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.

R. A. Joshi

WHAT R THE TIME LIMIT OF ISSUING TDS CER.
OR
A)WITHIN THAT FINANCIAL YEAR
B) OR WITHIN ONE MONTH FROM TDS DEPOSITED OR DEDUCTED

Sir, please let me know the exact meaning of the word "lineal ascendent and lineal discendent" with respect to gifts received under income tax act.. Does lineal ascendent include father.. grand father.. great grand father etc alone (ie father and his ancestors alone) or even mother .. grand mother.. great grand mother etc as well.. like wise lineal discendent.. pls let me know this

Mr.X is working in a foreign company. He goes on ship. He has been a NRI throughout. This time when he returns on leave he doesnt go back and eventually loses his NRI status. What are the consequences?

A machine is to be repaired in Germany Amachine is to be repaired in Germany,where the supplier is located. The machine is a proprietory product of the supplier in Germany. The machine shall be despatched from Kolkata. The repair charges are inclusive of materials to be used in repair.The supplier does not have a permanent place of business or any business establishment in India. In the circumstances, please clarify whether TDS is applicable on the repair charges? Further, Whether Customs duty is payable on re-import and Service tax is applicable on the repair charges?

Wheather TDS to be deducted on payments made to hotel for loadging/ boarding charges for company guests.

Dear Sir,
I have a query regarding applicability of deemed STCG on depreciable assets.
FACTS of the case:
X Pvt Ltd have a factory building constructed in February 1990 for Rs.10 lacs on a leasehold land (rights for 99 years). The building was used for production purposes upto September 2000. Hence till A.Y.2001-02, we were allowed depreciation under I.T.Act. The closing WDV on March 2001 was Rs.6 lacs.
From 2001 the building was let out for rent and income was considered under head House Property.
In June 2007, the building was sold for Rs.30 lacs.
QUERY : Whether we can claim LTCG with indexation from 1990 on WDV, claiming the asset to be no more depreciable and as a capital asset; and also claiming that the source of income generated from the asset has changed ?
If not what should be the taxability of the case ?

Thanking you for your reply.

HELLO SIR

EXPENSES INCURRED SUCH AS STAMP DUTY REGISTRATION (ROC) ECT FOR INCREASE IN AUTHORISED SHARE CAPITAL OF PVT LTD CO. WHETHER IT IS ALLOWED U/S 35D AS A BUSINESS EXPENSE,
THE ACIT HAS DIALLOWED IT SAYING IT IS CAPITAL EXPENDITURE AND NOT ALLOWED AS EXPENSE
SO CANT WE CLAIM 1/5TH OF EXPENSE EVERY YEAR UNDER 35D

I would like to ask whether is it compulsary for employee to travel alongwith his family to avail exemption under sec. 10(5).plz give detail on this matter as early as possible.

whether all types of reimbursements are not taxable in the hands of employees. like telephone, uniform and medical.

if not, what are the limits for those.