R.V.RAO's Expert Profile

Queries Replied : 1495

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Sunil says : Authorised service station basic exemption
Sir, On the above issue, you have replied on 19th October 2007, that the basic exemption is available. But I'm told that using brand name disqualifies from the basic exemption limit. I'm a authorised two wheeler dealer, not registered under ST, operating since 5 years. Now the ST department official has contacted me and demanded that I pay ST from 1st Invoice. Please clarify me on the using brand name clause in the authorised service station basic exemption limit.

abc says : Pvt Ltd Co. Share Trf - Buyback or Direct route??
Please clear me on the following. I have read that Shares of PVT LTD CO cannot be TRANSFERRED FREELY as AOA dont allow the same and RESTRICT IT... FACTS OF THE CASE - if there are 3 directors A, B & C - DIRECTOR "A" (external party) wants to resign and give up his shareholding, - AND B & C (both husband & wife) WANTS TO CONTINUE - and also company gets "D, E, F, G, H, I, J, K, L, M, & N" i.e. 11 new shareholders all these 11 are RELATIVES OF CONTINUING DIRECTORS i.e the above couple B & C THEN QUESTION IS - (1) WILL IT BE POSSIBLE ONLY THROUGH BUY BACK ROUTE i.e. company buys back AND REISSUES? OR (2) CAN THE SHARES BE DIRECTLY TRANSFERRED WITHOUT BUYBACK? PLEASE REPLY - THANKSS

Shweta says : Allotment of Shares
Sir, a Form 2 in the name of our co. is mistakenly uploaded and we did not wanted to increase our paid-up capital, we did not made any allotment of shares to anyone nor we prepared any share certificates to the effect. As a private Company we do not think it will be a problem to give the reverse effect of such allotment, we can produce the Signed resolution of all the Directors to give reverse this allotment. please advise the procedure for the reverse of this allotment and oblige

CA Amit Rajput says : Please comment
****Welcome to all experts to join in discussion **** I have a case about a an Investment (private limited )company which maintaining books of account on mercantile basis. But company records income on receipt basis from April to Feb and in the month of march a consolidate receivable from April to Feb is recorded and for month of march on receivable basis. my question is that is this practice of following cash basis accounting for 11 month and in March remaining receivable on consolidate basis i.e.(receivable less received) and for only month of march on pure receivable basis is Correct ??? Means following cash basis accounting for 11 months and Accrual basis accounting in month of march is correct or it will be treated as hybrid system. Is there any clarification from ICAI or Department for following accrual basis accounting through out the year? Pls join in discussion