Sir,

Ours company is Ltd but not listed. During the financial year(2007-08) we purchase Interior Rs.10 Lakhs in cash. As per sec 40(a) no payment is made in cash more than Rs. 20k. In this way our asset purchase is allowable(capital asset) or not. If allowable can we claim depreciation. Please give advice in this thing.

Future & Options Profit to be soon under which head and when it become liable to Tax Audit and if yes when

Hello Mr. CA.Ramesh Ahuja,

Thanks for your reply for my querry dated 19/7/08.

Further to my first querry- what do you think about a partner in a partnership firm? is he an employee for the purposes of FBT? Does the FB or deemed FB as per chapter XII-H enjoyed by a partner/ Managing partner will atract FBT in the hands of the firms.

Actually, the term 'employee' has neither beeen defined in chapter XII-H or anywhere under the Act.

The "guidance Note on Audit of Fringe Benefits under the Income-tax Act,1961" issed by our CA Institute takes the help of the obsevations made by the Hon'ble Supreme Court in Ram Prashad v. CIT(1972) 86 ITR 122(SC).

pls give your opinion...

Thanks and Regards,
CA.R.Tharangini

If a person died at the age of 78yrs and he clearly made a will in which entire liabilities and assets belonging to him must be transferred to his wife after his death.

However Insurance Company has name of nominee as his son.

Now on whose name should the Insurance company allot the claim amount for death,Son or wife?

Assuming that the plan is of Cash back Scheme
what will be tax treatment?

what is the procedure to make changes in PAN card taken on the name of MINOR When He/ She gets major .

what is the procedure to make changes in PAN card taken on the name of MINOR When He/ She gets major .

what is the procedure to make changes in PAN card taken on the name of MINOR When He/ She gets major .

Kindly let me know that what is the tax implication of payment received on maturity of LIC, NSC,FD, PPF and PF.

I Just Want to Clarify On the Answer Given By Srinivasaraghvan to the questin o which itr form

right answer should be itr-4

because lic comm is professional income

Hi Anand,
My query is that Uniform allowance & Conveyyance is exempt from the income?
If it is exempt then what is the maximum limit which we can exempt from the gross total income?