If a person of USA prviding consultany to Indian Company .And he has been provided a house in India by the company . My question is now this house shall be treated as PE of USA person in regard to Article 12 of USA treaty and for section 44DA of the Income Tax Act,1961 or not.

TDS Certificate for Salary is required to be issued to employees before 30th April. In most cases accounts are finalized after that date and Provisions of Bonus is made as per availability of Profit and sometime after negotiation with employees/ union etc. Since Bonus and Leave Pay are related with the accounting year ended on 31st March, a provision is made for the same in accounts on 31st March at the time of finalization of accounts.

Hence, it is difficult to deduct TDS before March end, payment of the same to the Government and issue of TDS Certificate before 30th April.

Please enlighten the Provision for deduction of TDS, payment thereof and issue of Certificate. Like wise Employees are also not in the position to wait till finalization of account for filing their Individual Returns.

Generally Audit Fees is decided by the Board of Directors in consultation with the Auditors at the time of finalization of accounts, which mostly are done in August. Provision for the same is made in the previous year for which TDS is required to be paid in May and Return is required to be filed in June. Generally it is very difficult on or before end of May to finalize amount of Audit Fees and sometime even name of Auditors. There may be some instances where amount of Audit fees differs or Auditors may change like:

a) Statutory Auditors were appointed as Tax Auditors after end of May.
b) Other Chartered Accountant is appointed as Tax Auditors instead of Statutory Auditors in earlier year.
c) Auditors resigned or otherwise termination of assignment and another Auditor is appointed.
d) Merger/ Demerger of Audit Firms takes place.

In these types of cases it is difficult to pay the TDS on Audit Fees on or before end of May, file TDS Return and issue TDS Certificate before end of June. TDS certificate is required to be handed over to the deductee within 7th June i.e. TDS Certificate is to be handed over before completion of assignment and payment.

In these circumstances what should be the date for deduction and payment of TDS -- 31st March and 31st May or within 7th day of following month in which accounts are finalized.

If dates are 31st March and 31st May there is a genuine reason to relax the provisions in this regard.

Please give TDS Rate chart of Financial Year 2008-09

please give any small software which includs all income tax related challan or forms or documents.

Hellp

My query is that whether education expense (tution fees, exam fees, foreign travellin expenses) on employee will be treated as perquisites in the hand of employee.

What about the FBT on the same?

Please provide me any reference materail if you have regarding your answer..

thanx

Himanshu

It is mandetory from 1st of April, 2008 to pay tax on line. But in first week of April,2008 we have paid tax in bank via challan. Bank also accepted the same.
Will it create a problem in future assessment or it is valid? Please guide.

Is is possible to apply PAN for minor?

can we apply it or not

CAN SOMEONE HELP WITH ADVICE ON THE BELOW.

(I)If TDS recovered from

(a) Salries
(b) Consultacny paid
(c) Rent
(d) Contractors payments
(e) Interest paid

during Apr07-Feb 08 is not paid before March 31 st, 2008, will the expenditure be disallowed for the purpose of IT computation.

(II) If PF recoveries/ contributions recovered from salaries pertaining to Apr07-Mar 08 are not paid before March 31,08 , what will be the impact.

(III) If fringe benefit tax pertaining to the period Apr07-Mar 08 is not paid before 31st march'08 , what will be the impact.

if the financial year closed 2007-08 and bill received for the month of March-08 as on 08.04.2008. bill of courier.

in such case the entry is

postage & courior A/c Dr

To expenses payable

To TDS on contractor

entry for next year

expenses payable a/c dr.

To XYZ

is it right.