if the company directly alloted the share to the shareholder without paying securities transaction tax and the same share is sold by the share holder will shareholder get the exemption u/s 10(38)

One of my friend has sold flat of rs 2500000
in the year 2011 april but in the sale deed the amt of sale is being showed at rs 900000

and now he has the purchased land for rs 2900000 and made construction of house under joint ownership by contributing an extra amount of rs 1500000 in the year 2012 and sold the same house for rs 5100000 in the year 2013

can he claim deduction under any of the section of income tax act for construction of house under joint ownership while calculating capital gain.

Hi.

Acid Test ratio - 2.5 times
Current ratio - 1.5 times
Share holders fund- 15 Lakh
Net Working capital- 10Lakh
Stock/ Inventory -?
Bank OD -?
Fixed Asset -?
Properitory Fund- 0.75(F.Asset/Sh.holder fund)
Reserves - 1.25 Lakh
Long term liability - 1.25 Lakh
Debenture - 10Lakh

Respected Sir/Madam,

Please send me Tax Calculation of Co-operative Society.
F.Y.-2011/12
Int. Received From Other Co-op. society - Rs.154921
Int. Received From SBI Bank Rs.60000

Total Income - 214921


Regards,
Sangram Patil

Can a pvt ltd company have volunteers. For example, people wishing to be volunteers will be sent articles online. The volunteers may make corrections/ advice on the articles as per their will & they are not paid for it.Can an Indian Pvt Ltd company do this? The company while engaging the volunteers shall have an agreement with the volunteers specifying that this will not form an employee-employer relationship. Is that enough?

Hi,

what is time limit within which Assessing Officer must complete assessment of income return, assuming an Individual asessee has submitted return before due date.

And what happens if assessing officer fails to do so within said time limit.

What is the consequence if the company intimates the auditor of his appointment late i.e; a company is to intimate the auditor within seven days of appointment but has failed to do so?

our client has generated LTCG from sale of plot, now he wants to invest the proceeds in a residential property and claim exemption u/s 54f.
he has two properties as,
1.one in which he is residing
2.the other for which he has given advance under construction linked scheme.
he wants to know whether this advance be treated as having other residential property and consequently will he be disallowed exemption u/s 54f?

Sir, what is an accounting entry for PT deduction from salary in export company and its comes under which head ie under duties & taxes or treat as an expenses in p&L a/c?

Dear Experts,

We have a partnership firm running for last two & half years and now one partner is retiring from 31.03.2014 settling his all account mutually agreed and one new partner is joining on the same day without dissolving the Firm. I made a draft for Partnership Deed-Retirement and Admission will be effected from 31.03.2014 and also made a separate draft for Partnership Deed-Admission and Reconstitution which to be done/effected on 01.04.2014 as the new partner will put in capital on 01.04.14 in the newly constituted firm. I do not want to prepare a compact deed for retirement & admission for submitting future returns separately with departments. I wish to get registered the retirement & admission deed only.

Q.1. Is it Okay or necessary to prepare one compact deed and from when the new partnership will be effected from 31.03.14 or 01.04.14 considering the separate deed?

Q.2. What are the procedures for intimating for PAN. TAN, VAT and Bank?

With thanks

S. K. Roy
(skroy712@gmail.com)