Aditya Maheshwari's Expert Profile

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I am a Chartered Accountant in practice in Mumbai in the field of Direct Taxation, Audit, Company Law Matters and LLPs.

My motto in life is "Prepare for the worst and expect the best"

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CA Aditya Maheshwari

B. Com., A. C. A., DISA (ICAI)

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Satheesh Nair says : MAT
We are Pvt Ltd company having Automotive gasket manufacturing units in Chennai and Uttaranchal. Uttaranchal is coming under section 80IC and MAT is applicable. We have a common Balance sheet for Chennai and Uttaranchal. Is it possible to calculate MAT and compare with the Income tax paid already paid on the common balance sheet figures, and if the MAT figure is less than the Income tax payable then we need not pay MAT ?? If the MAT figure is more than the Income tax paid figure in the common balance sheet figure, then is it correct to arrive at the MAT payable by deducting from the Income tax already paid which was tabulated including the Chennai account ? Or should we have seperate balance sheet for Chennai and Uttaranchal and income tax payable as per Chennai account to be paid and MAT figure as per Uttaranchal account need to be paid ? Then after 5 years of 100% exemption we need to avail MAT credit when Uttaranchal need to pay Income tax on the 70% profit from the 6th year onwards ? I would appreciate to have detailed reply at the earliest to my query with relevant IT act and rules / section. Auditors are having different opinions and hence we are not guided properly. So your urgent advise is very much appreciated. Some experts advise to convert our Uttaranchal unit as LLP ( limited liability Partnership) to avoid MAT !! We started commercial operations from 01-04-2008. If we register now for LLP can we get retrospective benefit ? In this case should we pay MAT for 2008-09, 2009-10 and 2010 - 11 till date ? If we need to pay MAT for the above period with interest then whether we get any relief if we convert our unit of Uttaranchal to LLP ? our initial 5 year tax exemption period is up to 31-03-2013. Please advise your valuable opinion on this LLP suggession at this stage ?

Chandan Gandhi says : TDS return format
Kindly send me a TDS Return format

sowmya.s says : FBT
Hello Sir, I saw in net that FBT is abolished wef 01042009. So how it effect to the employer?

Narinder Singh says : Cash Gift - Tax Exemption
Dear Mr Aditya, My sister is a British citizen. She desires to gift Rs. 3 Lacs to my daughter in GBP. Kindly advise if this cash gift will be exempt from Income Tax. If yes, what documentation should we comply with? Narinder Singh Cell: +9769 0405 69 benincotton@yahoo.com

umeshayare says : Input Credit Adjustment
Dear Sir, Plz solve this problem Vat on Capital goods & Input Credit Adjustment on capital Goods. 1.Purchsed Machinery worth Rs-50000 from ICON Machinery on 1.12.2007 with 4% Vat. 2.Pass the Input credit adjustment entry on Machinery Purchsed, For the first Installment of 36 Installment, On 01.01.2008. 3.Pass the Vat Adjustment Entry by using the VAT Class on 01-1-2008 (Vat Payble-2754.44). 4.Pay the Vat amount on 01-1-2008 through SBI Cheque.