On hiring of car whether TDS would be deducted as rent(u/s 194I) or as contract (194c)

On hiring of car whether TDS would be deducted as rent(u/s 194I) or as contract (194c0.

Is that any circuler/notification for not deductin tax on freight amount in case of import ?

My friend is constructing a house property since 2003. The construction is almost over except interior decoration and some minor things. He has sold shares and has made Capital Gain of Rs.1 crore in FY 2007-08. He wants to claim exemption u/s.54F for the Capital Gain against the construction of the property. The developer says he will give a certificate of completion for the house property Dt:FY 2007-08. Can my friend claim the exemption?

In a compnay /firm there was need to conduct tax audit in A Y 2006-07 , same not filed . now dept. want to impose penalty for the same. Pls. reply if we pay the penalty then if there is need to file Tax audit report or not ?

can short term capital loss is set off againts long term capital gain yes or no if yes then why if no then why tell me with specific reason ???????????????????????

Under the Income Tax Act Individuals can compute their taxes either on cash basis or on accrual basis.

Still why is it that many people get into the process of computation of accrued interest on their NSC certificates held and take that into account while computing their yearly taxes?

They take accrued interest on NSC under the head - Income from other sources and show the same as deduction u/s 80C.

Is not it simpler to only show the interest earned during the year of maturity of NSC as income from
other sources in the year of maturity of NSC?

Under the Income Tax Act Individuals can compute their taxes either on cash basis or on accrual basis.

Still why is it that many people get into the process of computation of accrued interest on their NSC certificates held and take that into account while computing their yearly taxes?

They take accrued interest on NSC under the head - Income from other sources and show the same as deduction u/s 80C.

Is not it simpler to only show the interest earned during the year of maturity of NSC as income from
other sources in the year of maturity of NSC?

I have a query regarding application of section 50B i.e. Slump Sale. Where an asset transferred, is one on which cenvat credit has been availed by the transferor in the year preceding the year of transfer what will the treatment of credit that would have been available otherwise had the asset not been transferred u/s 50B in the hands of the transferor Co or can it be availed by the transferee Co. As it has been provided that the unabsorbed losses and unabsorbed depreciation can not be carried forward by the transferee co. and only the transferor Co. can carry forward the same.
Now I want to know whether the Capital Asset on which Cenvat has been claimed or can be claimed is a depreciable asset for this section.
If yes, then what will be treatment of Cenvat Credit which can be availed, (i) if the asset is transferred u/s in the year of purchase, (ii) asset is transferred in the second or subsequent years.
Also as per Cenvat Credit rules, 2004 the cenvat on capital asset can be availed only if the asset is in possession of the person. Whether the possession here means the possession throughout the year or a case in which person held the asset at any time during the year will also be considered for the same.
Please reply urgently.
Thanks in advance

Hi,

a) I have deducted TDS in the month of May'07 and not remitted with 7th of June'07. Whether the expenditure will be disallowed?

b) I have an agreement with another party to share the expenses of advertisement. During the year 2007-08, the other party has paid Rs. 1,00,000 towards advertisement, he made TDS. Later, he transferred Rs. 30,000/- through debit note to me. Whether I have to make TDS on him, to get expenditure allowed?

Please reply, its urgent