Is it "The Power to Issue a Lower TDS Certificate lies only with the Commissioner of Income Tax" or Even a Deputy Commissioner can also Issue a One..Please Advice

what is the difference between profits and gains?

what is the difference between tax and duty?

From Jan-08 onwards e-payment was mandatory for all corporate assessees.

we will pay TDS on 07-010-08, that was also in e-payment?

our company was having uti bank account

what is the procedure of e-payment of taxes please help me sir

IS IT MANDATORY FOR THE ASSESSEE OF CORPORATE AND COVER UNDER SEC 44AB TO PAY TAX ONLINE (E-PAYMENT)FROM 1ST JANUARY 2008?

This is with reference to computation of amount of exemption for the purpose of LTC u/s 10 (5) read with Rule 2B.

As per the Rule 2B, where the place of origin of journey and place of destination are connected by rail and journey is performed by any other mode of transport (i.e. other than by way of Air or Rail) then the amount of exemption will be lower of :

1) the amount of air-conditioned first class rail fare by the shortest route; or
2) the actual amount spent.

At present by the employer, for the purpose of clause (1), the amount of air-conditioned first class rail fare is being calculated by taking the First AC Rail fare rate as provided in the Rail book (Trains at Glance) published by the Railways for total kilometers travelled by the person. For eg. if a family has travelled from Gandhidham to a far place of Assam like Dibrugarh via Delhi, then the total KM for one way shall be 3721 KMs approx. The Rail fare for 3721 KM as per the book shall be Rs. 4287/- per person. Whereas, the actual fare for the same would have been more then the amount provided in the Rail book as follows:

1) Rail fare from Gandhidham to Delhi for Ala Hazarat Rs 1366/- per person (II AC fare as the train departing from Gandhidham does not have Ist Class AC ); and
2) Rail fare from Delhi to Dibrugarh for Rajdhani Exp Rs 4945/- per person (Ist AC fare)

The total of the above fare is Rs 6311/- per person which is more then the amount as given in the Rail book and beneficial also.

Our query is regarding the amount to be considered for exemption. Whether it should be Rs. 4287/- i.e. as per the Rail book (which prescribe direct fare whether direct train is available or not) or the Actual Amount i.e Rs 6311/- per person?

In my opinion, the actual amount which would have been incurred (considering the route & class facility available at present), should be considered and not the amount which is appearing in the Rail Book as it will result into lesser amount of exemption and higher amount of Tax and TDS.

Advice of memeber is required on the above matter.

09427568209

Dear Sir,
I will be very much obliged, if you advice me on following.

Query - An assessee has Turnover of Rs. 150 Lacs for the Financial Year ending31-3-2007. He gets his Tax Audit Report U/s44AB before 31-10-2007 but not submitting his I.T Return before 31-10-2007.As per section 139 rule 12, An assessee does not submit any attachment,Computation of Income, any Report etc.
Now, My question is,
In above case if, my client file I Tax Return in January-2008(Turn over is Rs150Lacs) whether he is liable to pay penalty u/s 271B or not?
CA Divyang Parikh

Dear Sir,
I will be very much obliged, if you advice me on following.

Query - An assessee has Turnover of Rs. 150 Lacs for the Financial Year ending31-3-2007. He gets his Tax Audit Report U/s44AB before 31-10-2007 but not submitting his I.T Return before 31-10-2007.As per section 139 rule 12, An assessee does not submit any attachment,Computation of Income, any Report etc. Now, My question is,
In above case if, my client file I Tax Return in January-2008(Turn over is Rs150Lacs) whether he is liable to pay penalty u/s 271B or not?
CA Divyang Parikh

Hi,
A plot of land has 6 co-owners. They decide to build ownership flats on the plot. If the developement rights are transfered to a builder (who is one of the co-owners) what would be the Tax implication in the hands of co-owners as well as the builder.

Nazir

Sec 32 of IT act says that once the asset is either in active or passive use then it is compulsory to charge depreciation. In case the machinery (in use for production and subject to depreciation in the earlier years) was DISMANTLED this year then i understand that it is neither in active use nor passive use. Is it still compulsory to charge depreciation?