Sir,
One of my friends is a LIC agent. He prepared his income and expenditure account relating to his commissions received from LIC. He and his brother has constituted a firm for this purpose and... . the firm shows its income as income from lic agency. the net income after a remuneration to partners of Rs.1,38,000/- is 55,000/-.
Since the net income is below Rs.1,20,000/- - is he liable to maintain books of account (gross comm. is less than 10L).
- to calculate net income from the purpose of sex 44AA, does it mean net income before interest and remuneration to partners or the net income after such exp.
- please answer....

thank you.

Dear Sir,
What is meant by Direct tax code, please explain?

Hi sir/madam,

Father & son took the Joint housing loan last year for the construction of the SOP(still construction is going on,After 2 years it will be complete).The EMI's for the loan repayment went out of the Joint Bank a/c(SBIndia).(Father actually have the income which is less than the minimum exemption limit i.e, Rs.150000)Now father is giving TO WHOM SO EVER IT MAY CONCERN LETTER to son,to get all the sum(principal+interest) repaid to son to avail the deduction U/s-80C and U/S-24(b).Is father is correct?

1).If not what is the treatment?
2).In this case,is it possible to give the total deduction to son,How?

Please clarify it, Urgent?

Dear Sir/Madam,
If a foreign co. advertise, our indian co., outside India.
Whether our co. is liable to deduct TDS on its paymant.

plz.. tell me about its service tax liablity consequences.

Sir,
We are well aware of the amendment in the recent budget regarding gift in kind which says difference between the FMV and consideration paid is Deemed income (Gift). We are also well aware of the fact that sec 50C says that where the consideration received on sale of land or buliding is less than the FMV (Stamp Value) then the capital gain is worked on Stamp Value eventhough actual consideration is less. Does this not amount to double taxing on the same income? Is this worthwhile?

The company carries on the business of financial services.It has brought forward losses.But is making profit from past 2 years and paying tax under Provisions of 115JB.The company did not have any fixed asset, acquired fixed asset in middle of last financial year.But no provision for DTA or DTL was made last year.
My query is:
1) how should the deferred tax be treated this year?

2)What is the effect of brought forward losses on DTA or DTL?

3)Should the DTA or DTL added or reduced from brought forward losses?

4)The company has a brought forward loss of 10Lacs still ,based on the concept of prudence since the company is making profit from 3 years we can expect it to make profit in the next year also.As the company is paying taxes under MAT provisions on Book profit,can the company set off the MAT credit against the regular tax payable if the company makes huge profits next year?How can this be done?

5)Does MAT provisions have any bearing on Deferred tax? If yes how should the deferred tax be treated?

6)If the Company is not carrying financial services will the answers for above questions be different? What will be the answers?
[..Sir i understand there are too many questions but i really need answers for all of them as i have to complete the finalization.I hope i can get answers for these questions.]

We have got this scenario here. We have formed a LLP (Limited Liability Partnership)with 2 partners who are not qualified chartered accountants. Obviously, LLP is not approved by ICAI as well.

Can this LLP appoint a qualified chartered accountant with public practice certificate on an agreement in salary basis to provide accountancy services which includes audit to the LLP clients? The individual person operates as a sole practioner .

Please advise.

regards,
R.Iyer

I used to not deduct my tds on frieght.
but pay tds and deduct it after march.
but this year insted of paying tds before 31 march 2009,I paid my tds to income tax on date 2 april 2009.
financial year 2008-2009
Will there be any disallowance of expense,
expense is for the financial year 2008-2009

I need a note on pre-audit.... if any one has do send the same...

what is the proccedure to change the name of a private limited company