. It is a settled law that in case of an interim dividend which the directors have resolved to pay, they have an option at any time before payment to review their decision and resolve not to pay.

Hence, interim dividend declared by Board of Directors may be revoked.

We wish to draw your kind attention to the following:

Section 2(14A) defines dividend as “dividend” includes any interim dividend, [w.e.f 13.12.2000]

Section 205(1C): The provisions contained in sections 205,205A, 205C, 206,206A and 207 shall, as far as may be, also apply to interim dividend.

205(1A): The Board of directors may declare interim dividend and the amount of dividend including interim dividend shall be deposited in a separate bank account within five days from the date of declaration of such dividend.

205(1B): The amount of dividend including interim dividend so deposited under sub section (1A) shall be used for payment of interim dividend.

Friends
, in view of the above changes in the law w.e.f 13.12.2000, our understanding of the provisions as far as revocation of interim dividend is that, interim dividend can not be revoked. Even if it can be revoked then it has to be revoked within five days from the date of declaration i.e. Board resolution.

Please clarify this.

Is service tax applicable in case of peer review for service provided by CA.

I cleared my PE-II in Nov06 and starting my training from 5th march.... I enrolled for CA Final new course When can I give my first attempt at CA Final..... May09 or NOV09??

A Partnership firm has been converted as pvt ltd company under chapter IX of the companies act, 1956 on 20th October 2007. How much depreciation will be allowed to partnership firm and company.

As per Income Tax Act Depreciation is not allowed in the year of disposal/transfer of assets. Since Partnership Firm has been converted during the financial year 2007 - 2008 weather depreciation will be allowed to firm or not.

As per Income Tax Act Depreciation to the Company should be allowed for half year as Company came into existiant only on 20.10.2007.

It appears that only half depreciation will be allowed for financial year 2007 - 2008. Is it not a disadvantage on conversion.

Plz reply catagorically stating each event with reasons.

R. A. Joshi