as 31st is coming how to calcualte payable service tax on payment basis or accrual basis? pls immediate reply on
deven_vejani@yahoo.com pls.

Why tea bushes and livestock are specifically exempted from the definiton of plant for the purpose of depreciation under income tax act.

Dear Experts,

Please advice in case mentioned below:

A is a co. (Service Provider)

B is Co. (Service Receiver)

B is deducted TDS on services provided by A from April 08 to Jan 09 (period for which A not have any Non Deduction Certificate)

But on Feb A is taken certificate U/s 197 (1) for Non Dedcution of TDS for period Feb 09 to March 09 on Income from A (for estimeted amount of Income 20,00,000)

A has already billed to B B/w period April 08 to Jan 09 Aprrox Rs. 50,00,000 (and B has already deducted TDS) and now during period Feb 09 & March 09 A has issued more bills of 30,00,000 (i.e. exceeding the estimeted income amount in certificate)

Please Advice :

1) Whther A has to deduct TDS on Februray onwards if Turnover B/w Feb 09 & March 09 exceeds RS 20,00,000

2) Whther A has to deduct TDS on Februray onwards if Turnover B/w Feb 09 & March 09 NOT exceeds Rs 20,00,000

3) or any new suggetions from Experts .....

Sir,

Pls guide me what is the rate of income tax on companies.

Pls give me the bifurcation i.e rate of income tax, education cess and surchage etc.

there are four telephone in our company, whos 90% exp debited in our company and 10% exp. debited in other company,

so how much service tax credit we can book in our company

company paying mobile bill exp.

can company avail service tax credit on service tax included in mobile bill or not

This is to share with you all:

Kindly appreciate As Balance Sheet & Profit & Loss are required to be signed in accordance with Section-215. In the board meeting which approve the balance sheet and profit & loss account we authorise directors to sign the BS & PL A/c as desired by section 215 and record the same in board minutes.

Question: Do we also need to authorise the signatories of Annual Return as required by section 161(1) through board resolution??. If Yes, what would be the date of board meeting to make such authorisation.

Since annual return contain the info as on the date of AGM. If we authorise someone to sign AR in the board meeting which approve the BS & PL A/c (Advance authorisation), then what would be your reaction.

OR since annual return is in the nature of a return only it does not require specific authorisation to sign like BS & PL A/c.
Please share your views….

assume company bearing 10,00,000/- on Advert. which including 1,23,600/- as Service Tax and this advert. exp. will be write off in 4 years,

then how much amount of service tax credit taken in first year

can we take complete service tax credit in first year, or 1/4 of service tax credit taken in each year

For an increase in authorised capital of Rs 15 lacs what amount of stamp duty should be paid?

Dear Friends

I have a query. One of my clients is a Partnership firm with 5 partners (A, B, C, D and E) in the ratio of 4:3:1:1:1. Now they want to convert this firm into private limited company. And in the new company, Mr. C, D and E want to enter through their one other Private Limited Company in which only three of them are shareholders as well as directors. They want to leave their share in the firm and want to enter through this company in the same ratio, i.e 4:3:3 now. But as per Section 47(xiii) there are certain conditions that must be satisfied to avoid capital gains. These are as follows:
(a) all the assets and liabilities of the firm 30[or of the association of persons or body of individuals] relating to the business immediately before the succession become the assets and liabilities of the company;
(b) all the partners of the firm immediately before the succession become the shareholders of the company in the same proportion in which their capital accounts stood in the books of the firm on the date of the succession;
(c) the partners of the firm do not receive any consideration or benefit, directly or indirectly, in any form or manner, other than by way of allotment of shares in the company; and
(d) the aggregate of the shareholding in the company of the partners of the firm is not less than fifty per cent of the total voting power in the company and their shareholding continues to be as such for a period of five years from the date of the succession;

We are satisfying all the conditions at the time of conversion. But after conversion, when we want to change Mr. C, D, and E by selling the shares to their PL Company, the clause (d) attracts immediately. It seems that we can not remove C, D and E for five years, and they has to be in company within the cap of 50% limit.
Now questions are:

1. is my interpretation correct?

2. Does clause (d) speaks about the 50% voting power with the old partners only or the persons also has to be same in the same ration. I mean if Mr. A and B are having 70% holding, then does it satisfies the clause (d) or C, D, and E also has to be there?

3. If above is not possible then whether there is any other option how can I remove them from converted company and bring their PLC in to the company.

Please remember that a Private Limited company can not be a partner so I can not bring their PLC in to firm first and then convert it. This option is not available.