Please Clarify!A Sales Manager of the company is receiving sales incentives.Does FBT is liable on this sales incentive as it has been specifically exempted FBT on sales incentives given to distributors.but here an employee of the company is receiving sales incentives.

I saw a Query by Mr Satyen Sharma and its reply by expert Mr Jitender.
What I feel is that basic theme of the Query is unanswered. Obviously, Mr Satyen is under notion that Investments in ELSS U/S. 80C are taxable on maturity and it is this notion which gave rise to the Query. Reply by the Expert does not indicate that this notion is wrong, and hence, the entiry expert's relply is fruitless.
THIS TYPE OF SUPERFLUOUS REPLIES ARE FREQUENT AND INCREASE THE CONFUSION OF THE SEEKERS.
I HUMBLY REQUEST TO THE EXPERTS TO KINDLY GIVE APPROPRIATE REPLY TO THE QUERY POSTED. MEMBERS SEEK HELP AND GUIDANCE FROM EXPERTS - NOT JUDGEMENTS.

Dear All
My query related to investments u/s 80C wherein funds are locked for a 3 yrs period. If for instance I invest in an ELSS Mutual Fund, I get units allotted in my name. After a 3 yr lock in period, it is taxable, if redeemed.
My question is that whether MF is considered as security under the Securities Contract regulation Act, if yes, then it would be a long-term capital gain on securities, which would not be taxable.
Then why is the whole amount subject to tax wherein the principal amount is also involved along with appreciation
Pl. suggest.
C.A.Satyen Sharma

while filing an ITR of a company I came to know that it has more than 1 PAN number.Is it possible?How? If yes,than which is the valid number should be used while filing ITR etc. And what is the procedure to cancel the invalid PAN number. I know that I have to surrender one card and inform my IT Deptt. about surrender of one pan no.if i will have more than one PAN then it will cause penalty. But i have one pan with me one in it dept two different number how to track all the no frist

Dear All,

One of my senior colleague is a retired Colonel and is receiving Pension from Government of India since last one year. Now this year, he will be filing return of Income Tax towards salary receiving from current organisation.

Should while computing the Gross Taxable Income, pension received from Government would be considered as a taxable income or is it tax free, being paid to ex-serviceman?

Regards,
Umesh Mishra

The closing stock of traders is valued at cost or market price, whichever is lower. I want to know that what is the meaning of “cost price” for any item which remains unsold in the second consecutive year. Is it same the price at which it was valued at the end on the preceding year (as it is the input cost for the current year), or the actual cost incurred in the preceding year.
Kindly suggest that which is the cost price of share of a company XYZ.
(A) Actual cost in Financial Year 2005-06 : Rs. 10,000/-
(B) Market price on 31-3-06 : Rs.6,000/- (considered as the value of closing stock and brought forwards in the Fin Yr 2006-07).
The item remains unsold in Fin Yr 2006-07.
(C) Market price on 31-3-07 : Rs.8,000/-.
What should be considered as Cost Price while valuation of closing stock as on 31-3-2007 : (A) Rs.10,000/- or (B) Rs.6,000/-.

Whether tax to be deducted in case of supply of food/tea by a hotel at office premise. assuming payment crossing the limit.

It is not a catering type of arrangement

No doubt serving food at restaurant is not covered U/s-194C.

Just because person (Labour/waiter) coming and providing the facility. is it necessary to deduct tax ?

Does we are required to deduct TDS if we make payment to governement bodies like NSDL/CSDL/BSE/NSE towards license fees or processing fees etc.

Dear Members

Plz give me solution

My Co. wrongly deducted the TDS from the party means the said party was an real estate broker so insted of sec 194H, I had deducted under sec 194I @ 20.60%.

So, how can i deposit the TDS amount(i.e in Bank) and how can I set up this problem?. How can the party will get back the excess amount????????

Plz give proper solution

Dear Members

Plz solve this Query

My Co. wrongly deducted the TDS from the party means the said party was an real estate broker so insted of sec 194H, I had deducted under sec 194I @20.60%.

So, how can i deposit the TDS amount(i.e in Bank) and how can I set up this problem?. How can the party will get back the excess amount????????

Plz give proper solution