Bhaskaran Chackrapani Warrier's Expert Profile

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Graduate of Kerala University.

Fellow member of ICAI.

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CA Jethmal says : thanks
Thanks Mr. B. Chackrapani Warrier But i want to know that is it valid technical ground for reopening a company a/c that it want to show its a/c on loss basis, and not to govt grant receivable as it is not receivable now but receivable at the time of finalization of accounts. or it can adjusted through prior period items according to accounting standard.

Harvinder kumar says : section 314(1) interpretation
Dear Sir, Kindly pay attention on following issues:- Case study Name of the company- X.Pvt.Ltd. Directors- Mr. A Mr. B Mr. c All 3 directors appointed on nil remuneration initially. after 3 years, Mr.As’ remuneration is increased from nil to Rs.100000. i)whether section 314 is applicable here ii)what is definition of Office or Place of office (u/s314(3) definition is given but it is deemed to be OoPoP not complete definition) iii)Section 314(1) says 'except with the consent of the co. accorded by a SR-(a)no dir. of a company shall hold any office or place of profit' shall be read with sub.sec 3 of sec 314. iv) Is there any limit on the remuneration to a director in a private company (here as far as my little knowledge is concerned, sec 198/309 will not applicable on Pvt. Ltd. company as per case law Radhey Shyam v. OL) v)As per sec 314(3)a) ".......over the remuneration to which he is entitled as such director" in a pvt. company case- what would be such limit which he is entitled. vi)in this case, Is SR required under sec 314 (1)? (whether increasing remuneration nil to Rs. 100,000/- to be deemed to be increased and he is getting more than which is entitled, that is Nil Remuneration or Whatever remuneration Board shall decide, shall not fall under the interpretation of Sec 314(1) in a pvt. company) I hope you will pay attention on my queries, which I need urgently. Looking forward to your kind reply. Thanks and Regards. Harvinder Kumar Dinker

Rajkiran says : service tax
Sir, Our company is into software sales & purchases and we purchased a product(Software). The supplier charges us service tax on the basic cost of the product and VAT on Basic cost + service tax? is this calculation correct Please clarify. Thanks.

Amit Raj says : Income Tax
Dear Sir, An NRI is working in our office in Hyderabad for the past 7 years, now his contract got expired, and starting the next FY 2012-2013 he would be on a business visa coming for a 12 to 15 days visit in a month (160 to 170 days in a FY). Hence he will not be completing the 182 days period in a FY. Please advice if his earnings are still taxable, considering the number of years he has spent in India. Need a quick and a detailed response please.

mamta joshi says :
ABC LImited (public) received, over a period from 11 January 2007 to 3 April 2008 a sum of Rs. 3 crores (US$ 900000) as share application money from three shareholdrers and Directors, Mr. A, Mr. B and Mr.C, in equal proportion. All the shareholders had the permission to invest in equity shares of ABC Limited vide RBI letter dated_____. Advance reporting of the receipt of this money was inadvertently not done. No shares were allotted to the these three shareholders against this shareapplication money and the money has been accounted as “Share application money” in the Company’s books since. Meanwhile, on 10 April 2010, Mr. C, shareholder and remitter resigned and sold all his shares to Mr.C Ques: The Company wants to approach RBI in order to seek permission to convert the share application money to ECB and passed a resolution to this effect in a board meeting. Mr. C has since resigned as director and does not hold any shares of ABC Limited. The ECB, if allowed to be created, must not incude this name as a lender and his share of money needs to be transferred to shareholder Mr.B Please reply whether the above is possible as per FEMA, Company law and Income Tax point of view ...kindly rply as its urgent