CAclubindia

Jitender's Expert Profile

Queries Replied : 2549

About me

Myself JITENDER, graduated from Delhi University in first class and become a CHARTERED ACCOUNTANT in Nov-08.

I am currently working with Max Healthcare.

I am also a part of self study group known as "karwan" for young CAs on emerging issues like IFRSs, GST, etc.

I believe in the saying that " knowledge is not the power. It can be a power only & only when u put knowledge into the action".

I have the interest in Cricket, Chess and Politics too.

Thanks for vivsiting my profile.

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vishal says : Import duty query
Hi, My import duty query is as follows: 1) On what value is the customs duty calculated? Is it the invoice value or the market value of the product? What are the elements included in the finale value on which the duty is calculated? 2) If the container has the main product with other free product(Consumer offer.Printed on the pack. Not free for me) what value shall be considered to calculate the duty? 3) What part of the duty can be claimed? Answer to this or a point in the right direction much appreciated. thanks

Satheesh Nair says : MAT
We are Pvt Ltd company having Automotive gasket manufacturing units in Chennai and Uttaranchal. Uttaranchal is coming under section 80IC and MAT is applicable. We have a common Balance sheet for Chennai and Uttaranchal. Is it possible to calculate MAT and compare with the Income tax paid already paid on the common balance sheet figures, and if the MAT figure is less than the Income tax payable then we need not pay MAT ?? If the MAT figure is more than the Income tax paid figure in the common balance sheet figure, then is it correct to arrive at the MAT payable by deducting from the Income tax already paid which was tabulated including the Chennai account ? Or should we have seperate balance sheet for Chennai and Uttaranchal and income tax payable as per Chennai account to be paid and MAT figure as per Uttaranchal account need to be paid ? Then after 5 years of 100% exemption we need to avail MAT credit when Uttaranchal need to pay Income tax on the 70% profit from the 6th year onwards ? I would appreciate to have detailed reply at the earliest to my query with relevant IT act and rules / section. Auditors are having different opinions and hence we are not guided properly. So your urgent advise is very much appreciated. Some experts advise to convert our Uttaranchal unit as LLP ( limited liability Partnership) to avoid MAT !! We started commercial operations from 01-04-2008. If we register now for LLP can we get retrospective benefit ? In this case should we pay MAT for 2008-09, 2009-10 and 2010 - 11 till date ? If we need to pay MAT for the above period with interest then whether we get any relief if we convert our unit of Uttaranchal to LLP ? our initial 5 year tax exemption period is up to 31-03-2013. Please advise your valuable opinion on this LLP suggession at this stage ?

jayant singh kalra says : gift tax
gift given over 50000 is disallowed but what are its concequence & how tax will be applied

Rajeev says : Taxation Querry
Hello Sir: My name is Rajeev My question is, I am a commerce graduate and have overall 7yrs exp. and currently I am working in US firm as US pension Plan Administrator which includes Tax filing, preparation and keeping update with PEnsion Laws. Now I want to do an course in Indian Taxation. Will it be fine for me and how my scope will it have for my career. Please reply ASAP. Thanks, Rajeev

shreyans jain says : Digital Signature
Sir,I am Shreyans Jain.Sir i need your help in growing my new work as Registration Authority for digital signatures. pls Visit and recommend my website www.digitalsignaturewala.com,u can buy online within 15 minutes you can also get the certificate.Thanking you .