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IF THERE IS LTCG OUT OFF SLUMP SALE AND THERE IS ALSO CARRIED FORWARD OF LOSSES OF BUSINESS AND DEPRECIATION LOSSES.

WHETHER DEPRECIATION LOSSES IS GOING TO BE SET OFF OR NOT

There is no provision under Income Tax Act to specifically provide that Conversion of a Partnership into LLP does not amount to transfer

However explanatory memorandum to Finance Bill 2009 provides that the conversion from a general partnership firm to an LLP will have no tax implication, if the rights and obligation of the partners remain the same after conversion and if there is no transfer of any asset or liability after conversion. If there is a violation of these conditions, the provision of capital gain will apply.

Therefore in the normal parlance, conversion of a partnership into LLP will have no tax implications as there is no transfer of assets to a third party on conversion of partnership firm to LLP.

caabhisheksonthalia

Sir as per my opinion if Trading in Shares is also main activity then there is no need to bifurcate income form such activity as STCG, LTCG or INTRADAY.

Otherwise company has to may more TAXES and company can never be in a position when its has to pay lower TAXES!!!!!!!!

     

YES

AS per Section 44AD if Firm wants to declare lower income then the 8%  of Turnover, TAX Audit is compulsory.

In your case There is loss which  is lower than the 8% of the Turnover and if Firm wants to declare lower income then TAX Audit is to be done.

For this  Cost benefit Analysis to be made that is TAX Saved and Fees for TAX Audit and decision to be made.

AND it is advisable to take TAX Audit option as Tax to be paid if 8% income is considered which is 459200 and TAX is Rs. 138170/- and TAX Audit Fees Say Max Rs .35000 there is Saving of Rs. 103170/-

Hope U find the answer!!!!!!!!!

NOW MY QUESTION IS IF COMPANY TILL DATE  SHOWN IT AS INVESTMENT ACTIVITY AND COMPUTED INCOME ACCORDINGLY.

IF COMPANY TREATED IT AS BUSINESS ACTIVITY AND THERE IS LTCL(LOSS) WHICH CAN BE SET OFF AGAINST BUSINESS INCOME COMPANY WOULD HAVE HUGE TAX SAVING DUE TO THIS.

WHETHER IT IS PERMISSIBLE  OR NOT

BHAVESH PATEL

[WAITING EAGERLY FOR YOUR REPLY!!!!!!!!!]

Dear ALL

I want to know  that if company carry on business of Trading, Manufacturing and also dealing in Trading in Shares(also having large income from shares trading)

Whether it has to Bifurcate income  from shares as LTCG, STCG, INTRA-DAY GAIN/LOSS or  just treated them as normal business income and set off benefit available from the loss of manufacturing activity.

Bhavesh Patel

WAITING EAGERLY FOR YOUR REPLY!!!!!!!!!

Thank You for your reply.

It clear all my doubt and increase my knowledge too.

Hope for your support all d time!!!!!!!!!!!!

Regards
Bhavesh Patel   

IF COMPANY RECEIVED PROFESSIONAL AND TECHNICAL SERVICE FORM FOREIGN COMPANY.
RECEIPENT COMPANY PAID SERVICE TAX ON IMPORT OF SERVICES.
SAY BILL $ 1000
SERVICE TAX PAID BY INDIAN COMPANY @ 124

THEN TDS TO BE DEDUCTED ON WHAT AMOUNT AND WHAT AMOUNT TO BE REMMITED?????

FOR SLUMP SALE IS THERE ANY RESTRICTION FOR SELLING ASSETS WITH PROFIT MARGIN IF THE SAME HAS BEEN SOLD TO SUBSIDIARY COMPANY.????