CA Ashok Kumar Sahu's Expert Profile

Queries Replied : 1109

I'm practicing CA, in Raipur, CG. My qualification is FCA, M.com, Thanks to visiting my profile.

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Member (Account Deleted) says : Bank Guarantee Available for Discounting
Dear Sir I have a Bank Guarantee of 10 CR INR issuer Bank : State Bank of India and looking for discounting . Please advise if I can avail your services in relevance Warm Regards Ravvinder Whatsapp : + 91 8500886060

sarah says : Hello my dear
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pramod says : loan as expn
DEAR SIR, I HAVE A INTERESTING CASE HERE, 1. I AM TRYING TO GET LOAN AGAINST PROPERTY, 2. THEY ARE GIVING ME LOAN TOP OFF , AS THEY HAVE ALREADY GIVING HOME LOAN AGAINST THE SAME PROPERTY AND HOME LOAN IS GOING ON, EARLIER. 3. I WISH TO INVEST THIS LOAN AMOUNT SAY 10 LACS TO MY COMPANY, THEY CAN GIVE US CHEQUE IN THE NAME OF COMPANY AS BEING PROPRIETY FIRM, I WISH TO ENQUIRE, CAN I CLAIM ANNUAL INTEREST OF LOAN AS COMPANY EXPENSES WHEN, I WILL USE THIS MONEY FOR COMPANY EXPENSES AND BANK CAN ALSO DEDUCT THEIR PRINCIPALS A S PER THERE CALCULATION, AS IT WILL HAVE A FIXED TENURE TERM LOAN. 4. SECOND CASE – IF I FURTHER PURCHASE AN INDUSTRIAL PLOT WITH THIS MONEY, IN SUCH CASE, CAN I CLAIM ANNUAL INTEREST AS COMPANY EXPENSES WHEN, I WILL USE THIS MONEY FOR COMPANY EXPENSES. 5. THIRD, SINCE HOME LOAN IS ALSO GOING ON, IN SUCH CASE, I WAS TOLD BY MY CA THAT EITHER YOU CAN CLAIM INTEREST EXEMPTION OF HOME LOAN OR YOU CAN GET INTEREST EXPENSES IN COMPANY EXPENSES, CAN I CLAIM BOTH, INTEREST EXEMPTION AGAINST HOME LOAN UNDER IT RULE OF HOME FINANCE AND FURTHER AMOUNT OF LOAN INTEREST THAT IS ISSUED TO ME IN COMPANY NAME, I CAN SHOW ITS INTEREST EXPENSES AS COMPANY EXPENSES, PLEASE ADVISE. PRAMOD kumarin062rediffmail.com

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