Dear All

I have a case where the assessee is a NRI and he has only income from capital gains in the previous year. Can he claim basic exemption limit of Rs 1,50,000 on such transaction?

Thanks
sushma

Dear Sir/ Madam

I would like to know that a Company Athorized capital of Rs, 1,00,000/- but Paid up capital Rs. 0 has 2 director and 4 subscriber (including directors) having Eq. share 4900 ; 4900; 100; 100.
While purchasing this company what documents is to file in ROC Department.

There r two entities, one is Proprietorship & another is Pvt. Ltd. Co.
the proprietor is a director in co.
Employees getting salary from Proprietor business as well as from company.However only company deduct P.T. while making salary payment(co. Consider the salary from Proprietor business for slab purpose). is it correct. (as both entities are different i.e. proprietorship & Co.) Also if payment of P.T. make late is any interest we have to pay?

Thanks in Advance.

Regards,
Mahendra.

if we are doing business of purchasing IInd hand machinery and suppliers gave bill which have all the information wrong and we are not know this.
than in this case can we show this as an expenditure and there is liability related to us?

If on Fixed deposit slip i have mentioned Jaspal Singh Mehndiratta

And my bank account is in the name of Jaspal Singh

Legally can FD be issued ?
Under what name ?
Any RBI annexure/guideline supporting your reply.

JS
(MBA + 2nd. yr. LLB )

In manufacturing of fabric company,they purchased furniture to the extent of full amount including CST @12.5(according to MVAT)whether it is claimable.

How they should shown in accounts book regarding assets and CST??...kindly help me..sir

kindly tell me how to do audit in EJV?....

Is it mandatory to give interest on unsecured loan. If not what query income tax department can rain above the amount of unsecured standing in books.

Dear sir,
i need a clarification that,what is the accounting treatment about freight inwards.If i m showing seperate from my purchase,whether
my valuation of closing stock will reveal correct amount.I heard that freight charges should not show separately.if doing so,it will not reveal correct value of closing stock.The company is using Tally software.They made purchase as purchase a/c and freight as direct expenses.

kindly help me

We import materials (a one off transaction for eg.)with rate of goods sttled on the basis of LME of a period subsequent to the receipt of goods, where we have to make a payment based on the invoiced being recieved by us along with the goods.

When the settlement is done subsequent to the payment, there would be normally difference to paid to the supplier or to be recovered from the supplier.

How these transactions are legally allowed to be handled

I had applied for IEC code in responce to which I got following deficiency letter:
RBI Declaration / Approval for foreing director is not given.
Please tell me from where this cna be obtained ?
Is there any prescibed form in whihc we have to apply ?
What information is required to be furnished and to which authority / Office ?
Your early response will be highly appreciated since I have to submit the same before 25th Feb,2009.
Thank You,

Gajendra Metawala
Cell No 9004034545
email ID : gajenm@rediffmail.com