Nikhil Kaushik's Expert Profile

Queries Replied : 24294

I handle tax compliance, litigation and advisory services. I am reachable at canikhilkaushik @ gmail.com

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CA Kiran Saha says : Sec 271B applicability
Hi...! One of my client is board of trustees of Employees contributory Fund - Govt undertaking - non profit organisation. they do not get their accounts audited u/s 44AB ( receipts exceed threshold limit)for the FY 2012-13. Whether penalty will be applicable u/s 271 B

HITENDRA SINGH RANAWAT says : Regarding Rule 6D of Income Tax India
Respected sir my one client a automobile dealer and he purchased trading goods from various dealer and various station but when his purchased bill amount are more then 20000/-can he pay this tading goods amount in cash. sir he face many problem due to more dealer are not accept cheque of his firm they want only cash against this bill. so kindly guide to me can i sugges him to pay cash for trading goods more then 20000/- in against of trading goods puchase bill. please help me

Akshay says : REGARDING TRUST
HI. HAVE READ YOURE REPLIES TO PRIVATE TRUST. I JUST WNAT TO KNOW THAT , IF PRIVATE TRUST RUNS REHABILIATION CENTER , AND ITS RECEIPTS EXCEEDS 25 LACS IN FY 13-14. IS THAT REQUIRED TO BE AUDITED?

SACHIN says : Merger of two partnership firms
I am having two partnership firms wherein all the partners are common and their profit sharing ratio is also same. I want to merge both the firm into one or that i want one firm to take over all the assets and liabilities of another firm so that the another firm may be closed down. My query is whether any tax effect will arise in such a case? If yes, what should be best model for such an arrangement so that tax liability is reduced to minimum. If possible, kindly guide me about stamp duty implications also.

SACHIN says :
I am having two partnership firms wherein all the partners are common and their profit sharing ratio is also same. I want to merge both the firm into one or that i want one firm to take over all the assets and liabilities of another firm so that the another firm may be closed down. My query is whether any tax effect will arise in such a case? If yes, what should be best model for such an arrangement so that tax liability is reduced to minimum. If possible, kindly guide me about stamp duty implications also.