CA CS CIMA Prakash Somani's Expert Profile

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About me

TAX ON SALARY DATEDIF FORMULA COLOR MAGIC in EXCEL NCFM MBA CA CS SAP Ayurveda Lawyers IndiaStudyChannel Games Linkedin Rediff Gmail INDUSTRIAL TRAINING Bank Audit CFA (US) TDS Service Tax CPE CA Firms Health Budget Yoga Ratio Analysis VAT SOX

Hello everybody, I really don't know where to start from.
I am basically a friendly person but not the one to take the initiative when confronted with a new person. But once the ice is broken, I spare no efforts in charming the other person.
I am an avid reader. Books are my passion. No matter how busy I am, I always manage to find time for reading. I also enjoy good food, Hindi music & a good cup of coffee.
I am a fun loving guy want to enjoy life as much as possible. I like making friends and I am a good friend. I love taking risks.

I am a determined person and works hard to achieve what ever I determines...,I have very strong will power..., full of confidence... a bit extra confident some time but manages to achieve my goals and never gives up attitude.

Always do whatever I think. I live life in my own special way. Always do whatever I think. Make own rules and follow them. Always Thing about these lines, when i do any thing:-

“Quality is never an accident, It is always the result of high intention, sincere effort, intelligent direction and skillful execution; it represents the wise choice of many alternatives”

Ultimate Vision of my life

1. “To be able to look back and not have any major regret – to feel satisfied that I lived a life that mattered.”

2. “The woods are lovely, dark and deep
But I have promises to keep
And miles to go before I sleep
And miles to go before I sleep.”

3. "It's good to be important but it's more important to be good"

I think that’s the best I can describe myself and like I said earlier if you want to know more about me get in touch with me.

What kinds of questions I can and can't answer?

My area of expertise

My experience in the area (years):

Organizations I belong to:

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Award & Honors:

CA CS CIMA Prakash Somani says : Hello Friends
One more good news for me as i made it under 20. Its seems like in T-20.>>>> Thanks for all your support.<<<<

CA Umashankar Vaishnav says : query in respect of section 40a(30
RESPECTED SIR, MAY I HAVE ONE QUERY IN RESPECT OF INCOME TAX “ PROFIT & GAIN OF BUSINESS AND PROFESSION “ . IN IT UNDER SECTION 40(A) (3) ANY EXPENSES ( PAYMENT) BY MEANS OF CASH PAYMENT( EXCEPT BY AN ACCOUNT PAYYEE CHEQUE OR AN ACCOUNT PAYEE BANK DRAFT) EXCEED RS. 20000 /- THEN SUCH EXPENSES MAY BE 100% DISALLOWED AND NOT DEDUCTIBLE. [ AMENDMENT IN FINANCE BILL 2008] [ UPTO THE FINANCE BILL 2006 IT MAY BE ONLY 20% DIS-ALLOWED] NOW , IF ANY PERSON DURING THE PREVIOUS YEAR 2008-09 PUCHASES A COMPUTER EQUIPMENTS FOR CASH PAYMENT OF RS .500000 /- , THEN FOR SUCH CAPITAL ASSET IF DEPRECIATION CLAIMED BY AN ASSESSE UNDER SECTION 32 @ 60% (THAT IS RS.300000/-). IS SUCH DEPRECIATION BEING ALLOWED OR NOT ALLOWED AS DEDUCTIBLE EXPENDITURE IN PROFIT & LOSS A/C STATEMENT OF AN ASSESSE. GIVEN IN BOOK OF INCOME TAX THAT SECTION 40A(3) IS APPLICABLE EVEN IF AN ASSESSEE PUCHASESA DEPRECIABLE ASSET. ALSO, SECTION 40A(3) APPLY IN RESPECT OF AN EXPENDITURE WHICH IS CLAIMED AS DEDUCTION UNDER SECTIONS 30 TO 37 . AS DEPRECIATION CAME UNDER SECTION 32. SO SIR WHAT WILL LIKELY TO BE DONE UNDER THAT PARTICULAR SITUATION AS PER THE INCOME TAX ACT . sir in vinod k. singhania book for assessment year 2009-10 it is clearly written as that section 40A(3)shall also be applicable even for depreciable asset. with proper illustration of a purchasing a car for cash than in that car we not liable for claim depreciation @15% for respective previous year plz suggest it sir

Gargi Ranade says :
respected sir, I am newly joined Co. Sec. my Co is Pvt. Co. and we are redeming pref. shares originaly isued to parent co. which is japanese Co. ,we have taken BM for redemption on 6th Jan and we are reddeming shares on 31st jan so what will be the last date for form 5 filing ,30days from passing resolution or redemption similarly I would like to know whether RBI approval or intimation is required to be given after redemption? thanx in advance Gargi says : redemption of pref shares

Gargi Ranade says :
respected sir, I am newly joined Co. Sec. my Co is Pvt. Co. and we are redeming pref. shares originaly isued to parent co. which is japanese Co. ,we have taken BM for redemption on 6th Jan and we are reddeming shares on 31st jan so what will be the last date for form 5 filing ,30days from passing resolution or redemption similarly I would like to know whether RBI approval or intimation is required to be given after redemption? thanx in advance Gargi says : redemption of pref shares

Gargi Ranade says :
respected sir, I am newly joined Co. Sec. my Co is Pvt. Co. and we are redeming pref. shares originaly isued to parent co. which is japanese Co. ,we have taken BM for redemption on 6th Jan and we are reddeming shares on 31st jan so what will be the last date for form 5 filing ,30days from passing resolution or redemption similarly I would like to know whether RBI approval or intimation is required to be given after redemption? thanx in advance Gargi says : redemption of pref shares