21 January 2008
1).what is the maximum no of directors in (p) & Public LTD Companies? 2.)my friend is an insurance agent and he is having PAN no and filing his return of income in insurance agent status and he is doing CA and he is qualified for CA but as per CA institute Rules CA should not do any other job other than CA as full time practice my question is a) can he surrendre the PAN of insurance agent ? b) can he apply for new PAN as a CHARTERED ACCOUNTANT ? 3).My grand father bought US-64 6.6% tax free bond in 1990 at present i afford to sell such entire bond weather there will be capital gain or not? since it is given Tax free bond.
22 January 2008
PAN CARD IS FOR A PERSON , WHATEVER BE HIS SOURCE OF INCOME . ONCE OBTAINED IT NEED NOT AND CANNOT BE CHANGED FOR CHANGES IN SOURCES OF INCOME . WHICH MEANS SAME PAN CARD WILL CONTINUE.
AFTER QUALIFYING AS CA , IT IS SUGGESTED THAT IF YOU ARE GOING FOR COP , YOU SHOULD STOP DOING NEW LIC BUSINESS.......AND IF ONLY RENEWAL COMMISSION IS THERE ......IN MY OPINION ICAI WILL NOT TAKE A STRINGENT VIEW....THERE SHOULD BE NO PROBLEM
TAXFREE BONDS WHEN ENCASHED , NO LIABILITY FOR TAX IS THERE ON INTEREST INCOME RECD WHEN ENCASHED
09 August 2008
Resected sir, i am T.S.Mohana Harish, from Madurai Tamilnadu. I am a CA student. I would like to know how to calculate tax on income from Shares? 1. What is speculative income ? & how the income derived from seculative transaction is Treated for income tax purose ? what is F& O ? and how it is calculated? How to write the journal enteries in Tally when a Person buy or sell the shares. if security transaction tax is to be levied on short term gains from shares ? can we claim any rebate u/s 88 for the Payment of STT or should we have to pay Tax ? if it is a short term. what about long term gain ? I came to know your e-mail id through my friends. I think You would help me and i will be in touch with you . I am expecting your feedback from you. Thanking, T.s.Mohana Harish e-mail- harish_ts1984@yahoo.com and harishca1984@gmail.com
Please answer the following Tax Queries. I will be thankful to you.
1. My Father has sold a resident house which was kept vaccant for more than 4 years in his town. The house was given by his father in 1982 to my father. My Grand Father is no more. The legal document are in my father name from 1982. The resident property was sold for Rs.4,60,000/- in F.Y.07-08. The same amount was deposited in Capital Gain account scheme in december 2007. And he has created a HUF (only PAN applied) under which status it is Taxable (i.e.Individual or HUF). Is interest received from Capital Gain account scheme is Taxable or Exempted. If it's exempted under which section till now my father did not purchase a Resident house. Now he like to claim the invested amount under which section can he claim the deposited ("Capital Gain Account Scheme Rs.4,60,000/-) amount. What is the procedure for creating HUF? (already only PAN is applied). Please help me. 2. My Grand Father has deposited in my name. Now I am 20 yrs when I was minor (is in UTI Childrens Tax Free U/s.64 & ARS Bonds) for Rs.50,000. I have been receiving every 6 month the interest. Before the maturity date the entire amount deposited is UTI (Childrens Tax Free U/s.64 and ARS Bonds) are withdrawn i.e. the entire amount Rs.50,000/-. Myself have separate PAN & Regular return Filing Assess. What is the tax treatment & to whom it is levied? Rs.50,000/- is only the principle amount.
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