Sooraj Nair
06 March 2010 at 10:35
Let me know the detailed procedure of Inter Unit Transfer (Excise point of view). I want to transfer the material manufactured in our unit to our subsidiary unit. Let me be aware of the formalities for the same like billing etc.
Sooraj Nair
06 March 2010 at 10:31
Ours is an Excise Unit. Let me know the legal procedure for disposal of Central Excise and other Records older than 8 years.
Anonymous
05 March 2010 at 21:27
the assessee had suffered from Hypertension & Ischaemic Heart Disease and therefore (Angioplasty) PTCA with Stent to LM done. and the assessee claims for amount of Rs. 134820/- towards expenses incurred tor this medical treatement. and he reimbursed such amount from his employer.
Now whether the total amount of Rs. 134820/- is exempt from tax because such amount is incurred for heart deases.
if it is exepmt, under which section?
please give details urgently.
I want to know that whether Medical Rembarsement u/s. 17(2), and as per Income Tax rule 3A-2(d) is exempt ? please advise me urgently
darshan
05 March 2010 at 20:50
Sir, please tell me that, the Sumputary allowance given to judges for incurring expenses on Hospitality is exempt or not? and also washing allowance is exempt or not?
under Income tax Act 1961.
Anonymous
05 March 2010 at 18:11
In this connection, we have to state that our company has purchased 50000 shares of Lava Coated Paper Ltd. for Rs. 1000000 during the financial year 1993-94 i.e. 01-04-1993 to 31-03-1994 and the transfer expenses were Rs. 5000. So the cost of the said 50000 shares in our hands as on 31-03-1995 was Rs. 1005000. But out of 50000 shares only 3000 shares could be transferred in the name of Company and the balance of 47000 shares could not be transferred since signature differed and share certificates were returned to our broker Shri Tushar Bedi.
However, he could not do anything in respect of transfer of said 47000 shares. The cost of which worked out to Rs. 944700 and hence during F.Y. 1997-98 said sum of Rs, 944700 was transferred to the account of said Shri Tushar Bedi and we made claim from him, but ultimately we had to write off the said account as bad debts since we could not recover the said sum from Shri Tushar Bedi. Since he never responded to our claim/request etc. and hence in the F.Y. 2005-06, the account of Shri Tushar Bedi was written off and the sum was claimed as bad debts. All these facts were reflected in accounts of earlier years by way of notes to balance sheet filed with return of income.
In the above said fatual premises, what we feel :
1. As the said sum is not recoverable from said Shri Tushar Bedi, the same being written off as irrecoverable in P & L A/c. the same should be allowed as claimed.
2. Alternatively the same can be considered as capital loss and has to be adjusted against the capital gain as shown in the return of income and income requires to be recomputed accordingly. According to us, it will have no effect on income as per return.
N.B. The shares are shown under the head investement in balancesheet.
Can you guide us on the issue.
Anonymous
05 March 2010 at 16:48
I AM LEAVING MY PRESENT COMPANY WHICH I JOINED IN OCT-08. AFTER THAT I HAVE NOT CLAIMED LTA TILL DATE. NOW I AM UNDER FULL AND FINAL SETTLEMNENT. MY ACCOUNT PERSON SAYS HE WILL DEDUCT TAX ON LTA IF I HAVE NOT TAKEN REQUIRED LEAVES. PLEASE LET ME KNOW
A) IS TAKING LEAVES NECESSARY TO KEEP LTA AMOUNT NON-TAXABLE?
B) IF YES IS TAKING LEAVES STILL NECESSARY TO KEEP LTA AMOUNT NON-TAXABLE EVEN WHEN I AM LEAVING? I UNDERSTAND THIS IS TERMINATION OF SERVICES AND IN THIS CASE LEAVES ARE NOT MENDATORY.
APART FROM LTA ISSUE- MY FINANCE PERSON IS ASKING ALL PROOFS OF INVESTMENT BEFORE FULL AND FINAL SETTLEMENT 8.3.2010. MY INVESTMENT DATE IS AFTER 25.3.2010. HE IS SAYING INCASE I DONT SUBMIT PROOF OF 1.0 LAC INVESTEMNT HE WILL DEDUCT TDS. WHILE I UNDERSTAND THAT MY NEXT EMPLOYER SHOULD FINALLY ASK FOR PROOFS OF INVESTMENT AND MY PRESENT EMPLOYER CAN TAKE MY DECLARATION AS FINAL AND CAN AVOID TAX DEDUCTION. PLEASE ADVISE.
Anonymous
05 March 2010 at 15:44
I am a working partner in a firm and receiving remuneration on proportionate basis.
The firm has no fixed assets as motor car. My Motor car is used for the firm's business.
The fuel expense is borne by the said firm and the depreciation and insurance on motor car is claimed as expenses against the partnership share in my return of income.
The AO is not satisfied and dissallowed the above expenses claimed in my return of income.
How to justify the same? Please guide me.
hussain
04 March 2010 at 18:19
Sir,
The company as to exports medicine outside india for that form sales tax department what kind of formality as to be done or whether the company exports sale without any formality form sales tax at that time what kind of tax to be paid by the company.please sugges me.
Thanking You
Anonymous
04 March 2010 at 13:58
Dear Sir,
I would be glad if you throw some light on the below issue,
I purchased a bunglow by paying the amount in lumsum, First payment was made on 07-02-2001 and last on 26-10-2002. Date of allotment is 21-03-2002 and date of possession is 24-11-2002.
Now the question is:
What will be the date of acquisition for calculating long term capital gain.
Awaiting for a reply.
P R Shah
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