Solar power project

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This query is : Resolved

raghavendra b (Querist)

31 May 2019 DEAR SIR,

ONE OF MY CLIENT STARTS SOLAR POWER PROJECT WITH PARTNERSHIP FIRM NAMED MM SOLAR SYSTEMS INCLUDING 11 MEMBERS AS PARTNERS. . THE PROJECT FINANCED FROM B J CAPITAL PVT LTD COMPANY. THE COMPANY SOON WILL PURCHASE LAND IN THE NAME OF MM SOLAR SYSTEM. SO MY QUESTION IS WHAT IS GST RATE OF SOLAR ENERGY AND SERVICES. HOW CHARGE GST ON SUPPLY OF SOLAR ENERGY AND SERVICES AND GOODS. PLEASE GUIDE ME AND THE PROJECT ENTIRELY FINANCED FROM B J CAPITAL PVT LTD WHAT IS THE INCOME TAX RULES AND REGULATIONS.

THANK YOU,

REGARDS

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)

02 June 2019 Solar power supply is exempted from GST.
Priority sector loans of up to Rs 15 crores can be availed for renewable energy projects.
Accelerated depreciation of 40%.allowed.

raghavendra b

raghavendra b (Querist)

02 June 2019 THANK YOU SIR,

I AM REALLY GLAD TO SEE YOUR TIME TO TIME RESPONSE OUR QUERIES. SIR THERE IS ANY LIMIT OR MEMBERS RESTRICTIONS TO FORM PARTNERSHIP FIRM. BECAUSE MORE THAN 11 MEMBERS WILL BECOME MEMBERS OF THE FIRM. LATEST UPDATES OF INCOME TAX RULES ON PARTNERSHIP FIRM.

THANK YOU

REGARDS

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)

03 June 2019 Yes You can have up to 100 partners.

raghavendra b

raghavendra b (Querist)

03 June 2019 THANK YOU SIR,

IS THERE IS ANY CHANGES REGARDING REMUNERATION PAID TO PARTNERS AND ALLOCATION OF INTEREST ON CAPITAL.

REGARDS

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)

03 June 2019 Yes, If you are declaring profit under section 44AD you can't deduct salary and interest from 44AD profit.

raghavendra b

raghavendra b (Querist)

03 June 2019 THANK YOU SIR,

IF WE HAVE TO DEDUCT REMUNERATION AND INTEREST WE SHOULD FILE TAX AUDIT U/S 44AB

REGARDS