CAclubindia

Queries Replied : 9425

I am a Chartered Accountant in practice in Mumbai in the field of Direct Taxation, Audit, Company Law Matters and LLPs.

My motto in life is "Prepare for the worst and expect the best"

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CA Aditya Maheshwari

B. Com., A. C. A., DISA (ICAI)

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CA Bikram Singh says : TAX ON COMPENSATION
I have a piece of land that belongs to MIDC(MAHARASHTRA INDUSTRIAL DEVELOPEMENT CORPORATION) which i have taken on lease for 90 years. I wanted to construct a petrol pump on the said land for which NOC is aleady given by MIDC. Now a power plant wishes to drag a high tension transmission line right over the land. As a result, i cannot construct Petrol Pump on the said land. However the Power Generating co. has offered me a compensation. I wish to know the Tax implication for the receipt of compensation with refence to the following points. 1. The land is a Lease hold Land and not owned by me. 2. I have not yet started the Petrol Pump, so no business Income from the Land. Kindly suggest under what Head the the compensation will be taxable and the rate of the tax for the same. Also let me know the section.

Balakrishna says : Statutory Audit Check List
Sir, can you send me Statutory Audit Check list. thanks in advance. balagurrapu@gmail.com balakrishna.gurrapu@dtss.in

MANAV says : Sec. 47 of Capital Gains
Can exemption be availed u/s. 47 in respect of Capital Gain if two proprietorship firms are converted in to pvt. ltd. co. and each proprietor will be given 50% voting power (50%+50%=100%) and other conditions are satisfied? And what about stamp duty on immovable properties transferred to pvt. ltd. co. in the above way? Can stamp duty be fully escaped in whole scheme?

Gajjala Satheesh says : Hotel Accounts
I entered for Rice(under - purchase accounts) payments in F5 option in Tally. For purchases bills entered in F7 Jouranl(to nullify sundry crditor). I am working in a hotel field plz suggest me how to maintain the hotel accounts easily

MIRAJ MAKHECHA says : TAXABILITY OF TRUST
HY ADITYA HOPE U GET ME WE HAD TALKED ON THE ISSUE OF ITR UPLOADING ERROR... ANYWAYS IF POSI PLEASE ANS ME ON THE FOLLOWING ISSUE IF A TRUST IS UNREGISTERED THAN IT WILL BE TREATED AS AOP AND TAXED AT MMR BUT MY QUE IS THAT IF ALL THE MEMEBERS HAVING INCOME BELLOW EXEMPTION OR ONLY EXEMPTED INCOME THAN IN THAT CASE CAN WE CLAIM TAXABILITY AT SLAB RATE FOR TRUST?? THANKS