CAclubindia

Queries Replied : 26053

Hi.I am Ramesh Krishnan, Associate Memeber of ICWAI & Certified Management Accountant (CMA) by IMA(USA) Working in Bangalore

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Siddharth Mohanlal says : HOW FILL ITR 7 SCHEDULE ER AND EC
EDUCATION INSTITUTION U/S.12A Registered, ITR 7 schedule ER and EC Source of Revenue Expenditure and Source of Capital Expenditure respectively, how to fill this schedules. For example Trust having Object of Trust Income Rs. 3700000 and Donation received Rs.1000000 and having Revenue Expenditure Rs.3000000 and Capital Expenditure Rs.800000.Now, the question is how to fill Schedules of Source of ER and EC. Please Advise and need expert opinion in this regard.

palash says : Issues in case of death of a partner in a partners
If there r 2 partners in a partnership firm and, one partner died on 30.09.2018 and on 01.10.2018 two new partners join the firm, then: 1. wht changes should be made in partnership dead, weather I hv to go with new partnership dead or supplementary dead is sufficient? 2. should I continue the firm with same PAN or I hv to apply new one? 3. should I prepare financial statements separately, for the purpose of audit? 4. whts will be the impact on income tax return filing?

Bhu G says : Advice on LLP contribution, capital and tax return
What can an LLP do if a partner has invested more than required contribution - monthly for salaries, rent, etc? 1. Do we have to modify the LLP agreement to reflect the increased contribution each month? 2. Can we show the extra investment as a loan from the partner if we didn't modify the LLP agreement? 3. Can the partners' capital be more than the LLP contribution amount on the tax return? Please guide, and thank you.

Syed Anwar says : please help in this issue
A foreign company or foreign Individual is buying 100% shares of a Indian company.What are the procedures to be followed for transfer of shares related to MCA & FEMA FDI compliance.If any formats or Drafts available please provide them. Please look into the query and resolve them. Thanks & Regards Syed Anwar

Naina says : Treatment of money received from deceased relative
Sir, My grandfather passed away last month and all his account balances and bank deposits amounted to Rs.7,00,000 which was closed and transferred to my fathers bank account on March 5th 2019, and the entire amount was withdrawn in April and used for payment of college fee for my sisters higher studies. So what is the treatment of this amount for income tax return filing.