Bhaskaran Chackrapani Warrier's Expert Profile

Queries Replied : 22307

Graduate of Kerala University.

Fellow member of ICAI.

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Rajesh says : Cap. Gain on tfr. of shares by Foreign National...
Dear Experts, Very very urgent sir.. The director of a private company wants to transfer all the shares held in that company. The company also provided bonus shares, including the bonus shares has to be transferred. All the shares are to be bought by 2 person who are resident indians. How i have to calculate Capital Gains in this case. Suppose if 100 shares originally bought, for that 600 shares has been issued later date. this total 700 shares are to be obtained by 2 person at 300 + 400 shares. Should i have to calculate separately for this 300 shares and 400 shares separately? If yes then w.r.t to the cost of acquistion can i deduct on 300 shares alone for computing Cap. Gains. For the balance 400 shares can i take the cost of acquisition as zero and proceed. Please provide me the tax rate for which we have to deduct TDS. What is the certificate the Chartered Accountant has to certify. thanking you. With regards, Rajesh.

Ratan Sharma says : 154
Audit completed u/s. 143(3). AO propose to rectify u/s. 154 on the basis of internal audit objection. Whether possible? Are there any judgements?

Baljeet Kaur says : distribution on liquidation sec 2(22)(c)
Respected experts, but sir there is some explaination in this sec 2(22)(c)about FULL VALUE OF CONSIDERATION u/s 46.What's that. it is written that in this case of sec.2(22)(c) amt distributed is dividend income for share holders but only to the extent of accumulated profits whether capitalised or not and excess over it shall be FULL VALUE OF CONSIDERATION ass per sec.46 and capital gain shall be computed accordingly. plllllleeeeeaaaassseee Help me thanks

Rajesh says : Website charges...Urgent Sir!!
Dear Experts, Please Mr. Warrier Sir also tell me how i have to treat as per Companies Act. Website Charges has been accounted in the private limited company. I dont know whether that payment is to be made yearly or one time settlement. What i have to do as per companies Act if the payment of website charges if one time settlement or if yearly they have to pay. I got the reply from Mr. Warrier citing a case law as per income tax CIT Vs India Visits.com if the webiste is for diseminating of information of the assessee's business then it can be treated as revenue expense. Thanks in advance. With regards, Rajesh.

CA SONI KRUNAL says : INcome Tax LIC
Dear Sir / Colleagues, Here I am facing problem in resolving the below mentioned matter. One of our client have not paid his LIC premium for last 3 years which was below the standard limit of 20% for individual year and now he is willing to start the policy again in order to take benefit of provision of section 80C, but the question arises whether the premium for last 3 years will be allowed as deduction or not because all together premium exceeds the limit of 20%. Members, Please comment upon the Topic. Regards, Krunal Soni