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SEMINAR ON ,TAX PLANNING WITH REFERENCE TO AMALGAMATION:

BY, SUSHEEL KUMAR.G DOS IN COMMERCE SEMINAR ON ,TAX PLANNING WITH REFERENCE TO AMALGAMATION

STUDY OF AMALGAMATION:

STUDY OF AMALGAMATION COMPANIES ACT OF 1956 INCOME TAX ACT

AMALGAMATION::

AMALGAMATION: Amalgamationis a blending of two or more existing undertakings into one undertaking.the sharehoders of each blenbing company become substantially the shareholders in the company which is to carry on the buisness of blended undertakings.There may be amalgamation either by the transfer of two or more undertakings to a new company or by the transfer of one or more undertakings to an existing company.

MEANING OF AMALGAMATION UNDER THE INCOME TAX ACT[SECTION 2(1B):

MEANING OF AMALGAMATION UNDER THE INCOME TAX ACT[SECTION 2(1B) For the purpose of income tax act, amalgamation of companies means either merger of one or more companies with th anopther company or the merger of two or more companies to form one company. The definition of amalgamation under the section 2(1B) covers the following cases:- Merger of A ltd with x ltd (A ltd goes out of the existence) Merger of A ltd and B ltd with X ltd (A ltd and B ltd go out of existence) Merger of A ltd and B ltd into a newly incorporated company X ltd (A ltd and B ltd go out of existence) Merger of A ltd B ltd and C ltd into a newly incorporated company X ltd ( A ltd ,B ltd and C ltd go out of existence).

CONDTIONS UNDER SECTION 2 (1B):

CONDTIONS UNDER SECTION 2 (1B) CODNITION 1:- Related to properties CONITION 2:- Related to liablities CONDITION 3:- Related to share holders

TRANSACTIONS NOT TREATED A AMLGAMATION U/SEC 2(1B):

TRANSACTIONS NOT TREATED A AMLGAMATION U/SEC 2(1B) Where the property of the the company which merges is sold to the other company and the merger is a result of a transaction of sale. Where the company which merges is wound up in liquidation and the liquidator distibutes its property to the other company.

CARRY FORWARD AND SET-OFF OF LOSS AND DEPRECIATION U/SEC 72A:

CARRY FORWARD AND SET-OFF OF LOSS AND DEPRECIATION U/SEC 72A CONDITION 1:-Related to companies owning. CONDITION 2:- Related to accumalated loss or depreciation. CONDITION 3:- Related to assets held in amalgamating company. CONDITION 4:-Related to the assests held in amalgamated company. CONDITION 5:-Related to period of holding of the amalgamating company business by amalgamated company. CONDITION 6:- Related to production. CONDITION 7:- Related to the documents to be produced in front of assesing officer at the time of amalgamation.

SET OFF OF LOSSES OF A BANKING COMPANY AGAINST THE PROFIT OF A BANKING INSTITUTION U/SEC 72AA:

SET OFF OF LOSSES OF A BANKING COMPANY AGAINST THE PROFIT OF A BANKING INSTITUTION U/SEC 72AA CONDITION 1:- Related to quaifying institution. CONDITION 2:- Related to banking regulation act. CONDITION 3:-Related to the section2(1B). CONDITION 4:-RELATED to the provisions of section72A.

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DISCUSSION RELATING TO SECTION 2(1B)

DISCUSSIONS RELATING TO SECTION 72A:

DISCUSSIONS RELATING TO SECTION 72A WHEN CONDITIONS OF SECTION 72A ARE NOT SATISFIED. WHEN CONDITIONS OF SECTION N 72A ARE SATISFIED.

DISCUSSIONS RELATING TO SECTION 72AA.:

DISCUSSIONS RELATING TO SECTION 72AA. When conditions of section 72AA are satified . When conditions of section 72AA are not satisfied.

DATE OF AMALGAMATION:

DATE OF AMALGAMATION

EXPENDITURE OF AMALGAMATION:

EXPENDITURE OF AMALGAMATION

PROBLEM:-:

PROBLEM:- Xyltd wants to amagamate with Pqltd on june 30 2009 you are requried to find out the the tax implicatoin in respect of the following cases/ Allowences of XY ltd . Unabsorbed depreciation allowance of the previous year 1998-99-Rs36000. Brought forward buisness loss of the previous year 2000-01-10,00,00. Unabsorbed scientific expenditure-11,000. Bad debts -15000. Capital gain arising on transfer of assests to PQ ltd-Rs250000. Brought forward capital loss-Rs40000.

CONCLUSION:

CONCLUSION