In case where property is aquired by the inheritance then benfit of indexation will be available :

1. From the year in which present assessee aquired the property or
2. From the year when assests was actually purchased.

For e.g.

Year in which actual puchased : 1985
Year in which assets transferred to present owner : 2004

So we will take indexation for the year 1985 or 2004.

Please clarify the same.....

Sir,
i want to know that self lease which is paid by employer to employee is either perquisite or income from House property in the hands of employee or both. what is TDS liability to employer U/s 192 (1A).

Other Query is whether third party lease is perquisite in the hands of employee or not.

We purchased truck on 1.4.2006. As per company Act 1956 depreciation rate is 30% P.A. But We want to know Howmuch Current depreciation rates of truck for a company as per Income Tax 1961 i.e 30% or 15%.

If an Individual falls under 44AB whether FBT Applicable or not. plz answer my querry as far as possible.

We forgot to make certain provision for expenses. Can we book the expenses this financial year.

We forgot to make certain provision for expenses. Can we book the expenses this financial year.

Sir,
I want to know whether subsidy received will be deducted from the Cost of the Assets while calculating Dep as per Income Tax Act.

Dear friends

as per circular 4/2008 tds on rental income would be deducting after excluding Service tax its means just only rental income so is this circular also applicable on 194j(proffessional fee)?


Thanks
Ca naveen garg

Can anyone please let me know the difference between TDS and TCS with respect to nature of payments , due date of payments to IT dept. ,rates, returns, issue of certificates like form 16A etc.

Thanks.

According to condition in 80G a charitable/religious organisation has to utilised its 85 percentage of income for charitable purposes in India.

However, it cand be accumulated upto next 5 years if the organisation gives undertaking to utilise the funds.

1. What if the organisation fails to utilise the funds? within 5 years.

2. If the shortfall amount is accumulated as Surplus Account (No separate head for Shortfall) can the organisation debit the surplus account and utilise the available funds during any finfancial years upto 5 years?

3. What if the organisation still has the shortfall in the financial year in question cna it be accumulated for next five years?

Thanks