What is a chief administrative judge/administrative judge/presiding judge?

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if we have purchsed FMS/VKGUY or SHIS against C form entry tax is applicable on it in M.P.

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which purpose creat sagariya commisin?

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What is the meaning of withhold tax and give the example

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This position requires travel, sometimes frequent, sometimes infrequent, to Independence to cover the civil docket there. Are you willing to travel?

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Should those who make the laws (i.e. politicians) and those who enforce the laws (i.e. judges) be kept separate?

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WHAT IS THE PROCEDURE TO EXPORT STEEL SCRAPS FROM INDIA & THE CUSTOMS DUTY FOR THAT?

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Who has the power to write and change laws?

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How much notice you need to give to your present employer if you were offered a position?

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what is difference between past consideration in requirements of consideration and past voluntary services in no consideration no contract.i have little confusion explain the difference with example

0 Answers   Abhi Co,

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EXPLAIN THE MODES OF LIQUIDATION

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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 retiring partner?

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