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CA CS PRASHANT's Expert Profile

Queries Replied : 122

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About me

Am an Expert in CA CLUB INDIA and working as Manager Finance in Schneider Electric(APC,Luminous,AREVA,MEHER Group,Clipsal)A France MNC .Am a qualified Chartered Accountant (Nov 2011)and Company Secretary(June 2010).

Providing CA CS CWA coaching in Marathahalli,Banglore with BIZSMART SOLUTIONS.



 

    What kinds of questions I can and can't answer?
    All direct tax and indirect tax,Company law and audit

    My area of expertise
    Income Tax,audit, Company Law, Custom and Excise

    My experience in the area (years):
    5 year

    Organizations I belong to:
    Drive India Enterprise Solutions Ltd(A TATA Enterprise)

    Publications or writing which has appeared :
    CA journals,Business magazines

    Educational credentials:
    Company Secretary and Chartered Accountant

    Award & Honors:
    No

  • S khan says : articleship
    hi sir i m working in a firm and completed 8 months but i want to change the firm with in the city CAN I...? ????? if i can what is procdure.....?

  • TIRUMALA says : CS Executive
    Dear Sir, I got Paper I and Paper II in module - I. Now I would like to appear Tax Law paper and Module-II 3papers in June 2011. Plz suggest me how can I prepare. How much time to be study every day. What material should I follow. But one thing sir! I should get pass in june 2012. please mail me at tirumalay@ymail.com 9490252373 Hyderabad.

  • KALEEM ABDULLAH says : CAN LLP ADVERTISE FOR FUND RAISING?
    DEAR SIR, PLEASE READ THIS REAL ESTATE INVESTMENT SCHEME AND TELL ME WHETHER I CAN ADVERTISE FOR THIS SCHEME IN LOCAL NEWS PAPERS OR NOT? AN INVESTMENT PROCESS: MINIMUM INVESTMENT AMOUNT REQUIRED FOR BECOMING A PARTNER OF ABDULLAH REALTY: 1,00,000/- (ONE LAKH) MINIMUM TIME FRAME: INVESTMENT FOR 3 YEARS. MAXIMUM TIME LIMIT: INVESTMENT FOR 21 YEARS. HOW IT WORKS? ABDULLAH REALTY WILL INVEST THE MONEY IN REAL ESTATE DEVELOPMENTS AND OTHER REAL ESTATE BUSINESS ACTIVITIES, LIKE BUYING AND SELLING OF REAL ESTATE PROPERTIES, CONSTRUCTING RESIDENTIAL AND COMMERCIAL PROJECTS ETC. ALL THE PROFITS OR LOSSES WILL BE ALLOCATED OR DISTRIBUTED AMONG THE PARTNERS AND DESIGNATED PARTNERS ACCORDING TO THE PROPORTION OF THEIR CAPITAL CONTRIBUTIONS TOWARDS ABDULLAH REALTY AS WELL AS THE DURATION OR MATURITY OF THE INVESTMENTS. PROFIT ALLOCATION OR DISTRIBUTION PROCESS: PROFIT ALLOCATION OR DISTRIBUTION WILL START FROM THE FIFTH MONTH OF THE DATE A PERSON BECOMES A PARTNER OF ABDULLAH REALTY. EXAMPLE: IF A PERSON BECOMES A PARTNER ON 1ST JANUARY 2012, HE WILL START RECEIVING HIS SHARE OF PROFIT FROM 1ST OF MAY 2012. BUT IF A PERSON BECOMES A PARTNER AFTER 10TH OF ANY MONTH, THE REMAINING DAYS OF THE RUNNING MONTH WILL NOT ¬¬¬BE COUNTED AS AN INVESTMENT PERIOD, A PARTNERSHIP WILL TAKE EFFECT FROM THE FIRST DATE OF THE NEXT MONTH. PROFIT ALLOCATION DATES: PROFIT ALLOCATION OR DISTRIBUTION DATES WILL BE INBETWEEN 1ST TO 10TH OF EVERY MONTH. PROFIT ALLOCATION MODE: BY DEMAND DRAFT, CHEQUE, N.E.F.T., R.T.G.S., OR IN CASH. PROFIT ALLOCATION AMOUNT: 1) MONTHLY PROFIT ALLOCATION: MONTHLY ALLOCATION OF PROFIT WILL BE A SMALLER PART OF THE PROFIT OR TOTAL EARNINGS GENERATED BY THE ABDULLAH REALTY ON AN INVESTMENT. EVERY MONTH THE ABDULLAH REALTY AUTHORITY OR DESIGNATED PARTNERS WILL DECIDE THE AMOUNT OF THE PROFIT TO BE ALLOCATED. IT MEANS THAT THE AMOUNT OF MONTHLY PROFITS MAY VARY FROM TIME TO TIME. EXAMPLE: IF A PERSON INVESTS 10 LAC, HE MAY GET RS.8, 10, 12 OR 15 THOUSAND PER MONTH AS A PART OF THE PROFIT. AN AMOUNT OF THE PROFIT TO BE ALLOCATED WILL BE DECIDED BY THE MAIN AUTHORITY OR DESIGNATED PARTNERS CONSIDERING THE BUSINESS GROWTH RATIO AND OTHER ASPECTS OF THE MARKET AND PERFORMANCE OF ABDULLAH REALTY AS WELL. 2) BONUS OR ADDITIONAL PROFIT ALLOCATON: BONUS OR ADDITIONAL PROFIT WILL BE ALLOCATED AFTER THE FINAL SETTLEMENT OF PROFIT OR LOSSES BETWEEN DESIGNATED PARTNERS AND OTHER GENERAL PARTNERS ON COMPLETION OF THE TERM OF INVESTMENT OR AT THE TIME OF MATURITY. THE MONTHLY ALLOCATED PROFITS GIVEN IN THE PAST WILL BE DEDUCTED FROM THE TOTAL PROFIT SHARE OF THE PARTNERS, AND THE REMAINING AMOUNT OF PROFITS ALONG WITH THE ACTUAL INVESTED MONEY WILL BE PAID TO HIM ON COMPLETION OF THE TERM OF INVESTMENT. ENTIRE AMOUNT WILL BE PAID WITHIN FIFTEEN DAYS FROM THE DATE OF MATURITY OR ON COMPLETION OF THE INVESTMENT AGREEMENT. SECURITY OF THE NEW INCOMING PARTNERS OR INVESTORS: 1) LIMITED LIABILITY: THE LIABILITY OF THE NEW INCOMING PARTNER IS LIMITED TO THE EXTENT OF HIS CONTRIBUTION TOWARDS LLP. 2) ACCOUNT PAYEE CHEQUE FROM ABDULLAH REALTY: A PARTNER WILL BE ISSUED AN ACCOUNT PAYEE POST DATED CHEQUE BY ABDULLAH REALTY FOR THE ACTUAL VALUE OF THE INVESTMENT. THE DATE OF THE CHEQUE WILL DESCRIBE THE PERIOD OR A TERM OF AN INVESTMENT. 1-DESIGNATED PARTNER: KALEEM AKHTER MOHAMMAD YUSUF AND FAHEEM AKHTAR MOHAMMAD YUSUF, THE AUTHORISED REPRESENTATIVES WILL ACT AS THE DESIGNATED PARTNERS OF ABDULLAH REALTY, AS PER TERMS AND CONDITIONS OF THE LIMITED LIABILITY PARTNERSHIP ACT, 2008. ALL THE BUSINESS ACTIVITIES WILL BE CARRIED OUT BY BOTH THE DESIGNATED PARTNERS. DESIGNATED PARTNERS WILL BE RESPONSIBLE FOR MATTERS IN RESPECT OF COMPLIANCE OF PROVISIONS OF LLP ACT. AS PER SECTION 8(A), DESIGNATED PARTNERS WILL BE RESPONSIBLE FOR ALL COMPLIANCES AND FILING OF DOCUMENTS PURSUANT TO THE PROVISIONS OF THIS ACT AND AS SPECIFIED IN LLP AGREEMENT. ABDULLAH REALTY MAY DECIDE TO PAY REMUNERATION TO THE DESIGNATED PARTNERS AS MAY BE AGREED BY THE MAJORITY OF THE PARTNERS, FOR RENDERING THEIR SERVICES TO LLP.THE DESIGNATED PARTNERS SHALL BE RESPONSIBLE FOR THE DOING OF ALL ACTS ARISING OUT OF THIS AGREEMENT. THE DESIGNATED PARTNERS SHALL BE RESPONSIBLE FOR THE DOING OF ALL ACTS, MATTERS AND THINGS AS ARE REQUIRED TO BE DONE BY THE LIMITED LIABILITY PART¬NERSHIP IN RESPECT OF COMPLIANCE OF THE PROVISIONS OF THIS ACT INCLUDING FILING OF ANY DOCUMENT, RETURN, STATEMENT AND THE LIKE REPORT PURSUANT TO THE PROVISIONS OF LIMITED LIABILITY PARTNERSHIP ACT, 2008. 2-ADMISSION OF A NEW PARTNER: THE NEW PARTNER MAY NOT BE INTRODUCED WITHOUT THE CONSENT OF ALL THE EXISTING PARTNERS OR DESIGNATED PARTNERS ONLY. SUCH INCOMING PARTNER SHALL GIVE HIS CONSENT IN WRITING TO BECOME A PARTNER OF ABDULLAH REALTY. EVERY NEW INCOMING PARTNER WILL BE INCLUDED AS A SLEEPING PARTNER; HE WILL NOT BE ALLOWED TO OBSTRUCT THE OPERATIONS, DEALINGS OR OTHER CORE ACTIVITIES OF THE BUSINESS AS PER THE TERMS AND CONDITIONS OF ABDULLAH REALTY LLP. THE NEW INCOMING PARTNER IN FACT WILL HAVE NO AUTHORITY TO ACT ON BEHALF OF DESIGNATED PARTNERS OF ABDULLAH REALTY. IF A PERSON WANTS TO BECOME A PARTNER OF ABDULLAH REALTY AND DOES NOT HAVE MONEY IN A CASH FORM FOR AN INVESTMENT, AND HAS HIS OWN PROPERTY ANYWHERE IN INDIA, CAN BECOME A PARTNER OF ABDULLAH REALTY AT ITS OWN CONSENT. A SALE DEED WILL BE MADE BETWEEN ABDULLAH REALTY AND A WILLING PERSON OR OWNER OF THE PROPOSED PROPERTY FOR A SPECIFIC OR DEFINITE PERIOD AND THE AMOUNT AS WELL. 3-BUYOUT OR BUY-SELL PROVISION: ONCE A PERSON OR NEW INCOMING PARTNER ENTERS INTO AN AGREEMENT WITH ABDULLAH REALTY FOR A SPECIFIC OR DEFINITE PERIOD; HE/SHE CAN NOT WITHDRAW HIS/HER SHARE OF INVESTMENT OR MONEY TILL THE MATURITY OR TERM OF AN INVESTMENT IS COMPLETE. IN THE CASE OF ANY PHYSICAL DISABILITY OF THE PARTNER, THE AMOUNT OF PROFIT ALONG WITH THE ACTUAL INVESTED AMOUNT WILL BE HANDED OVER TO HIS/HER LEGAL HEIRS OR NOMINEES ON COMPLETION OF THE TERM OR PERIOD OF AN INVESTMENT. 4-PROFIT AND LOSS SHARING RATIO: THE CONTRIBUTION OF THE NEW INCOMING PARTNER MAY BE TANGIBLE, INTANGIBLE, MOVEABLE OR IMMOVEABLE PROPERTY AND THE INCOMING PARTNER SHALL BRING MINIMUM CONTRIBUTION OF 1,00,000/-. THE PROFIT SHARING RATIO OF THE INCOMING PARTNER WILL BE IN PROPORTION TO HIS CONTRIBUTION TOWARDS ABDULLAH REALTY. THE PROFIT OR LOSS SHARING RATIO BETWEEN NEW INCOMING PARTNER AND DESIGNATED PARTNERS WILL BE 50-50%. A NET PROFIT (CALCULATED ON THE INVESTED AMOUNT OF THE PARTNER) WILL BE DIVIDED AS 50% TO DESIGNATED PARTNERS AND 50% TO THE NEW INCOMING PARTNER OR OTHER THAN DESIGNATED PARTNER. EXAMPLE: IF THE NET PROFIT IS 100/-, IT WILL BE DIVIDED AS 25% TO FIRST DESIGNATED PARTNER; 25% TO THE SECOND DESIGNATED PARTNER AND REMAINING 50% TO THE NEW INCOMING PARTNER IN PROPORTION TO HIS CONTRIBUTION TOWARDS ABDULLAH REALTY . IT MEANS; THE PROFIT WILL BE CALCULATED ON THE AMOUNT OF INVESTMENT OR ON THE VALUE OF INVESTMENT OF A NEW INCOMIG PARTNER. INVESTMENT DIVERSIFICATION: ABDULLAH REALTY OR ITS DESIGNATED PARTNERS RESERVES THE RIGHT TO DIVERSIFY THE FLOW OF CAPITAL FROM ONE BUSINESS TO ANOTHER, IN INTEREST OF THE ABDULLAH REALTY, OR TO GENERATE SUBSTANTIAL PROFIT FOR ITS PARTNERS. 1. TERMINATION OF PARTNERSHIP: ABDULLAH REALTY OR ITS DESIGNATED PARTNERS RESERVES RIGHT TO TERMINATE; FINISH OR CANCEL THE PARTNERSHIP OF ANY OF ITS PARTNERS AT ANY TIME WITHOUT GIVING ANY PRIOR NOTICE TO HIM, OR IN CASE A PARTNER HAS BEEN FOUND TO BE GUILTY OF CARRYING ON ACTIVITY OR BUSINESS OF ABDULLAH REALTY WITH FRAUDULENT INTENTION. MISCELLANEOUS PROVISIONS: THE LIMITED LIABILITY PARTNERSHIP MAY INDEMNIFY EACH PARTNER IN RESPECT OF PAYMENTS MADE AND PERSONAL LIABILITIES INCURRED BY HIM/HER IN THE ORDINARY AND PROPER CONDUCT OF THE BUSINESS OF THE LIMITED LIABILITY PARTNERSHIP; OR IN OR ABOUT ANYTHING NECESSARILY DONE FOR THE PRESERVA¬TION OF THE BUSINESS OR PROPERTY OF THE LIMITED LIABILITY PART-NERSHIP. BOOKS OF ACCOUNT: THE BOOKS OF ACCOUNTS OF THE FIRM WILL BE KEPT AT THE REGISTERED OFFICE OF THE ABDULLAH REALTY FOR THE REFERENCE OF ALL THE PARTNERS. ACCOUNTING YEAR: THE ACCOUNTING YEAR OF ABDULLAH REALTY WILL BE FROM 1ST APRIL OF THE YEAR TO 31ST MARCH OF SUBSEQUENT YEAR. THE FIRST ACCOUNTING YEAR WILL BE FROM THE DATE OF COMMENCEMENT OF ABDULLAH REALTY TILL 31ST MARCH OF THE SUBSEQUENT YEAR. ALL DISPUTES BETWEEN THE PARTNERS OR BETWEEN THE PARTNER AND THE ABDULLAH REALTY ARISING OUT OF THE LIMITED LIABILITY PARTNERSHIP AGREEMENT WHICH CANNOT BE RESOLVED IN TERMS OF THIS AGREEMENT SHALL BE REFERRED FOR ARBITRATION AS PER THE PROVISIONS OF THE ARBITRATION AND CONCILIATION ACT, 1996 (26 OF 1996).


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