I(Individual) purchased a plot and took a loan for Rs. 50 Lacs. EMI is rs. 1 lac (Principal 25000+ Interst 75000). I accounted in my books as plot under fixed assets for Rs. 50 Lacs.

Please clear what will be treatment of Interst paid under EMI each month? Should it be shown under drawings and less then capital? I am a salaried person.

Can u please send me draft resolution of appointment of new director of a private company and please tell me what steps should be taken by company for this.

sir,
pls may i know that Can a Internal Auditor act as a Cost Auditor in the same financial year in a company?

New Rule 6(3) of Cenvat Credit Rules 2004,
gives two option for taking the cenvat credit i.e.
(i) either reverse the credit attributable to the inputs services used for providing the exempted service.
(ii) pay8% amount of the value of the exempted service.

Please advice what stand for value of exempted service whether the value of trading activities shall also become part of value of exempted service or not likewise other income like income received from sale of old newspapers/garbage shall become the part of value of exempted service or not for working out the percentage of ratio between value of taxable and exempted service.

What do you mean by body of individual ? and please give me the Eg. of same

From the following figures and ratios, draw out a Balance Sheet

1)Fixed Assets/Turnover Ration (Cost of Goods Sold) 2

2)Debt Collection Period 2 months
3)Current Ratio 1.5
4)Debt Equity Ratio (Total Debt/Equity) 0.6

5)Current Liabilities to Net Worth 0.8
6)Reserves to Bank Balance 4
7)Consumption of Raw Materials 40% of Cost of sales

8)Stock of Raw Materials 3 months’ consumption

9)Stock of Finished Goods 15% of Cost of Sales

10)Bank Balance 1/30th of Sales
11)Fixed Assets Rs. 6,00,000
12)Gross Profit 1/5th of Sales

Dear professionals

Can a company completly substitute its articles with another set of articles.

The company became deemed public company but its articles were that of private company and according to the provisions of sec 43A of the cos. act the company can retain the identity of Public company.

Can co. alter its articles to have the provisions of public co. by substituting it with another set of articles.

Thanks&Regards
Deepika Bhardwaj

if we gives prompt pymt dis. to exort customers, dis should be debited to p&L or deducted from sales.
As nt a trade dis. should be debited to PL instead of reducing from sales.
But is there any backup fr this?? is the treatement we gives in PL is covered anywhere in AS or elsewhere??

i have one child and i getting educational allowance rs. 200/- p.m so how much amount deucted as deduction from taxable income

Dear Sirs/Madams,

I am seeking for yours assistance regarding following query.

My parents are joint owners of residencial flat.
My mother's name is shown as first owner and my father is second.
My parents has availed housing loan from financial institution.The loan amount with interest is debited from my mother's saving bank account. The said saving bank account is not a joint account.
I want to know can my father avail the Income tax Deduction u/s 24(2) int. on housing loan and section 80C -repayment of principal amount of loan as being one of the co-owner ?
My mother do not want to take the benefit of the above deductions.
If, my father can get deduction , then at what percentage i.e. 50% of int & repayment amount or full amount ?
Further guide me to which section or approved case in the Income Tax Act should I refer ?