Anonymous
11 January 2011 at 01:34
whether profit earned by a resident company out of direct export on high seas terms is liable for income -tax in India in the F.Y. 2009-10.
Anonymous
10 January 2011 at 14:31
i purchased a dda flat on my wife name some year ago.and take rent recipt from her.
now i want to purchase a another dda flat on my name by selling current one.because of taking house loan deduction from my income tax.
but i think if my wife sell the flat on her name then new flat should be purchased on her name for save capital gain tax.
if she gifted to me this flat before sale then i think have to pay registration charges for transfer of property on my name
please guide me
Anonymous
10 January 2011 at 12:16
Is income earned from mahua flowers/seeds taxfree?
Thanking You...
Anonymous
10 January 2011 at 08:04
during course of assessment proceedings i have surrendered voluntarily rs 150000/=(being short term capital gains of property) as per sec 50c of i.t.act1961.the learned officer has initiated penalty proceeding u/c 271(1)(c)of the i.t.act against the assessee.the assessee neither concealed any income nor furnished any inaccurate particulars of the same. please tell me any case law to withdraw the penalty proceedings.
Anonymous
08 January 2011 at 13:12
We have a constructon partnership firm where there are 3 partners viz. A,B,C. Bis an N.R.I. and lives in Singapore.The architect of the bilding is also situated in Singapore and has no business connection or P.E in India.
Now B out of his earnings at Singapore pays architect fees. Now in our books we will credit B's capital A/C and debit the building a/c.
Qs1. Is T.D.S. deductible? if so at what rate?
Qs2. Is this transaction allowed in accordance with F.E.M.A. ?
Rohtash Babu Patel
08 January 2011 at 12:54
Sir
i want to know how many type of accounts are to be maintained by an advocate, whether amount spent in purchase of old library could be put in office expenses
ashok kumar choraria
08 January 2011 at 10:03
Recently I came across a very Interesting case where an assesee appeals before the Commissioner (Appeal) of Income Tax being aggrieved by the Assessment order passed by the concerned ITO.
The appeal was admitted and heard by the commissioner and it provided all the relief quashing the orders of the ITO.
Now against the orders passed by their own Commissioner Appeal, the Department has taken the case before the Tribunal.
My query is against whom the department is pursuing the case, The Concerned ITO or his superior Commissioner (Appeal)? And why?
1. The power to appeal should have been rested only with the aggrieved Assesee not with the department
2. If the department takes this case further then they should either remove the post of ITO or of the Commissioner, because it shows they have no faith in their own senior officer who have quashed the order of his junior.
So I solicit all the valuable opinion in this matter.
Ashok Choraria
SOWRIRAJAN A
07 January 2011 at 15:17
In Tamilnadu, the professional tax law says, Govt. employees whose income derived from the revenue of the Govt. has to pay the Professionaltax @980/- for every half year. This clearly shows the employees of LIC, BSNL, SAIL, ONGC, etc. But the Commissioner of Thanjavur writes to Sr. Postmaster to deduct professional tax from the employees of Postal Department? Department of Posts in running into loss and the payment is derived from Consolidated Fund of India and not from the revenue, but the authorities are failing to apply their mind and insist on payment of professional tax by the employees of Department of POsts. How far it justifies?
jimi patel
06 January 2011 at 00:16
1>
we have a client who entered with an agreement with contractor to laying pipelines for home connection for gas distribution. In contract they mentioned the particular rate for one connection which incusive of both material and labour.they did not mention seprately labour rate and material rate. i.e 3800 for one connection incuding both labour and material.But contractor raised bill seprately for labour and material. i.e 1900 for labour and 1900 for material. Now i have query that on which amt we have to deduct the tax i.e on 3800 0r 0n 1900 for labor portion only. please reply urgent.
2>
i have a client who has taken certain buildings on rent for 35000 monthly rent. annualy 420000 but he deduct the tds only after payment exceeds 180000 then he deduct tax on whole amt which was not deducted upto 180000 pymt. Is it correct? I think rather he should deducted tds from the first payments onwards ? whether i am correct or not? please reply urgent.
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Income loss from house property
Earlier when declared House 1 self occupied,House 2 given on rent. The whole interest paid to housing loan is deducted under "Income loss From House Property"
Now House 1 self occupied, House 2 on rent
Now the whole interest paid to housing loan is not considered but only 1,50,000 only.
Why so? is the income tax laws changed 2009-10 to 2010-11 esp on housing loan taxation?