C A S.S.Agarwal, M.Com.,LL.B, 's Expert Profile

Queries Replied : 6653

+ View Full Profile

About me

“ FOR C. A. STUDENTS

In addition to my practice I am guiding C. A. Students on the subject how to prepare, write in the examination and to pass C. A. Examination. Many time I have deliver lectures in ICAI, Mumbai on this subject. During training my artiles pass C. A. Examination in the first attempt and many have come out with ranks which gives them oppoprtunities to work with Big 4..

I am practicing Chartered Accountant since 1978. I am dealing the matters of Income Tax and handle scrutiny assessments, Appearing before CIT (Appeals), Income Tax Appellate Tribunal, High Court and Supreme Court by hiring advocate and councils. Company Law - settling the disputes, formation of the company, Audit, FDI investments, valuation of shares , due diligence etc., Arbitration - settling family disputes and other disputes, Project Consultancy - Bank Finance, Project viability, revival of sick industries and all other matters to run the unit at a profit. I was the advisor to the Ex: Chief Ministers of Assam and Arunachal Pradesh for quite a long time and was in the recruitment board of Arunachal Pradesh Forest Corporation Limited. At the ICAI I was Branch Chairman of Guwahati Branch for 3 consecutive years and organised many seminars, conferences. I was also a paper writer and chaired many sessions of the seminars and conferences.

I am based at Mumbai and have specialised in Income Tax Matters, representing cases before various authorities including CIT(A), Income Tax Appellate Tribunal and Settlement Commission. I am also specilied in Company Matters, resolving disputes and putting back on the trac sick industrial units with proper financial and marketing planning.

What kinds of questions I can and can't answer?

My area of expertise

My experience in the area (years):

Organizations I belong to:

Publications or writing which has appeared :

Educational credentials:

Award & Honors:

dinesh says : APPLICABLITY OF 44AB,3CA,3CD,29B IN COMPANY
Sir, For a company public/ private limited: 1.accounts are audited and audit report obtained before 30 september 2013. 2.Gross turnover is less than 5 lakhs 3.Net profit is less than one lakh 4.Company has paid tax at normal rates as amount is less than that arrived at as per sec.115JB. Query: 1.Will the company require to get a tax audit under Sec.44AB ? 2.If not is it mandatory to get certificate in form 3CA and 3CD ? 3 If so is it mandatory for the Auditors (CA) to file 3CA and 3CD online / offline at Income Tax portal before 30 september 2013.? 4.Is it mandatory to file Form 29B by CA online/ offline at the Income tax portal ? With Regards

Jignesh Desai says : Cost of Acquisition for Property bought on Loan ?
I had asked a Question on the above subject a few days ago which you had answered the link of which is given below (Kindly refer to the Link by pasting it in the address bar of your browser) : http://www.caclubindia.com/experts/cost-of-acquisition-calculation-for-property-bought-on-loan-1410934.asp#.Uheeln8Sieo (A) So what I understand is that Provided that no Income Tax Benefit , namely (a) Section 124 which allows maximum deduction upto 1.5 lacs p.a. for Interest paid on Home Loan & (b) Section 80C which allows maximum Deduction of 1 lacs p.a. for Principal Repayment on Home Loan , is taken during the 20 Years of Loan Repayment ,the Cost of Acquisition will be calculated in following manner :- (i) Original Investment (Margin Money) * Cost Inflation Index of '31-'32 / Cost Inflation Index of '11-'12 plus (ii) Loan Amount (50,00,000) * Cost Inflation Index of '31-'32 / Cost Inflation Index of '11-'12 plus (iii) The sum Total of the Interest Portion of every EMI * Cost Inflation Index of '31-'32 / Cost Inflation Index of the year in which that EMI was paid . For e.g if the EMIs were from April 2011 to March 2032 (TOTAL 240 EMIS in 20 yrs) , then for the interest portion of the first 12 EMIs (Let's take it as "X"), it will be calculated as :- X * Cost Inflation Index of '31-'32 / Cost Inflation Index of '11-'12 . For the next 12 EMIs , it will be calculated as :- X * Cost Inflation Index of '31-'32 / Cost Inflation Index of '12-13 & so on . Is my understanding correct ? (B) Is it correct that in case the Interest portion of all EMIs is taken as allowable Expense u/s 124 & Principal Repayment portion taken as deduction from income u/s 80C in each year's Income , in that case , the Interest paid on the Loan will not be able to be added to the Cost of Acquistion when the Property is sold ?

LOGANATHAN says : valuation of vacant land for wealth tax
i want to know valuation of vacant land which is situated in urban area for wealth tax purpose.....

ABHIMANYU KUMAR says : ADMISSION QURREY
PLS HELP ME SIR HELLO SIR I AM ABHIMANYU KUMAR FROM VARANASI I READ IN B.COM 3RD YEAR. I B.COM GIVE EXAMNINATION IN MAY 2014 AND I THINK TAKE ADDMISSION IN CA IPCC COACHING CLASSES PLEASE TELL ME THIS IS RIGHT YA WRONG DECISION PLESE TELL ME SIR .

sreekumar says :
Sir, 1. In some text books it is seen that 25% of the profit of a banking company is transfeered to Statutory Reserve. But in some it is seen as 20%. Which is correct? 2. For calculating the rebate obn bills discounted, in ascertaining the number of unexpired days, days of grace are not taken in some texts and on some, days of grace have taken. Which is correct? sreekumar M