Hi All,

One of my friend is doing his Articleship but after Approximately 3 months there is a misunderstanding between his Seniors & him and know he is going to resign.

He wants to join some one else for Training. What will be the process of the same. Which forms will be used.

And importantly impression of the same in his career.

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does any one have practical manual on banking - working capital with psc, pcfc etc.

In some book, author has given an opinion that disallowances u/s. 40(a)(ia)is applicable only on the amount (expnses) payable at the end of the year.
I would like to invite comments of seniors on this interpratation of the Jodhpur based author.

What should be the basis of calculating turnover while calculating 8% as profit U/s 44AD? Can it be cash basis ? The ITO claims that when books of account are not maintained, the assessee can not claim that he follows cash basis.On the contrary the ITO is compelling the assessee to follow Mercantile basis on the basis of TDS certificates available with the assessee.Can anybody throw more light on this?Moreover section 44AD does not override section 145.

what is the tax implication of intraday trading done by a person once or twice in every week.i.e neither he is comming under as a invester nor comming under as a trader.

Hello

It is private limited company. The company has obtained a short term loan from a nationalized bank. The bank has extended this facility to the company for financing the farmers who will be supplying raw materials to the company. The primary security is the hypothecation of receivables of farmers from the company. The company has given corporate guarantee which is collateral security. In addition to collateral security the company has given pronote for the loan sanctioned to the farmers. The fact is that the bank has given the loan on the strength of the credit worthiness of the company for its working capital. What the bank gains is that by terming the loan as “financing to farmers”, the loan will be classified by the bank as loan to “Priority Sector”. The loan was released in the name of the company and the company has utilized the funds for its own use.

Is it a secured loan or unsecured loan or current liability?

Kindly advice how to disclose the outstanding in the Balance Sheet of the Company when the balance sheet is prepared in accordance with Schedule VI of the Companies Act.

V.Veerappan

hi,
i would like to know-
are following amendments applicable for ca final may 2008-

1.Competition (Amendment) Act, 2007

2.Securities Contracts (Regulation) (Amendment) Act, 2007

3.Companies (Director Identification Number) Rules, 2006

please help me out

XYZ co ltd. has two subsidiary co's viz. ABC ltd and PQR ltd.

The books of accounts of two subsidiary are maintained at H.O.

Basically the transactions of two subsidiary are entered by the employee on the payroll of XYZ ltd.This means that there are no employees on the payroll of two subsidiary's.

what would be treatment as per IT ?
The question definately crack in our mind that without employee how the transactions been entered.

As an auditor what should be our opinion in such cases ?

CASE: My client has invested a sum of Rs. 24 lakhs in LIC’s MARKET PLUS PENSION POLICY in the Current Year 2007-2008 and out of that Rs. 24 lakhs, he is eligible to get maximum income-tax relief only on Rs. 1 lakh under section 80CCC.

QUERIES: If the above pension policy is surrendered wholly after the lockin period of three years, what will be the income-tax implication?

i) Whether the entire amount received on surrender is subject to tax? Or the surplus amount over the investment is only taxable?

ii) If the investment amount (subject to maximum of Rs.1 lakh) is not at all used to claim deduction under section 80CCC at the time of investment year, what will be the income-tax implication at the time of surrender wholly?
(Section 80CCC reveals that the surrender amount will be subject to income-tax liability only if the deduction is claimed and allowed).