Nikhil Kaushik's Expert Profile

Queries Replied : 23957

In case you are looking for tax compliance or advisory services, you can reach me at canikhilkaushik @ gmail.com

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AKKI SHARMA says : tds on mvat
Sir, Please let me know the procedure of filing the tds on mvat on works contract. Regards.

manish i. darji says : regarding jewellery purchased
if i purchased the jewellery thn it should be in drawings or investment a/c in th individual accounts ?

bela joshi says : CA FINAL REGISTRATION
GOOD AFTERNOON SIR, MY QUESTION IS SIR I HAVE REGISTERED FOR CA FINAL IN APRIL 2013 BUT I HAVE YET NOT RECIEVE THE REGISTRATION LETTER , SO SIR PLEASE TELL ME WHAT TO DO TO OBTAIN THE SAID LETTER. AND ALSO WHAT IF I NOT RECEIVE THE SAME UPTO MY FIRST CA FINAL ATTEMPT. WOULD I BE ABLE TO GIVE MY FIRST ATTEMPT WITHOUT REGISTRATION LETTER

Saurabh says : TDS On Trade with Online Portals
Sir, We list our products on websites like flipkart, snapdeal etc. A customer purchases the product and the payment is made to the channels. The channels later on pay us the amount after deducting the commission and service tax. So is it necessary to deduct the TDS on the commission? Also there is a contract between the channels and the company.

Himanshu says : income tax
First of all I will like to congratulate you for the good work you are doing here. My question is that I have a MOD account with SBI from which I got Rs 15000 as interest. Now,we all know that MOD account being a 'term deposit', all of the interest earned qualifies for tax. SBI has done that and they have deducted Rs.1500(10% of the interest earned by me) as TDS and it is duly reflected in my form 26AS. All well and good till now, but when I enter this interest amount(Rs.15000)while filling my IT Return-1,the software calculates the interest at 20%, so it is adding the interest to my total income and calculating income tax on this final sum. There is no provision in ITR-1 to fill this income from interest from term deposits. My questions are: 1)Is my TDS on interest correctly deducted by the bank 2)Where should I reflect this in my ITR-1/Will I have to fill ITR-2 instead?