Mr.A lends Rs.70,00,000/- to a partnership firm wherein his sister in law is a partner.the firm neither pays interest nor credits 'interest payable a/c' in it’s books. should the firm deduct tax on the interest not actually paid.
Can a firm get interest free loan and treat it so in it’s books? Since this loan is without consideration is there any provision in the act that taxes such transactions like gift tax wealth tax etc.,?
Kindly experts clarify.

Hi, I need suggestions for CA final classes in Pune, specially for financial reporting,sfm, costing and DT.Please advice Thanks

I dint get exactly what composition scheme is!!!!!

Can we demerge a company which has only 1 unit, by bifurcating its 50% of the cash balance into one company and all the other assets into another company, i.e. only some cash balance will be transfered to the demerged company?

Also is it possible to apply the above arrangement without having tax implication?

I am a male and my income is 3,40,000/-for
financial year 11-12 and in scrutiny AO makes
additions of 1,00,000/- disallowing loans,
than this addition will be taxed at which rate rate at 10% or 30%.

Next query- I have taken loan from my dad 2 years back. Can I now convert the same into Gift to me from my dad without invoking the provisions of Section 269 T.

sir.... may I know if I m of the opinion to commence a new business of coaching classes then what all tax hurdles I will come across and any helpful tips are required to grow the business?... awaiting for your quick responses....

sir.... Is there any way to import sales and purchases voucher to tally erp9 from excel sheet.....because I have to pass daily appropriate 1000 entries of purchases and sales.....if there is any specific format of importing the same please link me a attachments..... I will be grateful... awaiting for your quick response?

how many years will be needed to complete my articleship ??
if i passed my ipcc (both groups) in may 2013 then when will my final examination would become due??

how we remember all section of income tax?

What all points we shd learn in tax exam....to achieve good marks...is there any tricks to learn coz everythng shd imposible to learn especially u/s?