i had a proprietorship firm which i converted into a company by merger..it satisfied all the condition of section 47(XIV)...The firm was in operation for 9 months and company for 3 months. the WDV of furniture of the firm was RS 100000 which was taken over at book value by the company. Now how to calculate proportionate depreciation and how to show it in income tax return?

Dear experts

The return for A.y 2012-13 (Audited with refund) was file belated on Nov 2012.

But due to some reason the ITR-V Ack. was not received to CPC and ITR-V is rejected saying "filing date has exceeded the due date"

As the belated return can not be revised.
Is their any other option available?

We are manufacturer a taxfree textile goods having 2 branches : 1 at Maharashtra & 2 at Gujarat.
From 01.04.2013 the taxfree product was taxable in Maharashtra State however, Gujarat state remain it taxfree.

Now, we plan to purchase our basic raw material which taxfree material at our 2nd unit Gujarat state, send it to unit 1 in maharashtra for finish against form F as branch transfer and return after finish to our unit at unit 2 at Gujarat again form F as a branch transfer and afterward sales the same from there as taxfree

steps as follows:
1. Purchase taxfree raw material at unit Gujarat
2. Transfer against Form F to unit at Maharashtra for Finish
3. After Finish return to unit Gujarat against Form F
4. Sales to customer from unit Gujarat as taxfree.

Queries are as follows:

1. If we ask the supplier raise the bill at Gujarat and delivery at Maharashtra as raw material is taxfree in all the states then “is it requires to raise invoice (non accounting) in favor of Maharashtra and subsequently issue Form F by Maharashtra unit to Gujarat unit?”

2. What will be (non accounting) Invoice value in material return back to Gujarat unit after finish in Maharashtra unit? Is it raw material value + processing charges or only processing charges value?

3. if we return the material to Gujarat unit as branch transfer against Form ‘F’ and using Form 403 as checkpost or road permit to be required for material enter into the Gujarat state, what will be the importance of Form 403 at the time of obtain Form ‘F’ from Gujarat sales tax department.

we await your valuable advice

Whether is it tenable on the part of the vendor to charge Service Tax on Paintings sold by them? Few vendors are charging VAT on the same? if Service tax is charged, then whether we can take Service Tax input on the same?

If a person has not filed his return of income for many 5-6 consecutive years...is he liable for any penalty if during the said period was non-taxable.if the same assesse wants to file his return in the current assessment year can he do so? Please Suggest

Can anyone provide draft application to be fill to central Government for increase in number of director u/s 258 & 259 of companies act 1956

Dear All,

My query is as follows:

A limited company was incorporated in the year 2010, but till now the company has not been able to start its opeartions.

Now the board wants to alter the main object clause by the complete deletion of the previous clause as the company does not intend to carry any activity related to the those clauses at the time of incorporation.

In sink with the new object clause the company wants to change its name as well.

Is it possible to do so?

If yes, then only approval of shareholders will be enough or any other formalities is needed to be complied with.

Kindly give your views regarding the above.

Thanks & Regards,

Kalpana

Please Help me out in the case of Sale of a House Property which is recd as a Gift:
Lets take an example,
Suppose Mr. A is an Individual, and he gifts a House Property to his wife Mrs. A...
Now, Mrs. A sells this House Property to Mr. B above the Cost.. & There arises Short Term Capital Gain...
Now, This STCG will be taxable in whose Hands???
1.) Mr. A's or
2.) Mrs. A's ????

Dear Experts,
Please guide me on the doubts below

1. When can a business /Individual claim CENVAT credit for the service tax paid

2.If a company pays ST on courier services on contract basis can i claim it as my CENVAT credit?

If possible please provide with case laws and provisions

Dear Experts,
Is it necessary to pass tds receivable entry in the accounts of a proprietor?

If yes, than how the entry should be passed considering the fact that all the receipts are cash/bank receipts. In other words there are no debtors in books, than which account should be credited?

And Under which head tds receivable should be shown in tally i.e current assets or capital accounts?
Kindly clarify. Thanks in advance.