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|There are three partners in a partnership firm. The firm
has office premises in the name of firm. Depreciation on
this asset is charged every in the books of the firm. Now
after depreciation the book value of this assets has become
Rs. 1000. Whereas the market vakue of this premises id Rs.
10 crorer. To bring this property at MV the partners
revalued this premised at Rs. 8 crorers in the books of the
firm and accordingly credited partner's capital account in
their profit sharing ratio. My questions are as under.
What is the income tax liability of the firm on revaluation?
What is the income tax liability of partner of each partner
on revaluation and credit to his capital account.
In future whether depreciation to the firm is allowed on
revalued amount under the income tax act.
What happens to the tax liability if one partner withdraw
his entire capital from the firm which includes credit on
revaluation of office premises?
When partners can withdraw out of their credit balance in
their capital account without attracting any tax liability
either by the firm or by partner?
What happens if one partner retires and he gets amount
equal to his capital account which inclides credit on
account of revaluation? is there any tax liability to the
|WHAT IS THE CEILING LIMIT OF SALARY FOR THE PURPOSE OF ESI
I worked TCS BPO for only 30 days. After that i didnt go to
office due to some family problem. i send resign letter
through mail.I do not like the work environment too. after
a month i had received a letter from TCS that i need to pay
20,000 but i am unable to pay. Now i am searching other job?
I do not show the TCS experience in my resume. Just i want
to know whether its affect my career. If i wont pay TCS?
What will happen? Pls guide me
|Suppose A palcement agency prepared the bill of Rs. 50,000/-
and also charge the re-imbursement of amount paid by him
towards Provident Fund and ESI Contribution for their
employees in a tune of Rs. 8000/-. Whether service tax is
chargeable on Rs. 50,000/- or on total Rs. 58000/-
|should legislation make changes in section-304 ipc(dowry
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