Dear Sir,
A newly incorporated company acquired the entire business of a partnership firm. My question is what would be the Original cost of fixed assets in the hands of company for the purpose of charging straight line method of depreciation. What Original cost is to be stated in the Fixed Assets Register required to be maintained under the Companies Act' 1956. A have confusion about the actual cost. Is it that cost at which asset was acquired by the firm or simply the cost at which it is acquired by the company. Previously firm was charging depreciation as per Income Tax Act rates. Company acquired the fixed assets at book value ie WDV.
Please advice
Regards
CA Rajpreet Singh
+9915135627

Sir,

Pls tell me treatment for the following in calculation of taxable income

Bank Intt 10,000.00
LIC 15000.00
ppf 25000.00
mediclaim policy 3600.00

Dear Expers,

Please advice in which rate TDS has to be dedcuted on Birth HIre Charges Paid to Port Aithorities

Regards

Amendments to provisions relating to disallowance of interest, commission, rent etc payable to a resident for non-deduction of tax at source or non-payment of tax deducted(40(a)(ia))
Whether it is disallowed if it is not deducted in the previous year, if it is deducted and paid in the next year regarding previous year whether it would be allowed?

Dear all

We raise bill to party for repiring of machine by our engineers, also we are taking rembursement of travelling & lodging of engineers at actual supported by respective bills.

Wether we make seperate bill for service charge and rembursement of expensess or we can make a consolidate bill and charges service tax on total amount.

Waiting for reply.

In case of companies, is there any complusion to use marcantile system of accounting and if yes then under which section of companies act it is allow to use???

Dear sir,
Our company have to pay to his sister concern at Germany in EURO for purchase of machinery and we have to receive commission in EURO.
Can we pay net i.e. after adjusting receivable with payable. If yes any intimation is required to any government agencies.

Will trading in derivatives be treated as speculation profit or non speculation profit from business

Sir,

Given below the details of fixed assets for the F.Y 2008-09.
1. OPENING OF CAR ACCOUNT AS ON 01.04.08 RS. 540000/- ADDITION ON 02.04.08 690000.00 TOTAL OF CAR ACCOUNT AS ON 31.03.09 1230000.00

2.OPENING OF COMPUTER ACCOUNT AS ON 01.04.08 890000.00 ADDITION ON 1.10.08 140000.00 TOTAL AS ON 31.03.09 1030000.00

3. OPENING OF AIR CONDITIONER AS ON 01.04.08 170000.00 ADDITION ON 07.06.08 68000.00 TOTAL AS ON 31.03.09 238000.00

4. OFFICE BUILDING AS ON 31.03.09 2400000.00

PLS SEND ME THE DEPRICIATION ENTRIES AS PER INCOME TAX ACT AND AS WELL AS COMPANIES ACT.

PLS SEND ME THE DEPRICIATION ENTRIES AS ON 31.03.09 WHICH I SHOULD PASS IN THE BOOKS I.E AS PER INCOME TAX ACT OR COMPANIES ACT.

I SHALL BE HIGHLY OBLIGED TO YOU.

sir, my company is registered in gujarat & we are having our work done at haryana by a contractor also registered in gujarat. Now, i want to know the provisions of vat, cst and service tax applicable to this works contract.
Plz reply ASAP.
Thanks.