Nikhil Kaushik's Expert Profile

Queries Replied : 24291

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

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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.

Saurabh Lalwani says : PARTNERSHIP RATIO DETERMINATION
There are 2 partners A & B who introduce assets (vehicles) worth Rs. 1 crore and Rs. 2 crore respectively.they have fixed installment system by which the firm will pay them for their vehicles plus get Interest on capital. Lets say after 4 years the repayment schedule is met and the partners are paid off in full with interest for their capital. In such a case Profit sharing should be 2:1 or 1:1 ?

kfgfgdfgffdfd says : 43b
we pass vat,service tax etc through payable accounts.it is not reflected in p& l.Is it right or wrong. how to pass the tax entries through p and l.