ONE PERSON BORROWED A SUM OF RS.300000 ON 1/6/1998 ON INTEREST @ 12% P.A. TO CONSTRUCT HOUSE PROPERTY. AS THE HOUSE PROPERTY WAS STILL UNDER CONSTRUCTION, HE BORROWED ANOTHER SUM OF RS. 200000 ON 1/4/1999.@ 12% P.A. THE PROPERTY WAS COMPLETED ON 31/8/2002 AND "IF" IT WAS SELF-OCCUPIED W.E.F. 1/9/2002. THE FAIR RENT OF THE HOUSE IS 10000 P.M.

Q.1 ] WHAT WILL BE THE INCOME UNDER THE HEAD INCOME FROM HOUSE PROPERTY FOR THE A.Y. 2008-09.

Q.2 ] WHAT WOULD BE INCOME IF THE AMOUNT BORROWED ON 1/4/1999 WERE RS. 1200000 INSTEAD OF RS. 200000.

Q.3 ] HOW MUCH INTEREST CAN BE DEDUCTED FROM "NAT ANNUAL VALUE" (WITH KEEP IN MIND THAT UPTO 1/4/1999 ANY PERSON CAN GET DEDUCTION OF INTEREST UPTO 30000
IN CASE OF SELF OCCUPIED PROPERTY).

THIS PROPERTY IS ONLY LET OUT [LOP].

Procedures in VAT Audit in Karnataka

Pls do the needful

one of my frn is CA,has a office in chd,due to heavy load of work, he opens another office jst 70 km from chd. for running the new office he appointed 3 retired ITO's for his office... my question is that is he guilty of professional misconduct???

earlier response will be highly appreciated...

Rajan Kapoor

What is Share warrants ? Explain in simple manner.

Respected Sir,
during the audit I observed that company written off excess balances recived from customer.as an auditor should I ask for some approval from management?

thanx regards

Ghanshyam

we invested in weekly dividend income plan mutual fund on 01-04-07 and redemed the amount on 30-06-2007. we earn dividend income during the period april to june. Whether the dividend received is exempt or not. please confirm.

Where I will get a comprehensive & exhaustive checklist for Internal audit of Car Hiring & Ticketing company. The company main business is to provide car on hire for hotels & their guests.It also handles tourist activities & acts as tourist agents & contractors to facilitate travelling

dear all,
i want to know what items are extraordinary items as per indian accounting standards,international financial reporting standards(IFRS)&AS PER U.S GAAP.
LIKE:-Issuing ESOPS to employees,Amalgmation&demerger,Transfer of one Businees unit to other Company.
Are these items are extraordinary items or not , if not tell me some examples

Ours is a software company from Bangalore. We intend to purchase few furniture and ACs from the existing software company. Whether the seller has to collect VAT on re-sale? if so what are the rates?

We are registered under VAT & CST Act. The selling company is not registered under VAT at karnataka, but billing will be done from Gurgoan, but materialise the transfer of goods within Karnataka.

Regards
Suresh

abc is propreitor firm. pl adv -
1) in wat way he can reduce tax liability if his income is say 20-25 lac?
2) is gift gvn to his parents, taxable ?
3) loan gvn to o/sider is taxable ?
4) this proprietor has taken loan for his house, wl repayment of that loan treated as expense??
5) if this proprietor pays rs. 6 lac to some person, under wat head it can be shown as an expense and how much minimum tax has to be deducted?

pl adv.

rgds
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