How to run a private limited company

Too general a question. Will need elaborate consultancy. Reply will also have to be elaborate and can not be concise.

We are a consultancy company. We render services such as technical support to MFIs and therefore collect service tax. Can I claim refund for any service tax paid by us to the services rendered by outsiders like software companies to us though this happens rarely.

You can avail Service tax credit in respect of your input services (service availed by you)in relation to the Service tax payable on services rendered by you.

Thanks sir. We earn money from assignemnts abroad as well as india. Is there a differential treatment.

Treatment with regard to what?

How do i know the depreciation rates specified for certain assets. Especially with regard to the Income Tax act.

We are a private limited company and we have less than 20 employees as of now. we are planning to recruit  more number of employees by the end of june. Can we apply for PF registration now itself.

Is there a differential treatment from moneies earned from abroad assignments and domestic assignments in terms of income tax and service tax.

1.Depreciation rates detailed in Appendix I to rule 5 of Income tax Rules 1961.

2. You can.

3. What are the nature of assignments?

The nature of assignments are

Providing technical assistance to MFI's. i.e.

Helping them out in utilising the grants or loans (mostly from world bank and other foreign institutions for foreign assignments) as these companies deal with giving loans on a small scale to either groups(grameen model) or individual term loans--- we give them the financial projections for disbursements etc and also the scale of operations in terms of no. of borrowers per term or year etc

Thanks sir,

How do I calculate depreciation for the assets purchased in the middle of the year.

What is the depreciation rate for mobile phones sir? I dont see it in the guidelines provided by IT Act

You can treat them as computer based and claim 60% depreciation.

Depreciation will be @ full value if it is purchased in the first half of the year. If it is in the next half 50% of the normal rate.

Thank you very much for the help sir.