ABC LTD. IS A MANUFACTURING CO. AND HAS PLANT & MACHINERY OF WHICH WDV (INCOME TAX)AS ON 1.04.2008 IS RS. 25 CRORES. DURING THE F.Y. 2008-09 A FIRE BROKE OUT IN ONE OF ITS MANUFACTURING UNIT RESULTING IN LOSS OF PLANT & MACHINERY WORTH RS. 50 LACS AND CURRENT REPLACEMENT COST OF THE DAMAGED P & M IS RS. 90 LACS. THE COMPANY HAS INSURANCE COVER OF RS. 5 CRORE FOR SUCH LOSSES. THE COMPANY CLAIMS RS. 90 LACS FROM INSURER TOWARDS THE LOSS. TILL 31.03.2009 THE CLAIM HAS NOT BEEN SETTLED AND FINAL SETTLEMENT AMOUNT IS UNCERTAIN.

NOW MY QUERY IS THAT FOR COMPUTATION OF DEPRECIATION AS PER I.T. ACT WHAT AMOUNT SHOULD BE REDUCED FROM THE BLOCK:

RS. 50 LACS OR RS. 90 LACS.

PLEASE ANSWER ELABORATELY.

What is the tax implications if a partner takes a residential property out of the closing stock of a partnership firm without any cosideration and if it taken as a gift?

Dear All,
Please correct my statements if it is wrong.
The income from house property owned jointly by assessee and wife, is to be apportioned on the basis of share in the joint property; not on the basis of the cost incurred by each person for acquiring the house.
But, for claimimg interest U/s 24, the interest should be apportioned on the basis of loan repaid, not the cost incurred by each person for actually acquiring the property.

i have wrongly signed on the back side of the share certificates as authorised signatory now can it be rectified?

A private bank is charging interest, commission and other charges on certain transactions and deposits.
Are these payments subject to the provisions of TDS.
If Yes, how will it be deducted as Debits are made directly by the bank in our account.

We are Cement Manufacturers having 5 branches in south india (Only Plant is having Excise registration and Branches are not having Excise registration). We are selling Cement directly to the customers and sending to branches on stock transfer basic by paying excise duty.

Now we want to Import Different kind of Cement and sell to customers. This imported Cement may go directly to any of our branch or to plant and sold to customers. But we are not having excise registration in branches, how to sale directly from branches? what Excise formalities to be follod. Can we take cenvat credit on Imported cement.

Please clarify the same.

regards
K.MASTHAN BAVA
ZUARI CEMENT LTD

dear all

my attempt for pcc is in nov9. i have yet not studied theory.
i am confused from where to study, from module or compilation? i found module too lenghty.

can anyone send me theory notes. it will be of greathelp.

my id is abhipcc@rediffmail.com

Can any one tell me the rate of DDT
whether surcharge & edu. cess is included in 15%.
Give a brief example when it will be
15% , 15.45% & 16.995

Eg: Mr X sold a residential flat on march 2008 for 10 lacs. out of the sale proceeds rs 2lacs was used to pay loan of another residential property purchased on November 2006. whether he can claim benefit under section 54 of the income tax act for Rs 2 lacs paid??

1) One of our employee is getting exemption u/s 10 (13A) for HRA and also at the same time claiming Deduction u/s 24 (B)for Rs. 1,50,000 can he do so ??

2) For Claiming exemption on section 24 (B) can we claim for the Rs. 1,50,000 for more than one loan amount like we have taken different loans from more than one bank for construction of more than one house. Can we do so or there is any such law on it.

Plz clarify me.