hussain
08 September 2009 at 14:48
Sir,
Thanks once again for given suggestion.riven
pankaj Kumar
07 September 2009 at 17:10
What is municipal corporation of Navi Mumbai cess and where is applicabale?riven
hussain
07 September 2009 at 16:50
Sir,
Show as per Section 295 (2) of the companies Act 1956 there is no restriction to give loan to the directors.
thanks for your suggestion it will help me thanks once again.riven
hussain
07 September 2009 at 14:33
sir,
But as per law the private company can't give loan to directors.so the income tax department claim that is divided and disallowed the loan.riven
hussain
07 September 2009 at 10:17
Sir,
i have asked query on 05/09/09 about loan to directors but still i have not receive any answer.
My Query is that the private company has paid a loan to directors and it has been recoverd in neat financial year but the income tax department says that is a deemed income in the hand of directors there is rule that can be save the tax of the following.riven
Atish
06 September 2009 at 22:54
IN THE CASE OF RESIDENTIAL PROPERTY.
The B.M.C. has revised the tax structure in a very harsh manner in Mumbai for properties given on Leave and License. The tax is very high. I believe that it is subjudiced and has to still be decided on.
In caes the society is demanding it on behalf of the B.M.C. and the Property owner refuses to pay, could any action be taken on the property owner or it could remain pending till the final decission by the B.M.C.
Also whatpercentage would according to you on residential property tax be levied and how would it be calculated as far as expenses also incurred by the prperty holder.
Regardsriven
Krishnan Venkatachalam
06 September 2009 at 19:33
"X" an individual availed housing loan from a nationalised bank and the house property was Mortgaged to the bank till the repayment of loan."X" defaulted in payments and the bank issued notice to the borrower that it will auction the property. In the meanwhile "X" housing property along with some other properties were attached by the Income tax department. The bank which had given loan to "X" auctioned the property after giving due intimation to the IT department and issuing public notice for auction.
The question is whether Income tax department will have priority over the bank ( secured creditor ) in taking the sale proceeds of the auctioned property. The bankers claim that they have preference over the IT department quoting SARFESI Act. However some of my collegues say that the borrower is an individual and hence bank can not claim priority over IT department quoting SARFESI act which will be only applicable to borrowers who are company incorporated under companies Act.
Kindly clarify as to who will get priority over the sale proceeds of auction whether bank or IT Department.
Krishnan Venkatachalam
06 September 2009 at 19:32
"X" an individual availed housing loan from a nationalised bank and the house property was Mortgaged to the bank till the repayment of loan."X" defaulted in payments and the bank issued notice to the borrower that it will auction the property. In the meanwhile "X" housing property along with some other properties were attached by the Income tax department. The bank which had given loan to "X" auctioned the property after giving due intimation to the IT department and issuing public notice for auction.
The question is whether Income tax department will have priority over the bank ( secured creditor ) in taking the sale proceeds of the auctioned property. The bankers claim that they have preference over the IT department quoting SARFESI Act. However some of my collegues say that the borrower is an individual and hence bank can not claim priority over IT department quoting SARFESI act which will be only applicable to borrowers who are company incorporated under companies Act.
Kindly clarify as to who will get priority over the sale proceeds of auction whether bank or IT Department.
Deepak Kumar
05 September 2009 at 16:19
I have income from shares.
I am trader I have profit as well loss.
Kindly suggest me to file ITR.
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Loan to Directors
Sir,
as per incometax disallowed the loan as per provision of sec (2)22 (e)of the act says that is to be treated as deemed dividend.
riven