TAX TAX TAX TAX!!!!!

Guys and Girls,

Tax question for the week.

One let out property in the name of husband.
Rent received and enjoyed by husband.
Loan taken for buying this property jointly with his wife who pays an equal share.

Can the spouse claim Interest on loan for HP?

BACK! ! ! BACK! ! ! WELCOME BACK ! ! !

Guys and Girls,

Back after a looooooooonnnnnnnnnnnngggggggggggg break.

Will continue with where i left!! Be in touch.

QUESTIONS FOR THE PERIOD 01/03/2009 TO 07/03/2009

Guys and Girls,

Last month of this financial year!!! Most of you will be under hectic work pressure.. But thanks for your attentive response to the questions..

My comments about sarayu last week made wonders i think!! She responded greatly to this week's question.. (For which lalit and me have to take credit for forcing her to do so!!!)..

She is absolutely right.. fantastic explanation for her answer..

This week, we can have questions not only in Tax but also in other topics as well..

Auditing:

What will happen if the auditor of a company, after completing his audit and preparing his report fell in Coma before presenting his report in AGM?

Law:

Is the legal son of the employee of a company who has the company's shares, counted as a member of that company for the purpose of the ceiling limit for members? (it s a pvt company!!)

RAHMAN'S REIGN

Guys and Girls,

I am going to tell you a story.. Not fully, but in parts.. A real-life story.. A bio-graphy of a great legend.. A true-hero’s rags to riches story.. Hope u like it..

Lets rewind our memories a little.. Way back in 1996. Most of you might have heard the movie “Rangeela”. A super hit film.. A short, black figure with robes that matched his colours was approached by a guy, some 5 months after the film hit the theatres.. The guy asked him to come to the national awards for best films (award distribution ceremony) to collect his award for the best music director.. This was not a surprise to him.. His songs from that film was the talk of the country for months and months.. It was played in every tea-shop, every saloon and every radio station.. It was like the National Anthem for many people.. He was obviously happy for this award as this was his first award for a Hindi film.. He went to the function.. He was all pleased to be there, to be with many celebrities, to receive this prestigious award before them.. The moment came.. The anchor announced “ The award for the best music-director goes to,….”.. He was ready to get up..

BUT the anchor announced some other name, some other music-director from a moderately hit film.. Everyone was shocked.. They were almost sure that their hero, who revolutionized the world of music would get the award..

After the ceremony was over, the media asked our hero about what he was feeling.. Everyone expected some angry remarks from him.. But he said, “GOD is great”..

Indeed, this was one of the special qualities of him that made him achieve a lot.. Patience and humbleness as he achieves greater heights..

And, who is the personality I am talking about??? No need to tell.. You all know him very well..

Any more such incidents in his life? Many many incidents.. Many incidents that helped him groom well.. Will talk about those in the next posts..


(ARR’s reign will continue...)

THIS WEEK'S QUESTION

Guys and Girls,

Last week's question was too too simple i think..

Lalit answered correctly (of course, when was he wrong?)..

Sarayu was in two minds i think ( A shock to me!! She used to be clear in her ideas!!)..

So, Lalit doesn't need introduction.. World famous personality!! A great guy to be with.. He is my best of best friends.. Have to learn a lot from him.. (Hardwork, Sincerity, Talent, Perfection, Punctuality, Honesty, Discipline, Loyalty etc...)

This week's question is,

2001-02 Business Loss of Rs. 2 Lakhs..
2002-03 Business loss of Rs. 5 Lakhs..
2002-03 Unabsorbed Depreciation Rs. 3.5 Lakhs..

2003-04 Profit of Rs. 7 Lakhs..

In which order the set-off should take place?

LAST WEEK'S QUESTION

Guys and Girls,

Sorry for the delay in updates.. The last questin was pretty easy (everyone ought to know).. The answer was given by Eshwar only which was correct.. I think asking questions daily seems a bit too much.. So we can ask it once a week as this gives an opportunity for those who donot have frequent access to net..

Now, back to business..

If a minor unmarried daughter receives Gift for her birthday from one of her relatives, say Rs. 5,000, will it be exempt as gift received is below Rs. 50,000 (or) since it is clubbed in the hands of the parent, will it be taxable after giving deduction of Rs. 1,500?

TODAY'S QUESTION

Hope yesterday's question racked your brains..

The correct answer is Marginal Relief is not applicable

(rightly said by Anand amd Arvind)

Today's question is,

What is the new amendment in sec 40(A)(3) for A.Y. 2009-10?

SOMDEV - THE GUY WHO WON MANY HEARTS IN CHENNAI OPEN

When Somdev Dev Varman won the NCAA championship in May this year, it caught the Indian media by surprise. The 22-year-old had become the first Indian winner of the premier American collegiate event, emulating the likes of John McEnroe, Jimmy Connors and Arthur Ashe.Surely, it was time for Dev Varman to say goodbye to the University of Virginia and turn professional. After all, the man he beat in the NCAA final - American John Isner - is already making waves on the ATP Tour. And doesn't India desperately need a male Sania Mirza?For the moment, Dev Varman is content playing the occasional ATP tournament - he was last seen in action as a wildcard at the Kingfisher Airlines Open, Mumbai.In this exclusive interview, Dev Varman told The Indian Tennis Blog he isn't ready to put away his books till May next year. Several people are astonished that you seem to be putting your college degree over tennis.

When are you going to turn professional?

I'm planning on turning pro after I graduate and finish up the NCAA team and individual tournament in May 2008. I feel graduating and getting a degree from the University of Virginia is a special thing and I've enjoyed my time there so far. I have no regrets of returning to school and hope to help my team be the frontrunners for a national championship this year.

Do you think staying back in India would have hindered your career?

No, I don't think it would have at all. Going to college was just another option for my life and my tennis. Indian tennis is growing and we're developing many juniors thanks to the efforts of the organisations in control.

Which tennis player is your idol and which is your favourite surface?

It's hard not to like Federer. He's a great player and represents the sport in the best way possible. I like playing on hard and clay.

John Isner, the player you beat in the NCAA final, is now the talk of the ATP tour for his meteoric rise up the rankings. Any comments?

John is a great player and a good friend. I'm a bit surprised that he has made his move this quickly but I thought it was going to happen sooner or later for sure. His serve is absolutely enormous and he's very mentally tough and focused. I'm happy for him and hopefully I'll be able to join him there soon after I graduate.

Can we see you playing more events in India in the future?

I would love to play some events in India if I'm given the opportunity.

What apart from playing tennis gives you a high?

Apart from playing tennis, I enjoy playing pretty much any sport. I love hanging out with friends and having a good time. I also love listening to music and watching movies in my free time.

YESTERDAY'S QUESTION

Guys and Girls,
Yesterday's question was pretty easy but none answered correctly except one.. The answer is that Agricultural Income from land situated abroad is taxable..

So geetha's answer is correct.. For, those who dont know the others, geetha was my classmate and my ex-girlfriend (my new girl-friend is Emma!!).. Currently in Bangalore..
Sarayu and Aishwarya are my good friends [ofcourse, Sarayu is my senior!!! :) ].. We are doing articleship in the same firm (Natarajan Associates).. Arvind is one of my best friends doin articleship in S.Venkatram & Co.
And Anand is my best of best friends.. We studied PE-I, CPT and PCC together.. Did articleship together.. (in fact, he only forced me to take CPT instead of PE-I)

Today's question is,

Will marginal Relief be applicable to foreign companies?

Post your answers.. As usual, the correct answer will be revealed tomorrow..

SATYAM SCANDAL - A REPORT

Dear Guys and Girls,

Hope u have heard about the Satyam Scandal..

The 7000-cr fraud by Raju and company has left thousands of employees and investors in tizzy.
Satyam chief Ramalinga Raju's resignation and admission of financial bungling seems to be just the tip of the iceberg and a bigger hole is fearfully awaited. More financial execs and officers might have the knowledge if has no direct hand in the wrong-doings.
And by the way, why is SEBI and ministry crying foul so late? What is SEBI for if it can't monitor business entities? Worries of thousands of employees and investors who have been left in crisis needs to redressed immediately.

But some say that,

Satyam was not putting money from one envelope to another in order to make money. Satyam has created real wealth and has been a genuine performer in the international market. There were real sweat and hard work by its leadership. Company's performance can still be maintained and may be even surpassed by correcting the aberrations which led to the financial anomaly. To create such a strong edifice in just 20 years is certainly heroic and deserves to be seen as meritorious performance. The original board had many members of unimpeachable repute and their contributions can not be undermined. With this perspective serving as a backdrop, a better appreciation of the fraud perpetrated in the company can be obtained. The flawed management paradigm at work does need a course correction; and to merely view it as a criminal act will not doing justice to the individuals or to the emerging institutions in the Corporate India. If the government criminalises the episode and behaves like a vulture preying upon the carcass or harangues like a "shradha brahmin" when corpse is in wait; it will not serve the Indian interests. We need complex, sophisticated and superior perceptions to sift the events and obtain true perceptions. This satya is owed to Satyam.

But, whatever be the case, what PWC did is ultimately wrong.. The Satyam Scam not only exposed the IT industry to questions, but also spoilt the belief upon the Auditors.. PWC, the leading Chartered Accountant firm is caught red handed.. This is a shame to all of us.. Hope the Indian Courts, give proper verdict to the accused..

DHONI - THE PRESENT AND THE FUTURE (Especially for Ranjini)

Guys and Girls,

If we talk about Dhoni and cricket now, all we remember is our win in the Inaugural Twenty20, success of IPL and most important of all, the fabulous crushing win against the mighty australians..

But,
Those who watch cricket for the past 15 years will observe that our Men In Blue face many ups and downs.. Many historic wins and many cleansweeps.. Many nail biting excitements and many insulting defeats.. Right from Krishnamachari Srikaanth to Rahul Dravid, team India was never steady.. In 2003, under the bengal tiger Saurav Ganguly's leadership, we went to the finals, only to receive an insulting treatment from the Oz..(We might have proudly said that we lost to no team other than Oz in the world Cup).. Our players returned as heroes despite losing the cup.. But what happened in the next World Cup? We suffered defeat in the hands of the Bangladeshis, who (pardon me for saying this), are not even worthy of playing Test Cricket.. What did we do? Burn their pictures? Damage their properties? That was done before they returned to India.. What we did after that? What should have been done after that? A committee should be formed to analyse the cause of the defeat and players should be paid based on their performance.. Player's commitment to ads should be reduced.. What have we done?



Instead of doing this, we convinced ourselves by saying that EVEN PAKISTAN LOST TO IRELAND, WHICH HAS NOT EVEN PLAYED INTERNATIONAL CRICKET BEFORE WORLD CUP.. Is this the corrct way? Pakistan's coach has been murdered and we sacked our coach.. Does that mean that only the coach is responsible for our defeat? If we win matches, it is because of the player's talent and if we lose, it is because of the coach's inefficiency.. Sounds stupid isn't it? Thats what happening here..




Before Dhoni came in, it was rahul dravid who was keeping wickets, which he is not professionally capable for.. Thats the first cause of our defeat.. Second, we were not playing as a unit.. There would always be two separate unions, with seniors like sachin, dravid and ganguly on one side and the highly athletic youth on the other.. Shouldn't they play as a team to win matches? The third reason is that we were depending on only one player to win for us.. Sachin Tendulkar.. not once or twice, but for the past 15 years.. If Sachin is the only match winner for us, then why were the others in the team? If we find solutions for these three problems, it will become easier for us to win..




When Dhoni took over from Dravid, the team was in a state of collapse.. The first thing he did is bringing the team together as a unit.. He had a chat with all the members of the team and solved their problems and mis-understandings.. He is a naturally talented player with outstanding capabilities.. And now, focus and pressure shifted from Sachin to Dhoni, Yuvraj and many other youngsters..




He coordinates with the team members and is always COOL!! even at pressure times.. This is just the starting of a famous legend.. Do wait for him and expect more.. I had the privilege of meeting him near a Gym.. Such a handsome guy, he attracts everyone..(especially teen age girls)

Most interesting of all is that he was a football player in his school.. One day, when the school cricket team's keeper was not well,he came as a replacement.. From then, he shifted his attention to Cricket.. Once he even challenged his friends that he will not cut his hair till he books a place in the International Team.. Such was his dedication to the game.. Unless you are Sanjay Singhania, you cannot forget his Blitzkreig knock of 183 against Sri Lanka.. No wicket keeper, not even the great Adam Gilchrist has ever scored those many runs in an innings.. He can even roll his arms over.. No wonder the people of Ranchi planned to build a Temple for him..

He is the No. 1 batsman in the world, taking India to 3rd position in both the formats of the game.. WINNING BECAME A HABIT OF TEAM INDIA AFTER DHONI TOOK CHARGE..


He is calm and composed.. Let us all pray for him and Team India to win its series against New Zealand.. Do see regular updates during India matches..

Long Live DHONI!!!

Emma Watson

Guys and Girls,
You may think that i am too obsessed with emma.. You should talk with her to know her nature..
Can you ever imagine a commercial advertisement model talking with you freely? without showing her exaggerated preoccupancy? You cant even imagine it in your wildest of dreams..
And despite being the most popular upcoming actress of hollywood, she spoke to me as if i were her childhood friend.. Most importantly, SHE GAVE ME HER MAIL ID, which most of the local actors and actresses dare to reveal.. She's so cute, so loving, so talented.. Visit this blog frequently to see my updates.. And more importantly, you are most welcome to post your comments..