We are planning to convert the existing LLP into Private Limited Company.

In the existing LLP, for fixed assets we follow the rates of depreciation as per the Income Tax Act,1961 i.e., on WDV. Individual asset value is not available.

Now, if the LLP is converted into Pvt. Ltd. , we need to follow the methods available as per the companies act. How to arrive the value of individual asset for assessing the balance useful life in this case?

If anybody know the process, please help.

If Supplier Updates October GSTR1 on 20th November and it is the last date of GSTR3b October. Can we Consider his ITC in GSTR3B? Please Clarify this

Hi

If i have a capital reserve and Share capital as the only liabilities in balance sheet and bank account as asset then how can I distribute it to shareholders if company is to wind up.

Regards

CA Vishal Mehta

Sir,If a person is in employment during the period 1-10-10 to 31-03-12 (1.6 Years) in Company A and he is in employment during the period 1-04-12 to 30-11-2019 (7.8 years) in Company B.This Company B is demerged from Company A on 1-04-12. This Company B is paying Gratuity on 30-11-19 for the Whole Period of his Service(i.e., 9.4 years) in both the companies.Now for the Calculation of Exemption of Gratuity u/s.10(10) which period is to be taken as No.of completed years of service.
And Provide the Eligibility criteria for an employee to get exemption u/s.10(10).
And when we can say an employee is covered by the payment of Gratuity Act,1972.

Dear Sir,
It is given in various articles that, share of co-owner is determined from the amount he/ she has paid towards cost of house property
but can you please guide me in which income tax rules or section it is specifically written/ guidance given for determination of share of each owner based on amount paid.
Section 26 gives that peroperty is taxable as per the share of co-owner if share is definate and ascertainable and
Section 27 talsk about clubbing of income.
section 54 also gives clarity about taxation at the time of transfer

So i am confused where exactly it is written about determination of share of co-owner on the basis of money paid at the time of purchase of property?
Regards
Kaustubh

One of our clients was not filing his GSTR 3B and GSTR1 as a result the GST party went to their office and on physical examination of stock as per books and as per physical there was a differenc of Rs 70 lacs the GST party told to deposit the tax and took all the books and other records with them and give us a list of books impounded. After that the assessee deposited all the returns. GST Officers have not issued any showcause and no letter only telling us on phone to deposit. How can be get our books from there is there any procedure to get certified copies or can be get our original books out. Please guide with provision

My client is registred assessee under GST . He is a kacha artiya he sells raw cotton , mustard oil seed on behalf of agricultueist and sells it to factories. He issues his own bill in which the amount is for Cotton+ mandi tax+ commission = total and on this total he charges GST which he pays to government. He collects payment and pay to agriculturiat after deducting his commission. Is he liable to pay gst under Reverse charge on raw cotton and oil seeds

Whether a pathological lab run by a partnership firm (5partners, all are doctor, but not a pathologist 2 dr are Anesthesiologist and one are surgeon and 2 are MD medicine in that case this partnership is Business or Profession for the purpose of declaring presumptive income under the Income Tax Act.

In case of Rule 11UA(1)(c)(b), is valuation of shares by merchant banker mandatory? Or, can a CA do the valuation on the basis of NAV method, because Rule 11UA(2) as per my understanding is applicable only in case of issue of shares, and not in case of transfer.
Please let me know- in case of transfer, who is eligible to do valuation. Also, let me know the provision to be referred.

I've done CMA and doing my practical training from a leading company, but along with I also want to do one more professional qualification so I'm planning to do CS because of training and various particular subject exemption. So my query is that, will CS good or go for CA.