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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usha khatod says : sec 72A
Sir, one of my client is a pvt ltd company incorporated in 2008 and incurred accumulated losses including unabsorbed depreciation around 40 Lacs. It could not started any production activity due to import of defective machinery and now decided to drop the project itself. It has received advance for factory building against agreement to sale. Another pvt ltd. company in the same group with same shareholders is earning huge profit. Can I merge both these companies to get set off of losses in view of conditions mentioned in 72A & rule 9c regarding continuance of the same business and achievement of installed capacity.

Ashutosh says : Way Bill
What it is way bill? Why & when it is used? Is it used for all CST transactions or for specified items only?

Rachit says : TDS ISSUE
Dear Aditya, It would be great if you could provide your expert advice on the TDS issue mentioned hereunder: Facts: 1)The assessee maintains books on CASH SYSTEM OF ACCOUNTING 2)An amount has been invested in Fixed Deposit with the Bank for a period of 5-years. The Bank deducts TDS on the amount of interest ACCRUED quarterly. Quarterly TDS certificates too are issued by the bank and received by the said assessee in respect of this tax deduction. 3) Since CASH SYSTEM OF ACCOUNTING is followed by the assessee, he wants to show this entire amount of INTEREST ACCRUED every year BUT NOT RECEIVED as an INCOME in the 5th year, i.e. on actual receipt of Interest income. Query: 1)Can the assessee claim every year in his Income Tax Return the amount of Tax deducted (TDS) by the bank annually without showing the amount of accrued interest income? OR 2)Can the assessee claim the entire amount of tax deducted annually by the bank, in the 5th year, i.e. in the year when the amount of Interest is actually received and shown in the return of income?

Sankar Chakraborty says : I.T
please let me know the list of exp/income regarding capital a/c VS profit & loss A/c viz. when prepairing the both what types of income /exp. to come under capital a/c and profit & loss a/c

SAJAN DIDWANIA says : Long term capital gain on sale of aprtt - ref.dt
Sir Pls clarify if someone books an apartment of Unitech in Gurgaon and after construction the conveyance deed done in Dec.2008 but as he dies immediately after registry, his daughter took possession of aptt in July 2009 as per possession letter of builder. Tell me 36 month will be taken from which date to be eligible for availing LONG TERM CAPITAL GAIN on sale of this apartment. Can it be sold in January 2012 i.e 36 months after Registry date or She has to wait till July 2012 i.e 36 months from Date of possession letter from builder to him. An early views will be highly appreciated.