Will the amount paid other than rent to the society under a seperate maintenance agreement qualify for HRA deduction as rent paid under section 10 of the Income TAx Act, 1961.

we moved on to our new office very recently. all the furniture and fixtures were got new and we opted for a lease for the payment of these. Thru the Lease arrangement we are required to pay a monthly lease rental to the funder.Will it be ok for us to treat such a lease as an operating lease in the books.We dont intend to possess the assets after the expiry of the lease term...Please advice..

I m a CS, I have also appeared for my PE-2
2nd group this november(i cleared my 1st group in may.07) my CA FINAL will be due after 2 and 1/2 yrs. by the time i want to pursue a course not a long term course but of a duration of 2 yrs or less. so please suggest me a course as in future i want to work as a CA.

please suggest

Sir,

Am doing Final CA,attempt pending on Nov 2008.Have started reading but it is in initial stage.My query is that
I was doing BBM in Bangalore 2003-06 batch however I completed My PE-1 & PE-2 while i was doing BBM,Immediately after PE-2 I Joined articles so missed finay Year BBM,as an effect am not been able to get my Degree,I have a definite plan to do either MBA in abroad or in premier Indian institutes or CPA after completing CA,so I request you to kindly guide me whether Degree is so very important for CPA or MBA,even after clearing CA

Regards
Ganapathy MR

Sir,

Am doing Final CA,attempt pending on Nov 2008.Have started reading but it is in initial stage.My query is that
I was doing BBM in Bangalore 2003-06 batch however I completed My PE-1 & PE-2 while i was doing BBM,Immediately after PE-2 I Joined articles so missed finay Year BBM,as an effect am not been able to get my Degree,I have a definite plan to do either MBA in abroad or in premier Indian institutes or CPA after completing CA,so I request you to kindly guide me whether Degree is so very important for CPA or MBA,even after passing CA

Regards
Ganapathy MR

I am a chartered accountant and currently working in an MNC.

I applied for full time COP immediately after completing CA final.

But i was not able to cope up with high corruption in my place.

So i quit practicing and joined an mnc.

One of my friend informed me that COP need not be surrendered.

Is it so?

A practicing CA is required to comply with certain requirements such as minimum of 20 hours training.

Am i required to comply with such training?

What are the options available for me?

Hi,

One of my friend stays and has settled down in USA. He has a property in New Delhi and he wants to dispose it off and after paying the required taxes wants to take/have that money in USA.

Can you pls advise on the requirements to be followed as per the IT Act to legally do the above transaction.

Thanks
Hari

Situation is as follows:

If someone has earned Rs. 100000/- from STCG i.e from physical delievry of shares system and in the same case someone has a loss of Rs. 75000/- from inter day speculation or u may say jobbing in share market.Will the loss from speculation be set-off with the income from physical delivery???

What is the tax rate for LTCG in shares???Is it free from tax???
Plz solve these querries...

Sir,

I am working in muscat, and i am preparing on my own for the final exams which is scheduled in may 08. i am preparing for both the groups.

can anyone suggest me how to go about covering the entire syllabus for both groups and come out in both groups successfully in may 08

I will get leave only at the end of april 08.

Pls help me to complete the exams successfully.

thanks & regards

Balaji

i have to file income tax return of an educational institution for assessment year 2007-08. The gross receipts of fees & other receipts of the institute amounts to Rs.35 Lacs and the excess of income over expenditure comes to Rs.1.72 Lacs. The institute is not registered u/s 12AA , nor the institution has applied for registration u/s 12AA till date.Please enlighten whether the income of the institution is taxable or whether it be exempt u/s 10(23)(c) of the Income Tax Act , 1961.If the income is taxable then, what shall be it tax liability.