What will be my tax liability if i receive a gift from my father.

Hi all,

I have the following queries:

1. What to do in a situation when the Banker has already deducted TDS on FD (FD amount is Rs.9.5 lacs with 6 years term) interest? Infact, the client/customer is an autonomous body under GOI and is exempted from paying income tax. The Bank, before deduction of TDS did not took any consent and now on persuasion it has requested to submit Form 15AA to avoid deduction of TDS in future course. Is it possible to recover such (TDS) from the Banker because the said autonomous body has nothing to do with the TDS Certificates?

2. Is TDS applicable on interest accruing form Savings Bank A/cs amounting to Rs.20 lacs (approx) in a Year?(SB A/cs were opened as per HO directives and these are specifically for project operations in addition to the existing Current A/cs for normal operations)?

Please reply in detail.

Thanks in advance.

whenever co declares a bonus issue it is a positive point for market to raise the stock price.

then why that is not true with reliance power IPO?

TDS on contracter will be deducted on what amt & when
case A
01-04-07 5000
01-05-07 2500
20-06-07 2000
21-06-07 20000
23-09-07 5000
26-09-07 9000

full year less than 50000
now whether tds will be deducted on
all or tds will be deducted from 21/6/07 to 26/9/07
b/c rs 20000 limit crossed once

case b
01-04-07 5000
01-05-07 20000
20-06-07 5000
21-06-07 10000
23-09-07 5000
31-03-08 10000

full year more than 50000
now whether tds will be deducted on
all since 50000 amt exceeds on 31/3/08
we have to pay int on tds deducted for above amts

if a person gifts to his spouse RS 70000/- in cash (as sec 56 says "any sum of money" it means in cash)then whether there is any need to execute gift deed on stamp paper.
it can be done on simple paper

Does cash payment of salary above Rs. 20000 covers under sec. 40A(3)?

if a person accepts loan in cash in this manner
1/4/07 15900
20/4/07 15800
3/9/07 15800

then whether he is liable u/s 269S & 269T IF IT IS
(A) AUDIT FIRM
(B) NON AUDIT FIRM

If that firm comes U/S 44AD or 44AF or 44AE?
what is the penalty for violating sec 269ss or 269T

HI ALL
IS THERE ANY SPECIFIC EXEMPTION TO ANY TO ANY CONTRACTOR UNDER 194C.WAT DOES THE ACT SAY?
I HEARD THAT IF TURNOVER OF THE CONTRACTOR DOES NOT EXCEED 10LAC,THEN TDS NEED NOT BE DEDUCTED.IS IT TRUE?
OR IS THERE ANY LOWER RATE OF TDS APPLICABLE TO CONTRACTORS.
PLS CLARIFY ME IN THIS REGARD

I am preparing Form 16 of a person who was employee of the Co. for the period from 01.04.2007 To 31.08.2007.
his total salary for that period was Rs. 181000/-. The TDS deducted Rs. 1000/- ag. his salary., at this time a have no details of his Deduction U/s 80 C, LIC, House Property Loan, H.R.A., etc.
what should i do in this case. please tell me the way to fill up Form 16 in this case. when I dont know about their deduction amt.

Is deduction of TDS required for Transportation Charges paid for purchase of machinery, since the same is capitalised? If no TDS is recovered, then what is the treatment u/s 40(a)(ia)?