A Partnership firm has been converted as pvt ltd company under chapter IX of the companies act, 1956 on 20th October 2007. How much depreciation will be allowed to partnership firm and company. As per Income Tax Act Depreciation is not allowed in the year of disposal/transfer of assets. Since Partnership Firm has been converted during the financial year 2007 - 2008 weather depreciation will be allowed to firm or not. As per Income Tax Act Depreciation to the Company should be allowed for half year as Company came into existiant only on 20.10.2007. It appears that only half depreciation will be allowed for financial year 2007 - 2008. Is it not a disadvantage on conversion. Plz reply catagorically stating each event with reasons.


R. A. Joshi

A Partnership firm has been converted as pvt ltd company under chapter IX of the companies act, 1956 on 20th October 2007. How much depreciation will be allowed to partnership firm and company. As per Income Tax Act Depreciation is not allowed in the year of disposal/transfer of assets. Since Partnership Firm has been converted during the financial year 2007 - 2008 weather depreciation will be allowed to firm or not. As per Income Tax Act Depreciation to the Company should be allowed for half year as Company came into existiant only on 20.10.2007. It appears that only half depreciation will be allowed for financial year 2007 - 2008. Is it not a disadvantage on conversion. Plz reply catagorically stating each event with reasons.


R. A. Joshi

It will be onland drilling Rig,Mounted on carrier/chassis with Tyre.This will work together with few items like Drill pipes,Mud pump,Motors,welding machine,Tanks,Safety equipment,Generators,Containers.they can be singly identified items as well package of one.The working of that machine is drilling and workover rig in oil and exploration field.
i want to know depreciation rate as per income tax act and as per company act.

we are taking internet connection from Reliance Web Stores Ltd.

Rs.175000/- monthly amount paid to interenet charges to reliance on that TDS deducted or not?

Plz. sir urgent

A Partnership firm has been converted as pvt ltd company under chapter IX of the companies act, 1956 on 20th October 2007. How much depreciation will be allowed to partnership firm and company. As per Income Tax Act Depreciation is not allowed in the year of disposal/transfer of assets. Since Partnership Firm has been converted during the financial year 2007 - 2008 weather depreciation will be allowed to firm or not. As per Income Tax Act Depreciation to the Company should be allowed for half year as Company came into existiant only on 20.10.2007. It appears that only half depreciation will be allowed for financial year 2007 - 2008. Is it not a disadvantage on conversion. Plz reply catagorically stating each event with reasons.


R. A. Joshi

income tax on salary earned outside india.what exchange rate is to be considered for accounting purpose as because it is vary every month?some part of the money transfered to NRE ACCOUNT and some parts r not transfered in nre a/c.then wat will be accounting treatment and in wat way it will be taxable?

out company printing, brouchers and labels contract with out side party.
In the f.y.2007-08 first two months deducted tds as per tds on contracotrs rate.
From the month of june'07 onwards party given VAT bill (4%), on that no deduction of tds, party said.
Now onwards our company people not deducted tds from party.
so, it was correct procedure or not?
as per IT Act it was correct or not?
plz.. sir, this was my major doubt?

29/01/2008

Dear all friends,

Pl. confirm me about Due date of TDS deposit and what is due date to filing the return for company.

Thanks,

harish

29/01/2008

Dear all friends,

Pl. confirm me about Due date of FBT deposit and what is due date to filing the return for company.

Thanks,

harish

Trades without STT (overseas):

A. Gains from overseas stocks sale (long term: more than 1 year
holding) = 1,00,000

B. Capital Gains from overseas stock options (Same day purchase and
sell) = 1,00,000

C. Difference in vesting day price and allotment price for options
in B above = 1,00,000

D. FBT paid on the stock options to the employer = 33,900

E. Total profit in overseas stock options (B + C - D) = 1,66,100

F. Speculative gains (losses) in overseas market (Futures and
options) = (1,50,000)

Trades with STT:

G. Short term gains (losses) in domestic exchange = 50,000

H. Speculative gains (losses) in domestic exchange (Futures and
options) = (3,00,000)

Other income:

I. Income from bank deposits = 50,000
J. Salary income = 5,00,000

Queries:

What is the best way to offset the above losses with gains to
minimize tax implications?
Can overseas stock options gains be offset against domestic market
speculative losses?
Can overseas speculative losses be offset against salary or interest
income?