Dear All,

My query is regarding a partnership firm engaged in MANUFACTURING ACTIVITY having two partners.
The Facts are as under:

Now one of the partner "B" wants to discontinue this partnership. Hence the other partner "A" has agreed to this and wants to continue this business under the same name and wants to admit two new partners and retire partner "B" by paying a lump sum amount for his capital and goodwill.

My query is :

1) From Accounting Point of view:
What shall be the accounting effects of the above? How will the lump sum payment to partner " b" booked in the accounts books and how will the new capital introduced by the new partners shown in the books?

2) From Law point of view:

What happens to the existing :
a) Excise Registration?
b) Vat Registration?
c) Sales Tax Regstration?
d) Pan of the firm?
e) Import Export Licence?

Is new registration required for the above or what have to be done to intimate the respective authorities to intimate the change in constitution of the firm?

Please can anyne help me on above ASAP?

Thanks in advance.....

Alpa Doshi.

i have a client who bought a one open plot 2 yrs ago. After that he constructed a godown on that plot and gave it on rent. now issuse is that whether its a INCOME FROM HOUSE PROPERTY or INCOME FROM BUSI. & PROF.? he has other business also.

Respected all,
Is MBA from symbisys university of pune by distance learnig is good.
Please suggest me .I am planning to do it.
Will it has any oopurtunities in mncs in india or abroad?
Please sirs (ca professionals ) suggest me.
THANX.

I recieved my salary for the period feb-07 to Apr-07 in may -07 as areear now my company is treating as income from salry for the current financial year they deducting tax on that amount, is there any option to get exemption from that tax laibilities, please suggest

Anuj

An assesse have a son, who is suffered with Cancer and he incurred a sum of Rs.1,50,000 for treatment purpose and receives a donation of Rs.50,000 from doners,not reletives,
What is the treatment for this Rs.50000 and Rs.100000?
Please clarify

Can anyone guide me on the following?

A company has acquired leasehold land for a substantial value compared to its turnover ( nearly 10%.) The same is shown in Sundry Creditors.
I want to know about the possible voilations in presentation of financial statements and computation of Working capital Gap? To me this appears as utilisation of short term funds for long term investment. Please clarify.
At present, I am not able to know the source of finance for this acquisition.
Thanks in advance.

hi
i m candidate of pe II. my. reg. is expired on nov 2007. but i want to appear in may 2008 exam.

Can a practicing chartered accountant become a certified distributor for mutul funds. Whether code of conduct of ICAI allows it or not OR whether any permission should be obtained from ICAI for becoming a mutul fund distributor.

HI,

I am PE 2 Student , My Eligibility Status for the PE 2 Exams has got expired by Novemeber'2007.

Kindly give me any alternate solution for attempting May'2008 PE 2 Examination and have to attempt both the Groups.

Kindly do the Needful

with regards

G SIVA PRASAD

Kindly Contact Me via Email : siva_11inin@yahoo.co.in

Mobile : +91-9790934699 (Chennai)

Dear Sir,
Medical payment to approved hospital(for specified dieses) is exempt from tax. And for other medical reimbursement is taxable if it exceeds Rs. 15000/- in the hand of employees. As per CBDT circular it seems that when medical reimbursement to emploees exceeds Rs 15000/- than no FBT to Employer and if it is within 15000/- then only FBT is payable that means if Reimbursement is Rs 15100/- then no FBT on employer and for employee only Rs 100/- is taxable. Wheather my interpretation is Right or not. Please clarify.
Regards
CA. Sandeep Aggarwal