1. can a father and his son make a partnership firm.


2. a Huf(karta,his wife and his son)make a business in equal ratio .is the business is a proprietoriship of above huf or a partnership firm because there are some partners.

Dear Sir/Madam,
A person has recieved Rs. 3.00 lakhs from general insurance co. as third party insurance claim because his son had met with accident few years ago. Whether this amount is taxable and whether any deduction is available.

Is any entry required in books for MAT credit or we have to just show in computation

If any entry required what entry

If i transfer my all equity shares to portfolio wherein such shares are traded by Portfolio Managers.
I don't have any other business income. what shall be the nature of profit/loss which i have earned through portfolio?(either capital gain /loss or business income/loss).
please reply me with reasons.

Hello Experts

First of all thanks for showing your interest in sharing your knowledger.

Guide me about section under which i am responsible to deduct tat at source whether 194C(contract) or 194i(rent);
1. I have taken Material Handling machine (Forklift truck) on hire, rent is fixed for a month. I have to fill diesel and to incur all other operating expense and the machnine remains with me only.

2. I am using the same machine but i have to just pay a sum fixed for a month(use for 8 hr a day) & extra cost per hr for overtime if any. i dont have any possession of the machine and i dont have to incur any other operating exp. or even diesel exp.

As per my openion tds provision will be applicable as follows;
1. U/s. 194I as the Machine is hired and possession remains with me only.
2. U/s. 194C as i have given contract for working at my site and i am having no control over possession of the same or not to incur any operating exp.

One of the knowledgeble person disagree with my opinion in respect of point no. 2. In my case the works is going on permanently now tell me what will be the situation if the work is done for few days only (all other situation are same).

Even in ICAI Journal for Aug. 08 (Pg no. 293) in definition of RENT it is said then possession of the asset is pre condition for rent transaction.

Please give your valuable opinion on above cases.

Thanks
Rohit

While calculating Min. stock we need average rate of consumption n that why we take Average of units (in formula) to b produced multiply by usage per unit of product?Any specifis reason?

As per ST rule ,any expenses incurred by provider for rendering services are liable to st but any expenses incurred by provider on behalf on recipient are not liable to st.Suppose in a case it is specifically written in agreement that conveyance exp are to be reimbursed at actuals to provider by recipient then in that case whether provider is liable to charge st on reimbursment of conveyance exp paid by him?
will this expenses comes under purview of exp. for providing services OR under purview of on behalf of recipient.
Pls clarify my both questions.

Hi all,
I am Associate member of the Institute. Now I am in London and studying ACCA and SAP FICO. But I have not informed the Institute about that. Is it necessary to inform or fill any form? Please guide me. I am here since last two months.

Thank you.

Regards

can anyone quote the section which deals with time limit for issue of share after receiving money towards share capital.

can we take credit for service taxes payment made on services bills (govt bills) etc. while calculating monthly service tax payment in the case of a Pvt Ltd., Compnay.

the company has not claimed so far any credit from april 08 onwards and made all payment on account of service tax due till date. is it possible to claim that in next month. (Oct service tax return already file with out credit)

please advise.

thanks