Sir,

Pls guide me what is the rate of income tax on companies.

Pls give me the bifurcation i.e rate of income tax, education cess and surchage etc.

there are four telephone in our company, whos 90% exp debited in our company and 10% exp. debited in other company,

so how much service tax credit we can book in our company

This is to share with you all:

Kindly appreciate As Balance Sheet & Profit & Loss are required to be signed in accordance with Section-215. In the board meeting which approve the balance sheet and profit & loss account we authorise directors to sign the BS & PL A/c as desired by section 215 and record the same in board minutes.

Question: Do we also need to authorise the signatories of Annual Return as required by section 161(1) through board resolution??. If Yes, what would be the date of board meeting to make such authorisation.

Since annual return contain the info as on the date of AGM. If we authorise someone to sign AR in the board meeting which approve the BS & PL A/c (Advance authorisation), then what would be your reaction.

OR since annual return is in the nature of a return only it does not require specific authorisation to sign like BS & PL A/c.
Please share your views….

assume company bearing 10,00,000/- on Advert. which including 1,23,600/- as Service Tax and this advert. exp. will be write off in 4 years,

then how much amount of service tax credit taken in first year

can we take complete service tax credit in first year, or 1/4 of service tax credit taken in each year

Dear Friends

I have a query. One of my clients is a Partnership firm with 5 partners (A, B, C, D and E) in the ratio of 4:3:1:1:1. Now they want to convert this firm into private limited company. And in the new company, Mr. C, D and E want to enter through their one other Private Limited Company in which only three of them are shareholders as well as directors. They want to leave their share in the firm and want to enter through this company in the same ratio, i.e 4:3:3 now. But as per Section 47(xiii) there are certain conditions that must be satisfied to avoid capital gains. These are as follows:
(a) all the assets and liabilities of the firm 30[or of the association of persons or body of individuals] relating to the business immediately before the succession become the assets and liabilities of the company;
(b) all the partners of the firm immediately before the succession become the shareholders of the company in the same proportion in which their capital accounts stood in the books of the firm on the date of the succession;
(c) the partners of the firm do not receive any consideration or benefit, directly or indirectly, in any form or manner, other than by way of allotment of shares in the company; and
(d) the aggregate of the shareholding in the company of the partners of the firm is not less than fifty per cent of the total voting power in the company and their shareholding continues to be as such for a period of five years from the date of the succession;

We are satisfying all the conditions at the time of conversion. But after conversion, when we want to change Mr. C, D, and E by selling the shares to their PL Company, the clause (d) attracts immediately. It seems that we can not remove C, D and E for five years, and they has to be in company within the cap of 50% limit.
Now questions are:

1. is my interpretation correct?

2. Does clause (d) speaks about the 50% voting power with the old partners only or the persons also has to be same in the same ration. I mean if Mr. A and B are having 70% holding, then does it satisfies the clause (d) or C, D, and E also has to be there?

3. If above is not possible then whether there is any other option how can I remove them from converted company and bring their PLC in to the company.

Please remember that a Private Limited company can not be a partner so I can not bring their PLC in to firm first and then convert it. This option is not available.

is it compulsory to get stipend through cheque or can i get it through cash voucher?

how we should treat daily dividend reinvested in mutual fund and the amount received on maturity/logout. whether diffence between principal and maturity amount is short/long term gain or only tax free dividend income.

Is practical training of 3 years compulsory in ICWA course?if yes ,Can i do it after completeion of CWA finals?Wat are the consequences of not doin it..As am doin CA articleship i wont be able to undergo practical training in CWA...
pls help.
Regards ,
Manazir.

Plz let me know while calculating perquisite value of interest on loan ,the rate of interest as applicable on 1st of April 2008 of SBI will be taken or average rate is to be taken

In case of change in jobs in a year whether leave encashment received from previous employer if received below Rs 300000 is taxed or not U/s 10(10AA).Secondly whether this limit is based on cumulative basis or not.