What is the exemption limit for Education allowance for A.Y 2008-09

Hostel Allowance ?

as per s. 199 , credit for TDS is available only on the year in which the corresponding income is accounted.
But this is sometimes unworkable for those who maintain accounts under Mercantile system . Think about an individual contractor who follows mercantile system. He completes a work in February 2007 and issues a bill to the Contractee.Naturally he passes a journal entry in his books by crediting 'Contract Receipts A/c' and debiting ' Contractee's A/c'. But the Contractee makes payment of the said bill only in August 2007 and deducts TDS.
So the date of payment as per TDS Certificate will be August,2007. How can this individual assessee file a Return in ITR - 4 for AY 2007-08 by claiming this TDS in the Return - even that before the last date of filing Return ie 31.7.07 supposing that he is not coming under 44AB?

AS PER INCOME TAX ACT, TAX CAN ONLY BE LEVIED ON INCOME. AS PER DEFINATION OF INCOME, WHATEVER FBT IS CHARGED ON EXPENSES IS NOT COVERED THEN CHARGABILITY IS VALID OR NOT ?
PLEASE GIVE ME ANSEWER.

Dear All,

If our company developing the website and doing desktop application for foreign and Indian clients as well, I would like to know what type Taxes will be applicable on this type of business/transaction?
Should Indian client deduct TDS on it and also should we need to pay Service Tax on it?
Please solve my query...
Regards
Subodh

my client has investment of kisan vikas patra of rs 1 lac as on 1st april 2003..how much interest should i accrue for financial year 2006-07 (a.y-07-08)..give me the procedure..

Respected Sir
NRI wants to donate from abroad to 80G entitiled institutions Under Income Tax Act.Can he donate? Is there any RBI & Income Tax regulations in this regard ? Please tell me if any.

CA Kamal Khaitan

Sir,
In the case of a construction company where there are several labour contractors (many small time contractors) who do not have PAN numbers, can you please suggest a very practical solution for compliance to TDS return filing. - Tax has been deducted & paid, but return filing is pending for want of PAN numbers of the contractors.
We have attempted engaging only PAN holders as contractors, but have not been able strictly follow it which is practically difficult for small and mid-sized companies in the real estate / construction business.

Raghunathan.

Hi,

Want to confirm if i had interest on loan from April 2007 to January 2008. At the end of January 2008 I had sold that flat and purchased a new flat whose EMI will be starting from 1st of February 2008.

Please let me know whether i can claim house loan Interest of flat which is sold in january under section 24 of income tax act.

Also provide me with circular for the same.

Thanks,
Hemal Parikh

Sir,
Please guide on the following matter.
An Indian software company(100% EOU) is having 95% foreign equity participation.It is also having a foreign director in the director board.
My queries are
1. If profit is repatriated how much tax will be payable, if any , on repatriation?, and also the tax on dividend declared.
2. Can salary be paid to foreign director, and if possible , what is the tax rate applicable?
3.Which is the best tax planning alternative?
Sree Prakash

Pls.tell me the instructions that how to fill from no.36 of Appeal to ITAT (column vise)