Dear all,

Whether the expenses incurred in a farm for purchasing 800 banana plants for total of Rs.30400 can be capitalised or to be expensed? The activity is sale of agricultural produce. no other farm activities.
I am asking because i think this is outside the scope of AS-10 as it is a natural regenerative resource.
What will be implication for tax purpose/depreciation.

I registered for CA inter on 1997 and completed Articleship as prescribed by the institute, though i have not appeared for any exam. later on 2008 i coverted into PE2 and appeared for group 1 and cleared the same in 1st attempt. appeared for group 2 in June 09, and waiting for the result. Kindly advice me, what is the option i having, if i could not clear the group 2

Who can attest the DIN application of an NRI who is appling for DIN while he is in India at the time of application.

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. THE INSURER SETTLES THE CLAIM FOR RS. 65 LACS.

NOW MY QUERY IS THAT WHETHER RS 15 LACS (65 LACS - 50 LACS) IS TAXABLE AS CAPITAL GAIN OR AS BUSINESS INCOME.

PLEASE ANSWER ELABORATELY.

Can ,for income tax purposes, one person have accrual based accounting for some securities and cash based accounting for some securities ? for example for securities in my name I keep account on accrual based and securities purchased in the name of my minor daughter I keep accounts on cash basis so that at the time of receipt of interest she would be major and i would not be required to pay tax

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.