CAclubindia

CA CS CIMA Prakash Somani's Expert Profile

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About me

TAX ON SALARY DATEDIF FORMULA COLOR MAGIC in EXCEL NCFM MBA CA CS SAP Ayurveda Lawyers IndiaStudyChannel Games Linkedin Rediff Gmail INDUSTRIAL TRAINING Bank Audit CFA (US) TDS Service Tax CPE CA Firms Health Budget Yoga Ratio Analysis VAT SOX

Hello everybody, I really don't know where to start from.
I am basically a friendly person but not the one to take the initiative when confronted with a new person. But once the ice is broken, I spare no efforts in charming the other person.
I am an avid reader. Books are my passion. No matter how busy I am, I always manage to find time for reading. I also enjoy good food, Hindi music & a good cup of coffee.
I am a fun loving guy want to enjoy life as much as possible. I like making friends and I am a good friend. I love taking risks.

I am a determined person and works hard to achieve what ever I determines...,I have very strong will power..., full of confidence... a bit extra confident some time but manages to achieve my goals and never gives up attitude.

Always do whatever I think. I live life in my own special way. Always do whatever I think. Make own rules and follow them. Always Thing about these lines, when i do any thing:-

“Quality is never an accident, It is always the result of high intention, sincere effort, intelligent direction and skillful execution; it represents the wise choice of many alternatives”

Ultimate Vision of my life

1. “To be able to look back and not have any major regret – to feel satisfied that I lived a life that mattered.”

2. “The woods are lovely, dark and deep
But I have promises to keep
And miles to go before I sleep
And miles to go before I sleep.”

3. "It's good to be important but it's more important to be good"

I think that’s the best I can describe myself and like I said earlier if you want to know more about me get in touch with me.

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

My area of expertise

My experience in the area (years):

Organizations I belong to:

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Award & Honors:

Mohanish Shah says : NSS interest
Whether interest credited to post NSS passbook is to be considered while computing taxable income?

sonali says : income tax on income from sale of shares
sir,my qs is about income tax from sale of shares.. my father has some shares in joint name of my mom & dad,bt he died on apr,2010.now demat a/c is transferd in the name of mom name in 2011..shares are holding from 1999..my mother is not a sinior citizen..now we want to sale all the shares..now market value of all shares is approx 12lakhs. purchase price was rs.40k in 1999..my qs is,all shares is in the name of my mom name,so mom is now 1st holder & tax payer..limit of tax free income is 2lakhs..if my mom wants to sale all shares in a year,there will be any tax liability?? I va heard about STT,which is deducted from shares in case of sale of shares..all shares are listed in BSE..so xcapt STT,any other tax(above 2lakh income)will be paid??plz tell me..

sonali says : income tax on income from sale of shares
sir, i qs is about income tax from sale of shares.. my father has some shares in joint name of my mom & dad,bt he died on apr,2010.now demat a/c is transferd in the name of my name in 2011..shares are holding from 1999..my mother is not a cinior citizen..now we want to sale all the shares..now market value of all shares is approx 12lakhs. purchase price was rs.40k in 1999..my qs is,all shares is in the name of my name,so mom is now 1st holder & tax payer..limit of tax free income is 2lakhs..if my mom want to sale all shares in a year,there will be any tax liability?? I va heard about STT,which is deducted from shares in case of sale by stock xchange..all shares are listed co's shares of BSE..so xcapt STT,any other tax(above 2lakh income)will be paid??plz tell me..

CA Amit Rajput says : Please give your comment
****Welcome to all experts to join in discussion **** I have a case about a an Investment (private limited )company which maintaining books of account on mercantile basis. But company records income on receipt basis from April to Feb and in the month of march a consolidate receivable from April to Feb is recorded and for month of march on receivable basis. my question is that is this practice of following cash basis accounting for 11 month and in March remaining receivable on consolidate basis i.e.(receivable less received) and for only month of march on pure receivable basis is Correct ??? Means following cash basis accounting for 11 months and Accrual basis accounting in month of march is correct or it will be treated as hybrid system. Is there any clarification from ICAI or Department for following accrual basis accounting through out the year? Pls join in discussion