If we pay Rs. 1 Lac for insurance of car, and we book Rs. 50K as expenses pertaining to current financial year & balance amount of Rs.50K we book as prepaid.

In above case, what will be FBT liability i.e. on Rs. 1 Lac or Rs. 50K, which we have booked as expense.

1) If we pay FBT on 30th Aug insteads of 15July, what will be calculations for interest.

2) If we pay FBT on time but pay in part, like payable is Rs.50,000 but we pay only Rs. 40,000/-), in this case interest will be calculated on what basis for balance payment of whole payment ?

Dear Sir,


government of india has just issued a notification regarding service tax refund to exporters..


can any one tell me much about this..


plz let me also know what are the services on which the exporters can claim service tax refund...




can any one tell me the procedure and the form for service tax return.

We have to give the directors salary amounting to Rs. 1 lakh pm of one of the dirctor of the private co.as DIRCTOR SALARY . Is there any prohibition or procedural to be followed. The article of association is silient on the director salary as such. Table A is also silent.
Kindly reply.

Dear All,

As we understand to incorporate Public Company minimum number of 7 member(s) are required.I wanted to know whether Is it legally possible that 1 shareholder serves as trustee for the other 6 shareholders in the Public Company.

Regards,
RK

Can a person holding preference share/s be appointed as the statutory auditor of the company? Please provide reasons for your answer

According to Section 226(3)(e) a person who holds any security of the company cannot be appointed as the auditor where security has been defined as an instrument carrying voting rights. Now my question is

Whether a person holding preference share/s in a company can be appointed as the statutory auditor of the Company?

In my view a person holding preference share/s shall not be appointed as the statutory auditor since preference shares also carries voting rights in the matters affecting them. Moreover, if preference dividend is in arrears for a continuous period of two years in respect of cumulative preference shares, the holder will get a right to vote in the meetings in respect of all matters.

Is it compulsory for a partnership firm (The firm is subject to tax audit)to file its return electronically ? Or whether return filed manually would be accepted ?

A Company is in the business of letting of property for commercial use.A relative of one of the Director intends to start a trading business at one of the properties owned by the Company and pay rent as a percentage of turnover.Can the Company avoid service tax libility by accepting rent as a percentage of turnover ? What about the TDS implications ?

Present UPA government fails to bring any major reform which can further accelerate the growth rate of Indian Economy . So can our Present high growth rate be sustainable in long term ?Can we dream to achieve double digit growth rate Like china?