Hi all!

We are a ERP software development company started a year ago.We have now developed our base model.In this connection I would like to know as to how i should arrive at the product cost and how i should amortise the same over future years or whether i can expense the entire cost incurred for developing the ERP product as expenditure and write it off to the profit and loss account.

Kindly help me out with relevant provisions as per Co's Act and IT Act.

Hi all!

We are a ERP software development company started a year ago.We have now developed our base model.In this connection I would like to know as to how i should arrive at the product cost and how i should amortise the same over future years or whether i can expense the entire cost incurred for developing the ERP product as expenditure and write it off to the profit and loss account.

Kindly help me out with relevant provisions as per Co's Act and IT Act.

What is the minimun period to attend CPT exam after registration and any cutoff date for registration

Sir,
Please guide on the following case.

Facts of the case
1. X is a Govt. Company formed for developing land , its income being subsidy received from Govt. for administrative and other purposes.
2. During the period from 1975 to 1986 it took loan from Bank for giving loan to cultivators etc..
3. Up to 91-92 the Company raised Rs.705 lacs as share capital. The Company could not repay the loan from Bank since the cultivators defaulted in repayment. The loan and accumulated interest came up to Rs.4700 lacs. Amount incurred for work was Rs.1300 lacs and loan given to cultivators together with interest came up to Rs.1300 lacs.The loss accumulated up to Rs.3200 lacs.
4. During the year 2000 the Government took over the loan payable to Bank and the amount was converted into Capital reserve .The loan given to cultivators and the amount shown under work was also written off.

The query
Now the Company is proposing to adjust the accumulated loss against the Capital reserve.
Kindly clarify whether the Company is justified in doing so.
Also what are its implications in Income tax ?

Sir, The required information are furnished below.
1. The amount was given by the Govt. as Grant-in-aid.There was no other condition specified.
2. The decision to convert the grant in aid to capital reserve was taken by the Company and conveyed to Govt.
3. The Income tax assessment has not yet been completed.
Please advice.

can some1 pls clarify me on the procedures and grounds for transfer?

my principal requrires me to give 3 months notice. he says the rules have been amended by institue as follows:

1.grounds of transfer : medical reasons certified by institute.

transfer of residence cannot be a reason.

2. no trasfer til 9months of joining or 1yr before exam.

pls advice me. has such an amendment been passed?

if the opening balance of the asseset(jewellery) is the closing balance for two years will there be any appreciation on the value of the jewellery while calculating the wealth tax

Hi to all my CA. friends

I want to confirm that an assessee who is running the business of playing and hiring of 7 trucks and earn more than rs. 3 crore in a year and on that amt. tds deducted by the service receivers. Is it possible not to take tax audit u/s 44AB of IT act, 1961 as receipt are more than rs. 3 crores

sir please suggest me why don't we impose ST on Tradeing.It is also one kind of service which provide by supplier to consumer or whoever it is.
please explane me what is difference between tradeing and service

what is the definition of contractor as per tds law.

we have imported raw material and under ex bond we have sold to a party.. is local tax applicable on sales and wat is the accounting treatment?