n v sudhakar
02 February 2012 at 15:31
Ours is a manufacturing unit registered under AP Vat Act and availing input tax credit. Recently there was an audit from commercial taxes department. They pointed out that we can not avail input tax credit on an invoice pertaining to previous month/s.
The practial difficulty is our manufacturing unit is at one place and registered office where accounts are being maintained is at different place. Always we are receiving invoices with delay. We are making entries in accouonts as and when received.
Now DCTO objected to this and he is disallowing input tax credit pertaining to previous months and the amount involved is huge. He says that we have to avail input tax credit only in the month in which the date of invoice relates. Other wise to submit revised return.
We were not aware and we did not file revised returns.
Can you please let us know the rule position on the above.
N V Sudhakar
n v sudhakar
20 December 2011 at 20:36
One company started by a person who is presently the Chairman & Managing Director (CMD). The other directors are his brothers and his sons. The company also got finance from financial institution. They have nominated 2 directors. Out of total 8 directors CMD and his 2 sons are on one side and 3 brothers and 2 directors from financial institution are on other side.
Both the groups filed both criminal and civil cases on various matters and pending at various courts.
Recently CMD group got a stay from a lower court for not conducting board meetings. Their matters went upto Supreme Court and Supreme court ordered for mediation. The other group instaed of coming forward for mediation, they are gaining time by giving some reason or the other. Because of the mediation order by supreme court all other cases are kept pending.
CMD group came to know that the other side is planning to conduct a board meeting without inviting CMD group and remove all the 3 directors from the company.
Under the above circumstances is there any possibility of obtianing permanent stay for not conducting board meetings, if so, kindly let us know how?
An early reply is requested.
N V Sudhakar
n v sudhakar
05 December 2011 at 19:36
Our company is having few lands in Maharashtra state. Our file is under scrutiny with income tax department. They are asking us to submit encumbrance certificate of the lands held at Maharashtra. It seems some body informed them that those lands are already sold by us and we are suppressing the fact.
I would like to know is there any website by which we can get encumbrance certificate on line. (For Andhra Pradesh it is available on line). If so, kindly let us website details.
N V Sudhakar
n v sudhakar
25 November 2011 at 19:59
One of my friend who was working in a software company in Hyderabad went to Kashmir on duty and due to sudden brain hammerage he fell down and the co-employee got admitted him in Apollo hospital at Kashmir and my friend died in the hospital. This has happend about 2 months back.
His wife after completing all the rituals went to her husband's office and requested to provide the details of her husband salary, his personal files etc. It seems nothing was made available to her. The surprising thing is his employer asked her that why he has gone to Kashmir at all?
When she requested for compensation for her husband's death, the employer said that you husband was working on consultancy basis and there is nothing to be paid and we donot have any of his files.
She is only house wife having 7 years old girl. She does not know whether her husband was on consultancy basis or on salary basis.
On verification of Form 26AS of income tax, we found that her husband was paid consultancy fee till Sep, 2010 and from Oct, 2010 onwards he was paid on salary basis. That means he was on employment for the last one year and died while performing the duties.
Please guide us what type of benefits she is eligible from the said employer and how to proceed.
An early reply is requested since the above lady do not have any income.
N V Sudhakar
n v sudhakar
15 September 2011 at 19:57
Whether it is applicable to Private Limited Company?
Submission of declaration by one of the director under above clause -
1. is it the responsibility of director on his own to send the declaration? If so to whom he has to send, whether to the company or to the auditors of the company
or
2. the company has to send declaration form to the director to fill in and send.
What is the role of the Auditor in this particular clause. (There was a dispute going on among directors of one company. The auditors have commented like this in their audit report: " Mr ______ has not produced written representations as to whether or not the companies in which he is a director as on 31st March, 2010 had defaulted in terms of section 274 (1) (g) of the Companies Act, 1956. In the absence of this representation, we are unable to comment whether Mr _______ is disqualified from being appointed as director under clause (g) of sub section (1) of section 274 of the Companies Act, 1956. As far as other directors are concerned, on the basis of the written representations received from such directors, and taken on record by the board of directors of the company, we report that none of the remaining directors are disqualified from being appointed as a director in terms of clause (g) of sub section (1) of section 274 of the Companies Act, 1956.)
An early reply is requested.
Regards
N V Sudhakar
n v sudhakar
10 September 2011 at 13:49
A partnership firm is running for the last 7 years. The firm got business income and lease income. In FY 2010-11 there is not much of a business and the partners are also not interested in continuing the business. But they would not like to close the firm since they are getting some lease income from the building owned by the firm. One of the partnership deed clause is as follows:
"THE PARTNERS SHALL BE ENTITLED TO INTEREST AT 12% PER ANNUM ON CAPITAL INVESTED BY THEM IN THE FIRM. HOWEVER, THE SAME MAY BE WAIVED BY ANY PARTNER, IF HE DESIRES NOT TO CHARGE ANY INTEREST FOR ANY PERIOD"
Basing on the above
1. is it obligatory on the part of the firm to provide interest on capital?
2. Out of 2 partners, one partner is only interested in getting interest because of his obligations where as the other partners they are not interested in getting interest on capital since there is no business income to the firm.
3. Can we work out interest to only one partner basing on the above clause or is it necessary to provide interest to all the partners?
Kindly clarify the above points.
Thanks
N V Sudhakar
n v sudhakar
19 February 2011 at 15:20
The facts of the case are:
I was an executive director of a company. Due to some disputes among whole time directos, I had to come out from the said company during June, 2005. Till date my account has not been settled.
During my tenure I was enjoying company's car. I did not return the car since my account was not settled.
Deputy Managing Director of the said company filed an FIR against me stating that I have taken away the car and threatening them. Police seized the car from me and handed over to the company.
Recently during cross examination, my advocate asked the above Deputy Managing Director in what capacity he has filed the said case. He replied that in his personal capacity he has filed the case.
Car belongs to the company.
Still the above case is going on in the court.
Out of my curiosity I would like to know whether on the above ground itself case can be struck off since the Car belongs to company.
N V Sudhakar
n v sudhakar
26 November 2010 at 19:40
ABC is a manufacturer of pharma which is Limited comapny. XYZ is a dealer of pharma which is a private limited company.
ABC is manufacturing and selling to XYZ. XYZ in turn selling to various clients.
The arrangement is ABC is manufactured in India under technical guidance with XYZ.
On the carton the printing is as under:
Manufactured by ABC
Under Technical Guidance with XYZ.
Whether the above arrangement is treated as branded goods?
Kindly suggest.
N V Sudhakar
n v sudhakar
26 November 2010 at 17:35
I am having land line connection from Tata Teleservices since long time. Since all our family members are using mobiles, I thought of discontinuing landline connection and I stopped payment of bills. One of the representative visited my house and asked for payment of pending bill amount of Rs. 700/-. I told him that I do not require the connection any more and asked him to adjust from my deposit amount of Rs. 1000/- with them. He suggested that if I clear the above bill amount of Rs. 700/-, they will provide only incoming service for 3 years with the deposit amount of Rs. 1000/- lying with them. Immediately I paid Rs. 700/- and he gave me the acknowledgement. But in the acknowledgement there is no mention of his offer of 3 years incomeing service with deposit amount. Recently there were number of calls from Tata Teleservices asking me to pay the bill amount. Virtually I am not using the land line for the last several months. The bill is only for minimum amounts.
Now I have received a demand notice from one of their advocates asking me to pay balance amount of approx Rs. 3000/- within 7 days otherwise necessary legal proceedings both under civil and criminal laws will be initiated against me.
With the receipt of Rs. 700/- available with me, can I take a stand of whatever the sales guy promised me.
Kindly suggest
N V Sudhakar
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Service tax
Ours is goods transpot agency and we are paying service tax by availaing 75% abatement.
Our business is packing, loading, transportation, unloading and unpacking.
Since our service includes packing, we buy packing material (by paying 14.5% VAT). Our charges to the client includes packing material. We do not charge separately for packing material.
At times there will be some damages to the goods while in transit due to various reasons. We pay the damages cost to the client called claims expenses.
For arriving the value of taxable services we are excluding the above elements i.e, packing material cost and claims expenses.
Whether the above stand taken by us is as per law? Please suggest.
Regards
N V Sudhakar