Hi,

For a salaried person if the income from salary is 11.5 lakh, loss due to interest for house property is 1 lakh and she has done 80C investment upto 1 lakh (i.e., taxable income is 11.5 -1-1=9.5).

Is she liable to surcharge applicable for income above Rs10 lakh?

Thanks in advacen for your resolution.

Dear Sir,

Our Company is a Trading Company I.E we get Commission on Sale of Machineries by the Korean Company to Indian Company and our Company act as an agent for Marketing of Korean Company for the sale of there machineries to Indian Company

Exhibition are held in India Machineries are kept in the Exhibition for sale.

My query is that Our Company First Pays the Expenses Incurred on our Korean Counterparts such as Travelling TKTS and Boarding and Lodging Later on we raise a Debit note on our Korean Counterpart and we get the reimbursement for the same
Is FBT is applicable on this reimbursement since there is no employer and employee relationship

Please suggest

Regards

Ravi Konda

If FBT of the previous year i.e.AY2007-08 is not paid till then what is the consequence to file return for this year.

Dear Sir,

Suppose a Person who travels Frequently in to another city For Example Bangalore and he is Hiring a Car from the Local Tours and Travels in that City for Visting and Entertaining the Customers.
IF the total amount of bills for the year goes above Rs 50000/- of the Tours and Travels for Car Hire Charges Since we dont have any contract between Tours and Travel Co and ouselfs Than also Can I deduct TDS on Car Hire Charges U/S 194C Or Should not

Please Suggest

Regards

Ravi Konda

IF any person going to abroad for client site project the amount which we pay to him as Food and daily allowance is Taxable however the all expenditure which we incurred on him is charge to the client.

Reg
Mint

Can we invest in LIC/eligible MF/FD/NSC for Rs. 1 lacs for deduction u/s 80C by taking a loan?

Is interst payable on this loan is allowable expenses against interst income or salary income (If no business income)

One of the employee took a loan from bank for acquisition of home and he will get possession after 2 years. But his EMI already started.
Can he allow for deduction of interest under home loan for Rs. 150000/- and U/s 80C for installment paid in current year?

Can Assessing Officer issue a notice u/s 142(1)(ii), after the end of one year from the end of relevant assessment year (i.e. once the return is time barred), requiring the Assessee to file the return of income?

Please give reference to any specific section or case law if possible

Here is the Case.

An agricultural land is purchased in the year 1961 for Rs. 3000/-. Later it is registered for Rs. 2 Lacs in the year 1981. In 2007 it is sold for Rs. 55 Lacs. In 2008 the same land is registerd for Rs. 1 Crore.
For the above case which Amount should be considered for calculation of Capital gains? whether Rs. 55 Lacs is to be considered or Rs. 1 Crore? Please let me know...

Thank you.

X company incurrs seminar & training expenses, which is subsequently recovered from its group company.So is X company liable to pay FBT on Seminar & Training Expenses ???????