CA Sanat Pyne's Expert Profile

Queries Replied : 2506

About me

I am Founder Partner of S PYNE & ASSOCIATES (CA firm) and is one of the most esteemed members (Fellow) of the coveted Institute, “The Institute of Chartered Accountants of India”. I am B.Com (H) & M.Com. from the Calcutta University. I am also a certificate holder of the following certificate Course .

• Concurrent Audit of Banks.

• Forensic Accounting and Fraud Detection(FAFD)

• Public Finance & Government Accounting

• MSME &START-UP

I am having 23 years of experience in the field of Financial Accounting, Auditing, Taxation, Forensic Audit ,MSME & STARTUP,Finance, Business acquisition and Corporate Compliance.

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Jignesh says : PPF Account for minor son
I have a query for opening PPF account for son (minor). - I am having a PPF account, deposits 70000 PA and enjoying tax benefit - My wife (Housewife) also have a PPF account; deposits 70000 PA and not concerned about tax benefit - We have a son for whom I am interested in opening PPF account and not concerned about tax benefit Is it possible to open a PPF account for minor son where I am a guardian and deposit 70000 PA in addition to my PPF account? I am not interested in enjoying tax exemption for my son's tax benefits.

deep prakash awasthi says : form 23 B
plz last date of SRN of Form 23B

Rajesh says :
Dear Experts, Require ur immediate reply...Very urgent Sir!!! For a first year incorporated company we are finalizing the audit. For AS - 22 calculations i have done the following workings. Please tell me whether i am correct or not. Because of this i have not yet said to my senior that the audit has been finalized. Closing wdv balance of Fixed Assets as per Companies Act - 60,00,000 Less: Closing wdv balance of Fixed Assets as per Income Tax Act - 50,00,000 Difference in balances = 10,00,000 Note: (1)This is due to difference in depreciation amount. In Income Tax act we are claiming more depreciation amount than companies act. Therefore Tax Profit is less than Book Profit, consequently we are paying less tax now which we have to pay at a latter point of time, thats why we have to create DEFERRED TAX LIABILITY. (2)It is assumed that there is no amount disallowed u/s 43B. Deferred Tax Liability to be created - 10 lakhs * 30% (no surcharge or cess since less than one crore income) = 3 lakhs. First Entry - Booking the expense and creating liability: DTL* (P&L) A/c Dr. 3 lakhs To DTL (B/s) A/c 3 lakhs (Being the amount of Deferred Tax liability which we have to pay in later years for which currently booked as expense and corressponding credit (i.e. liability) is being created) * Instead of DTL (P&L) we may also term it as Tax Expense Second Entry - For transferring the expense into P&L a/c: P&L A/c Dr. 3 lakhs To DTL (P&L) A/c 3lakhs (being the amount of Deferred Tax transferred to P&L account for the year ended 31.3.2010) While computing the total income statement for income tax calculation purpose we have to add this Deferred tax expense. Please inform me whether i am correct or not in this regard. With regards, Rajesh.

sonu says : balance sheet format
hi, gm sir i need balance sheet for trust (mandal) if u have mail me on this email id. jainsonu24@gmail.com thanks

iti shah says :
thanks sir.. for the format of dissolution deed but this deed pertains when one partner continues..i need dissolution deed where firm it self gets dissolved... no body continues the firm....plz provide me the format for the same....