Manoj Yadav
27 December 2011 at 15:47
If a fixed news paper allowance is given in salary and duly mentioned in Salary Slip. Whether it is taxable or exempt. If taxable then can it be treated as exempt by furnishing bills of Newspapers and magzines.
Manoj Yadav
27 December 2011 at 15:45
As per the explanation [(baa)] to section 80HHC of the I.T. Act: Profit of the business means Profit of the Business as computed under the head "profits and gains of Business or Profession" as reduced by, inter alia, 90% of receipt by interest. In this connection whether interest income ought to be considered net of Interest expenses. ( Refer : Honda Siel Power products ltd. v Dy CIT) [2000] and Pink star v. CIT [2000]
Mukesh
27 December 2011 at 15:25
I am Karta of HUF , also a salaried employee. Salary component has an HRA .
Can I pay rent to HUF ( as i cannot pay rent to spouse ) to claim HRA ?
Human
27 December 2011 at 13:38
Dear Experts,
Is there any law / act / rule regarding the MAXIMUM PERMISSIBLE LIMIT of Cash Transaction between any 2 Indian Citizens in a day?
If there is one, please help with the relevant Act / Rule / Clause.
Also, if someone does a cash transaction Higher than the permissible limits in a day, what are the penalties related to the same?
Anonymous
27 December 2011 at 10:23
sir pl tell me what is the meaning of 'c' form pl explain me with example ?
Asha
27 December 2011 at 10:03
R and Mrs.R submit the following particulars of income relevant to AY 12-13 :
(a) Mrs. R receives a salary of Rs. 60000 and perquisites of Rs. 22500 from G Ltd, in which her father in law holds 25% of equity share capital and she herself holds 10% of equity capital.
(b) Mr. R receives a salary of Rs. 18900 from S Ltd., in which Mrs.R, her sisters and brothers hold 21% of equity capital.
(c) Mr. R is a (10% share) partner in EFG, a partnership which is engaged in the business identical to G Ltd., and receives Rs. 75000 as salary and interest from the firm during the relevant previous year. None of the relatives of Mr.R has any interest in the firm.
(d) Mrs. R is employed by EFG on a salary of Rs. 15000 per annum.
(e) She receives dividend of Rs. 11000(gross) from G Ltd., and Rs. 7584 (gross) from S Ltd. on 1/7/2011
(f) Interest of minor daughter of R from a partnership firm is Rs. 43500
FIND OUT THE TAXABLE INCOME OR MR.R AND MRS.R FOR AY 12-13 ON THE FOLLOWING ASSUMPTIONS :-
A] That Mr.R is not a beneficial shareholder in G Ltd. throughout the PY.and
B] That Mr.R holds 10% shares in G Ltd. only during 15 days of the PY [1/7/11-15/7/11].
Answer :-
Part A]
Mr. R => GTI = 75000
Mrs.R => GTI = 166800
Part B]
Mr. R => GTI = 199500
Mrs.R => GTI = 42300.
I am not getting answer of Mrs. R in both the cases. Please help.!
thanks in advance...
Anonymous
26 December 2011 at 23:04
RESPECTED EXPERTS,
I RECEIVE REGULAR REMITTANCES OF US DOLLARS FROM USA FROM MY DAUGHTER AND HER HUSBAND THROUGH BANK. IS THIS AMOUNT TAXABLE IN INDIA?
AND WHAT IF IAM HOLDING THIS MONEY FOR THEIR BENEFIT ONLY?
geeta
26 December 2011 at 15:12
Hi,
I have some clarification in VAT, please clarify,
1. I wanted to know vat rates of pulses, earlier the same was covered in Sl.No.30 of Schedule 3 to VAT Act, i.e. in 5%, and vide notification No.FD 82 CSL 10(II) – (effective for the period 01-04-2010 to 31-03-2011) the same was exempt. However vide Act 12 of 2011, sl.no.30 of Schedule 3 has been removed. The effect is it is no more covering in any of the Schedules to the Act, i.e., it is taxable @ 14%.
Section 4(1)(b) provides in case of declared goods u/s. 14 of the CST Act, the tax would be the maximum rate provided in Section 14 of the CST act i.e.5%.
So whether pulses are chargeable @ 5% now, since the same is declared goods u/s.14 of the CST act.
geeta
26 December 2011 at 15:08
Regarding availing input on goods specified Schedule V of the Act,
The VAT act was introduced to prevent levying tax on tax, however Schedule V of the Act provides on certain items, like, Motor Vehicles and its parts, Articles of food and drink, Textiles, Furniture, etc.
By refering to the VAT act, there is no specific provisions which exempts the reseller or purchases for manufacturing/further processing from the provisions of the Schedule V.
Logically, it looks like these provisions may not be applicable to reseller / manufacturers, but I want to know whether there is any provision/rule/notification/circular, which exempts the applicability of Schedule V of the Act to reseller / manufacturers.
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News paper allowance in salary
If a fixed news paper allowance is given in salary and duly mentioned in Salary Slip. Whether it is taxable or exempt. If taxable then can it be treated as exempt by furnishing bills of Newspapers and magzines.