a pvt co has an accumulated profits of Rs.70 lakhs in its p&l a/c on 31-3-08. the company has earned a profit of 10 lakhs for the half year ending sept 08. now the company is going to declare an interim dividend of 50lakhs claiming that Companies (Declaration of Dividend out of Reserves) Rules 1975 is not applicable to it as they are paying from accumulated profits not from reserves. (as the provision is "In the event of inadequacy or absence of profits in any year, dividend may be declared by a company for that year out of the accumulated profits earned by it in previous years and transferred by it to the reserves, subject to the conditions that....)

again is the Companies (Transfer of profits to reserves) rules 1975 is applicable to the above transaction? The company is claiming that the above Rule is only applicable if it pays dividend from the current profits only.So it is not applicable to them.

if it is applicable to them what will be the amount transfered to reserve; is it merely 10% of current profit(10 lakhs) assuming dividend exceeds 20% of paidup capital.

Hello Experts,

After being in the Industry for 4 years, I have taken a decision about 6 months back to move to Practice and Consulting. I would like you all to advise me on the books which are good for reference as far as Company's Law and Taxation is concerned.

Look forward to your replies.

Regards,
CA Nanda Kishore

Dear All,

we will pay for bull dozer hire charges and the contractor made two bill one is for hire charges on time basis and one is for fuel and lubricants.

please suggest me at what rate of tds will be deducted and in which section

thanks
jitendra goswami

please, can you post me the format of authorisation to appear before the income tax authorities, under section 288 of the income tax act ? what is the value of stamp paper on which the authorisation should be ?

MY CLIENT HAS RECEIVED A GRANT AGAINST INSTALLATION OF NEW MACHINERY.WHEATHER IT IS TREATED AS REVENUE RECEIPTS?
I HAVE HEARD THAT AS PER RECENT S.COURT DECISION WBIDC GRANT WILL BE TREATED AS REVENUE RECEIPTS AND IT WILL NOT BE CAPITALISED. IF YES PLEASE GIVE ME THE ACTUAL DECISION GIVEN BY S.COURT.

I am persuing CFA from ICFAI, Tripura. I always have difficulty in clearing this paper of Quantitative Methods. I have cleared the same subject in my MBA Course also but with great difficulty. I have an MBA (Finance) Degree but still I am finding it hard to crack this subject. Can anyone suggest me what is the best study approach to clear this subject?

In order to get deduction u/s 80DDB , is it necessary that the treatment must be in Govt. hospital?

Sir,
I want to know if there is any provision by which accounting period as per Companies act and as per Income tax Act can differ, if yes then please suggest under which section of companies Act.

WE HAVE RENTED OUT FLATS OWNED BY OUR COMPANY TO ANOTHER COMPANY. THE ELECTRICITY CHARGES ARE TO BE PAID BY THE TENANTS. THE BILLING FOR ELECTRICITY IS RAISED BY THE APARTMENT OWNER'S ASSOCIATION. OUR TENANANTS HAVE RAISED A QUERY WHETHER TDS IS TO BE DEDUCTED FROM THIS BILL? THE BILLER CONTENDS OTHERWISE. I WOULD BE GRATEFUL FOR YOUR EXPERT OPINION ON THIS MATTER

i have cleared ca in may 08 what is the time line to do gmcs & what is its duration.

i am already working with genpact can i get exemption

urgent