Ours is a Housing Co-Operatives with 145 members. One Member has donated Rs.2.3 Lakh to Buy one Ambulance (Maruti Van). Our Income & Exp. A/c is credited with Interest received against Fixed Deposit i.e., Rs.20,000 per annum. In addition to other expenses if depreciation @ 5% is charged to P & L A/c. a Net Loss figure appears. We have debited the Asset A/c. and credited the Donations A/c. with the cost of Van. Is there any way to credit any Reserve/Liab.Account instead of Donation and adjust the depreciation directly to that Reserve/Liab.a/c and crediting the asset account. This may help us to avoid debiting the P&L Account. What we shall do ? Please suggest. basabroy817@gmail.com

Can you please tell me that whether repayment of principal or interest or both are exempted from income tax from year 2008-09?
Is there any limit on each of the individual component(principal/interest) or any combined limit for exemption?

Can any one tell me, what is procedure of getting certificate of low vision for the purpose of 80 D. I have read it is to be certified by Medical Board. But i dont know where is the Medical Board at Delhi and how to approach it?

Under which head the profit from commodity transaction will be taxable.Whether it will be taxable under capital gain or as a business income.

Is FBT applicable AY-2008.09 for Promting sale of Cold Drink,if company giving free of cost Fridge+chest cooler,Cycle,TV.Motor Cycle,Sign Board,Templte ect.

Professional Tax applicablity & Slab for deduction?

dear sirs,

plz clarify the doubt..

director's relative is to be appointed as an employee of the company (Pvt. Ltd. Co. which is Not a subsidiary of a Pub. Ltd.co.) at a salary of Rs. 35,000 p.m.

what are the compliances under companies act...??

since its not 50,000 p.m. or more, no Central govt. approval is required....but since the salary is MORE THAN Rs. 20,000 p.m.....whether a special resolution is required or not...??

regards..

rathindra..

i have recently cleared my ca pe-ii exam in nov. 2007 and i have also joined my articleship. my b com (h) iiird year exam is just coming. now i am thinking to do ma in economics from delhi university through correspondence. can i do it. are there any procedure to seek permisssion from institute. if yes are there any good combination between ca and ma in economics plz tell me.

Sir do update my knowledge with the formalities of a foreign director to be a director in Indian Company

Whether expenses paid on behalf of contractors be considered as payment to contractor?
whether such payments be considered for TDS on payment basis/
kindly guide with relevant provisions.