CMA Ramesh Krishnan's Expert Profile

Queries Replied : 26053

About me

Hi.I am Ramesh Krishnan, Associate Memeber of ICWAI & Certified Management Accountant (CMA) by IMA(USA) Working in Bangalore

Award Winner as " Most effective Expert in Caclubindia-2011" My working style always like,

Take life always as challenge,Think positive,

Give involvement on taken task,Donot divert your concentration from the taken task,

Always target your goals and commitment,Your future always better. Jai hind. Thank you for visiting my profile

To reach me : cma.rameshkrishnan @ gmail.com or send PM for queries & professional help

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madhura says : CCA Or City Allowance
What is a limit of City allowance for salaried person if they are from metro cities? If we are keeping city allowance as Rs.300 then how much we can yearly exmept from his yearly earning? Regards, Madhura

Satheesh Nair says : MAT
We are Pvt Ltd company having Automotive gasket manufacturing units in Chennai and Uttaranchal. Uttaranchal is coming under section 80IC and MAT is applicable. We have a common Balance sheet for Chennai and Uttaranchal. Is it possible to calculate MAT and compare with the Income tax paid already paid on the common balance sheet figures, and if the MAT figure is less than the Income tax payable then we need not pay MAT ?? If the MAT figure is more than the Income tax paid figure in the common balance sheet figure, then is it correct to arrive at the MAT payable by deducting from the Income tax already paid which was tabulated including the Chennai account ? Or should we have seperate balance sheet for Chennai and Uttaranchal and income tax payable as per Chennai account to be paid and MAT figure as per Uttaranchal account need to be paid ? Then after 5 years of 100% exemption we need to avail MAT credit when Uttaranchal need to pay Income tax on the 70% profit from the 6th year onwards ? I would appreciate to have detailed reply at the earliest to my query with relevant IT act and rules / section. Auditors are having different opinions and hence we are not guided properly. So your urgent advise is very much appreciated. Some experts advise to convert our Uttaranchal unit as LLP ( limited liability Partnership) to avoid MAT !! We started commercial operations from 01-04-2008. If we register now for LLP can we get retrospective benefit ? In this case should we pay MAT for 2008-09, 2009-10 and 2010 - 11 till date ? If we need to pay MAT for the above period with interest then whether we get any relief if we convert our unit of Uttaranchal to LLP ? our initial 5 year tax exemption period is up to 31-03-2013. Please advise your valuable opinion on this LLP suggession at this stage ?

Narinder Singh says : Cash Gift - Tax Exemption
Dear Mr Ramesh, My sister is a British citizen. She desires to gift Rs. 3 Lacs to my daughter in GBP. Kindly advise if this cash gift will be exempt from Income Tax. If yes, what documentation should we comply with? Narinder Singh Cell: +9769 0405 69 benincotton@yahoo.com

Member (Account Deleted) says : service tax
1. Whether a co-operative society(bank)being a body corporate, is liable to pay service tax for it's services to it's members as well as non-members under the category of commercial concern or any other person (before 01.06.2007)? 2. Is there any judgement in support of the reply of my query?

mercy says : Income tax
If Leave Travel Concession is covered u/s.17(2)(iii) it is taxable as perquisite, then how director can claim exemption u/s.10(5)