CA. Anuj Gupta's Expert Profile

Queries Replied : 1319

About me

I am a CA with more than 16 years post qualification experience in International Taxation , NRI Taxation , FEMA ,FCRA , FDI/FIPB Approvals and Transfer Pricing. I am also a qualified Company Secretary and DISA from ICAI, who has also sucessfully completed the Certificate Course on International Taxation conducted by ICAI. I was the Member of the Committee of International Taxation, ICAI for the year 2010-11. I was the Member of the FEMA & International Taxation Research Study Group of NIRC of ICAI for the last 3 years. I am currently Covenor of Study Circle on FEMA & International taxation of Delhi Chapter of The Chamber of Tax Consultants, Mumbai and Member of Infotech & 4i Committee of Bombay Chartered Accountants Society, Mumbai.

femaquery @ gmail.com 0-9810106211

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Preethi V shenoy says : Help required export receivables not realised
Export receivables not realised and repatriated to india within the specific period or extended period whether there is penalty under FEMA , any compliances to RBI if the exports are to overseas subsidiaries and money is not realised is there any violation of FEMA

kfgfgdfgffdfd says : query
when goods are purchasedraw material-10 rs vat-2 rs other expenses-5 rs journal entries r m a/c dr 15 vat receivbl a/c dr -2 party a/c cr-17 when sales are made sales-rs 10 vat-rs 3 party dr-rs 13 vat payabl a/c cr- rs 3 sales a/c cr- rs 10 when input vat is adjusted against output vat vat payabl a/c dr-rs 2 vat recevbl a/c cr-rs 2 when excess output vat is paid vat payabl a/c dr-rs 1 bank a/c cr-rs 1 are the following journal entries correct. if,yes do these entries violate section 43 b of it act please clear my dobt Aspiring C.A

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pramod says :
DEAR SIR, I HAVE A INTERESTING CASE HERE, 1. I AM TRYING TO GET LOAN AGAINST PROPERTY, 2. THEY ARE GIVING ME LOAN TOP OFF , AS THEY HAVE ALREADY GIVING HOME LOAN AGAINST THE SAME PROPERTY AND HOME LOAN IS GOING ON, EARLIER. 3. I WISH TO INVEST THIS LOAN AMOUNT SAY 10 LACS TO MY COMPANY, THEY CAN GIVE US CHEQUE IN THE NAME OF COMPANY AS BEING PROPRIETY FIRM, I WISH TO ENQUIRE, CAN I CLAIM ANNUAL INTEREST OF LOAN AS COMPANY EXPENSES WHEN, I WILL USE THIS MONEY FOR COMPANY EXPENSES AND BANK CAN ALSO DEDUCT THEIR PRINCIPALS A S PER THERE CALCULATION, AS IT WILL HAVE A FIXED TENURE TERM LOAN. 4. SECOND CASE – IF I FURTHER PURCHASE AN INDUSTRIAL PLOT WITH THIS MONEY, IN SUCH CASE, CAN I CLAIM ANNUAL INTEREST AS COMPANY EXPENSES WHEN, I WILL USE THIS MONEY FOR COMPANY EXPENSES. 5. THIRD, SINCE HOME LOAN IS ALSO GOING ON, IN SUCH CASE, I WAS TOLD BY MY CA THAT EITHER YOU CAN CLAIM INTEREST EXEMPTION OF HOME LOAN OR YOU CAN GET INTEREST EXPENSES IN COMPANY EXPENSES, CAN I CLAIM BOTH, INTEREST EXEMPTION AGAINST HOME LOAN UNDER IT RULE OF HOME FINANCE AND FURTHER AMOUNT OF LOAN INTEREST THAT IS ISSUED TO ME IN COMPANY NAME, I CAN SHOW ITS INTEREST EXPENSES AS COMPANY EXPENSES, PLEASE ADVISE. PRAMOD