Aditya Maheshwari's Expert Profile

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I am a Chartered Accountant in practice in Mumbai in the field of Direct Taxation, Audit, Company Law Matters and LLPs.

My motto in life is "Prepare for the worst and expect the best"

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CA Aditya Maheshwari

B. Com., A. C. A., DISA (ICAI)

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pulkit says : TDS on incentive to professional
My client has made payment to certain resident professionals as incentives for the efforts in getting a project. No TDs is deducted on this transaction . in normal coarse it deducts TDS u/s 194j when pays retainership fees to them . Plz clarify whether TDS is required to be deducted on the incetive ? if yes then under which section.

CA Tazin says : Very urgent
Sir A return for AY-2010-11 was filed manually claiming full refund. Client came to me,& I filed his return online paying some tax against that refund, not knowing about the refund being granted.Because of that I didn't submit ITR-V ( Though Refund cheque not received by client & gone backthe dept.) Please guide me whather I should file revise manual return againt the original Manual raturn or submit the ITR-V as refund cheque not being delivered as lying in the revenue,s a/c Thanks in advance

Nitesh punjabi says : lTCG & repatriation of sale proceeds to NRI
A=Foreign Citizen B= Non Resident Indian A holding flat in mumbai,Cost of Acq. = 1.4crore in the P.Y 03-04, sold flat to B in the P.Y 10-11 for Rs.1.7crore. All payments made in Dubai only. q1. Is return required to be filed by the foreign citizen ? q2. what about repatriation of sale proceeds ? q3. double taxation applicability ? q5. Sec 54 applicability ? q4. other Sections applicable ? Reply asap. Thanking you in advance !

Satheesh Nair says : MAT
We are Pvt Ltd company having Automotive gasket manufacturing units in Chennai and Uttaranchal. Uttaranchal is coming under section 80IC and MAT is applicable. We have a common Balance sheet for Chennai and Uttaranchal. Is it possible to calculate MAT and compare with the Income tax paid already paid on the common balance sheet figures, and if the MAT figure is less than the Income tax payable then we need not pay MAT ?? If the MAT figure is more than the Income tax paid figure in the common balance sheet figure, then is it correct to arrive at the MAT payable by deducting from the Income tax already paid which was tabulated including the Chennai account ? Or should we have seperate balance sheet for Chennai and Uttaranchal and income tax payable as per Chennai account to be paid and MAT figure as per Uttaranchal account need to be paid ? Then after 5 years of 100% exemption we need to avail MAT credit when Uttaranchal need to pay Income tax on the 70% profit from the 6th year onwards ? I would appreciate to have detailed reply at the earliest to my query with relevant IT act and rules / section. Auditors are having different opinions and hence we are not guided properly. So your urgent advise is very much appreciated. Some experts advise to convert our Uttaranchal unit as LLP ( limited liability Partnership) to avoid MAT !! We started commercial operations from 01-04-2008. If we register now for LLP can we get retrospective benefit ? In this case should we pay MAT for 2008-09, 2009-10 and 2010 - 11 till date ? If we need to pay MAT for the above period with interest then whether we get any relief if we convert our unit of Uttaranchal to LLP ? our initial 5 year tax exemption period is up to 31-03-2013. Please advise your valuable opinion on this LLP suggession at this stage ?