As per MCA General Circular no. 2/2011 dated February 8, 2011, Central govt Exempts Holding Companies to attach Accounts of Subsidiaries u/s 212(8) provided, holding Company complies with the conditions mentioned in the Circular. One of the Condition of the Circular is Holding Company is required to pass a Board Resolution giving consent for not attaching Balance Sheet of Subsidiaries. Is this resolution required to be passed every year or only once ??

Hi! There

This is Nirmal Agarwal and I am an IPCC and CS Executive student. I have completed my Graduation with 77% marks and topped my college, as I came to know that I'll be getting the scholarship for M. Com, but I am in a great dilemma whether to go for the scholarship or to forgo-it because I have CA classes and the M.Com will be a regular basis and correspondence basis. I want to know that if I go for the regular classes of M.Com my CA classes will be hampered and if I go for correspondence then this problem would not arise, I also wanna ask that is M.Com is beneficial for me for the future prospect or not as I wanna make my carrier in CA's... Kindly solve this riddle for me.....


Regards
Nirmal Agarwal

can you give me an example of sale covered under section 5(3) of the CST Act 1956

when assesse earned income by public Transport then in which head income will consider....in this sec.44AE will consider or not????????????????

Today I received a notice from RBI as follows

"..... SECURITIES PRIVATE LIMITED

Section 45-IA of RBI Act: undertaking business of NBFI

Dear Sir/Madam

During analysis of balance sheet and profit & loss account of your company, prima facie it appears that your company is undertaking the business of Non-Banking Financial Institution (NBFI) as defined under Section 45-I (a) read with Sections 45-I (c) and 45-I (f) of the Reserve Bank of India Act, 1934, without obtaining Certificate of Registration (CoR) from Reserve Bank of India. In terms of Section 45-IA of the Act, no company can commence or carry on the business of Non-Banking Financial Company without obtaining a Certificate of Registration (CoR) from RBI. You are, therefore, advised to offer your comments in this regard. In case you are registered with any authority, please send us copy of registration certificate.

2. Further, we advise you to bring down the percentage of Financial Assets to Total Assets and Financial Income to Total Income below 50% and submit a Statutory Auditors certificate to that effect. Please send e-mail address of statutory auditors.

3. You may further note that commencing or carrying on the business of NBFI without a valid CoR may attract the penal provisions under Section 58B(4A) of the RBI Act, 1934 which reads as under:-

“If any person contravenes the provisions of sub-section (1) of Section 45-IA, he shall be punishable with imprisonment for a term which shall not be less than one year but which may extend to five years and with fine which shall not be less than one lakh rupees but which may extend to five lakh rupees”.

4. Your reply should reach this office by e-mail at dnbsmro@rbi.org.in or post/courier/hand delivery within 15 days from the date of receipt of this e-mail.



With regards



Department of Non-Banking Supervision

Reserve Bank of India"


The company's capital is Rs.15lakhs and has investment of Rs.15lakhs.

How do I go about in this matter?

I HAve A PROPRIETORSHIP FIRM ESTABLISHED IN 02.03.2011, BUT THE DEEMED DATE IS 01.02.2008 SINCE I ESTABLISHED PRACTICE IN 2008 ITSELF. NOW IF THE SOLE PROPRIETORSHIP FIRM IS CONVERTED INTO A PARTNERSHIP FIRM WHAT WILL BE DATE FROM WHICH THE SENIORITY OF THE PARTNERSHIP FIRM WILL BE RECKONED?
(A) 02.03.2011
(B) 01.02.2008
(C) Date of conversion of proprietorship to partnership

Please help

Respected sir/madam,i sudheer kumar is a student pursing ca final and i completed my ipcc both grousps in nov 2012 attempt and i joined a firm name called xxxxxx in hyderabad and now i understood that i cannot continuee in such firm because of a reasons less stipend and only one article assistant and work in such firm is only concurrent audit of banks and only personal works of auditor and his family has to be done...so i thought that i could not learn anything in such firm and all above these i went to home by asking a leave of 2days and said to him that i am not coming i am not at all interested in continuee and as well as i want a transfer. Now then he said ok i will provide you a transfer but i want a reason why you are transfering but he is not providing transfer at all and not sighing in transfer certificate what i have to do....
Can anybody please help me and my mobile no. Is 9160190101 just give me a missed call i again call u
Thank you

sir,


Mr.x has a properitorship firm having name " sun enterprise".my questions are---
1) Mr. x has pan card on his own name. whether he is required to apply for new pan no in the name of sun enterprise??

2) Sun enterprise has income of Rs.600000 during py 2012-13. now, Mr.x has MOU with Mr.y. as per MOU, Mr.x and Mr.y, both are partner sharing equal ratio.(i.e. 50%).my question is whether all 6 lakhs are taxable in the hands of sun enterprise i.e. Mr.x?(at slab rate) or 3 lakhs are taxable in the hands of mr.x and mr.y each?

if a person is earning salary amt 282500 and pension 140000 include disabily pension 30000. which itr should be file.

confused between itr1 and itr2.

sir,


I have agricultural income of Rs. 5,00,000. this is my only income and i want to file income tax return. now i have following query.

1.whether produce arising from farm and used for self consumption (personal use or consumption for family members) are included in agri. income? if yes, at what value?

2. as per income tax act, income from produce arising from agricultural activities are calculated as if it is business income and all section applicable to business and profession are applicable to it. now my question is that-- depreciation on equipment used for agri. activities should be calculated at what rate?

3. Whether animal used for agricultural activity are considered as my assets ?
if yes, what is depreciation rate?
and if no, can i fully claim as allowable expense as and when i incurred it, while calculating net agricultural income?