Dear Sir,
I Have the following Queries
1) When a partnership firm has a Slump Sale on 01/4/07 with a Private Limited Company. Whether the partnership firm has to file the Income Tax Return for the F.Y. 2007-2008.No business activity is carried on after 31/03/07.

2) Whether in the above case the Partenership firm has to Surrender the PAN Card on account of Slump Sale if Yes than what is the Procedure

Regards

Ravi Kiran

Is the Payer is liable to deduct TDS for the payment made to Contractor which actually a reimbursement of Postal Charges for mailing of mailers incured by him on payers behalf??


Regards

Rajnish Amipara
amiparasir@gmail.com

Suppose i am an assessee, having transactions with a Vendor ABC. Some transactions of the vendor falls under section 194 (C) and some others fall under Sec 194 J. I regularly deduct TDS.

Suppose i have transactions worth Rs.6 lacs under sec.194 (C) and another Rs.5 lacs under Sec.194 J with the same vendor?

Am i required to deduct Surcharge on TDS on all future transactions, since the cumulative transactions with the vendor has crossed 10 lacs?

Or should i wait for the transaction amounts to exceed Rs.10 lacs under each section, to deduct Surcharge on TDS.

Can any one please clarify? I would really appreciate it.

Dear my Professional Colleage,

I have query regarding how to consider age of 65 in case of Senior citizen.

Whether a person completes 64 years of the age and entering in 65 years during the P.Y whether he is Senior CItizen or He must be Completed 65 years of Age.

Ca Divyang Parikh

XYZ Ltd a listed company merging with PQR Ltd..

The payment has been made by XYZ Ltd to Non-residents after applying TDS provisions and tax has been deducted thereon.

Now after merger PQR Ltd will continue and XYZ ltd will be raising debit note to PQR ltd.

Thus whether tax has to be deducted again at the time of crediting XYZ Ltd in the books of PQR Ltd ?

What is the MAT percentage for Ay 2008-2009.

Whether it is 7.5% or 10% + surcharge +e cess

As relate to the company who is in receipt of Form 16A forms from the parties who have deducted TDS, The TDS receivable account under various parties should be closed, if yes how the accounting entries is to be passed.
I have got a view from te accountant that these accounts will be kept till the assessment is done.
Is it correct?
All these points have arisen during the course of Statutory audit of the company.
Kindly advice and thanks in advance.
Message to maheshkulkarni29@gmail.com

As relate to the company who is in receipt of Form 16A forms from the parties who have deducted TDS, The TDS receivable account under various parties should be closed, if yes how the accounting entries is to be passed.
I have got a view from te accountant that these accounts will be kept till the assessment is done.
Is it correct?
All these points have arisen during the course of Statutory audit of the company.
Kindly advice and thanks in advance.

Can a company issue TDS certificates to employees & others, if TDS return for last qtr has not been filed yet? If yes, how will the return acknowledgement no. be filled therein?

Salary payment ( Rs. 7500/-)made by company to the personal employee of the director on behalf of director (i.e. debited to director account)by cheque.

Is the responsibility of the company to deduct Profession Tax on same? (Maharashtra State)

Is the liability of the director to pay P.T. on salary ?

Thanks in advance.

Regards,
Mahendra.