hi
x company took loan of 5 crores.after some period he paid 2 crores to bank.now he want to settlement with bank for remaining 3 crores rs.bank agree for a same.and 2 cr.Rs paid to bank as final amount of loan.
My quries is :
1.what will be entry in books of x company ?
whether outstanding 1 cr.transfer to reserve or it transfer to profit and loss a/c?
2.and what will tax effect of this.
whether it is addback and tax will cal.
on 1 cr. or not ?

3.what will be position in case of individual ?

hi
x company took loan of 5 crores.after some period he paid 2 crores to bank.now he want to settlement with bank for remaining 3 crores rs.bank agree for a same.and 2 cr.Rs paid to bank as final amount of loan.
My quries is :
1.what will be entry in books of x company ?
whether outstanding 1 cr.transfer to reserve or it transfer to profit and loss a/c?
2.and what will tax effect of this.
whether it is addback and tax will cal.
on 1 cr. or not ?

3.what will be position in case of individual ?

Dear Sir,

How to calculate on Depreciation for FBT purpose.

W.D.V as on 01.04.07 Rs. 1035904/-
Assets addition Rs. 450000/- as on 01.09.07
All assets sold 20.12.07 Rs. 1690000/-

Block of Motor Car is Nil
Please calculation on depreciation ?

Regards
Satyajit Roy Chowdhury

Mediclaim Insurence premium amount paid to the insurence company for the employees&their family , is FBT applicable on this premium amount paid

NRI wants to purchase a residential property in India.
Please narrate what all things needs to be taken care in respect of above.
Is any RBI permission required for the same?

An assessee held certain shares as capital assets. It was converted into stock in trade on 01.04.2006. Cost of acquisition was Rs.20.00 Lacs and f.m.v. as on date of conversion was Rs.18.00 Lacs. As per section 45(2) the capital gain is Nil (Loss of Rs. 2.00 Lacs). The assessee converted these shares on cost of acquisition of Rs.20.00 Lacs. These shares were then sold for Rs. 25.00 Lacs. Assessee declared a Profit from business of Rs. 5.00 Lacs (Rs. 25.00-Rs.20.00 Lacs). The A.O. says that capital assets has to be converted at f.m.v. only and thus there is a profit of Rs. 7.00 Lacs (Rs. 25.00 lacs - Rs. 18.00 Lacs). Is the contention of A.O. correct? Is it necessary to convert capital assets into stock in trade at f.m.v. only? or it is an option available to assessee? Can tax be levied on a profit which never accrued to assessee. His actual gain is 5.00 Lacs and he paid tax on 5.00 lacs?

PLEASE DO INFORM WHEATHER THE PAN LIMITATION (i.e 70% and 90%)PRESCRIBED BY LAW is really mandatory or there is some way out to file the return if PAN are less than the requirement.

Best Wishes,
CA Gaurav Rajput
M NO. 09411570320
e mail: cagauravrajput@gmail.com

please provide provisions relating to FBT on Employees stock option scheme

1).what is the maximum no of directors in (p) & Public LTD Companies?
2.)my friend is an insurance agent and he is having PAN no and filing his return of income in insurance agent status and he is doing CA and he is qualified for CA but as per CA institute Rules CA should not do any other job other than CA as full time practice my question is
a) can he surrendre the PAN of insurance agent ?
b) can he apply for new PAN as a CHARTERED ACCOUNTANT ?
3).My grand father bought US-64 6.6% tax free bond in 1990 at present i afford to sell such entire bond weather there will be capital gain or not? since it is given Tax free bond.

Question related to director's Remuneration.

It is was told that the Director's remuneration is taxed under Head salaries,
to be more clear on this,would you
Please clarify that they have the same exemptions like Medical reimbursement, LTA and HRA similar to the other employees.

Please give me some inputs on this as i need it very urgrntly.

Lata