What is the difference between intention and foresight?
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Why is there no United States of Europe but there is a United States of America?
how computation of tax for toll naka will be done
what is the difference between Nyaydish and Nyaymurti in India
Should the state have the right to violate our privacy?
who prepaired the draft of Indian constitution?
what is MOI????
A manufacturing defect stops a parachute from deploying in a charity skydive leading to two people dying. Is this manslaughter or murder?
rights reguarding a private sale of goods not paid for in full and courier failling to collect correct amount of monies on cah on delivery
How you will handle a situation where a police officer wants a warrant signed or wants to file particular charges and you do not agree with his/her assessment?
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?
What do you think is the most important issue facing the legal profession at the moment?
what is human right
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