If employee has two child one is staying with parents and other one is getting higher education and living in hostel,what maximum exemption he can get u/s 10

Should the Traders/ Contarctors/ Transporters showing profits u/s 44 AD/ 44AE or 44AF should also take care while paying for expenses more than Rs.20,000/- in cash.

dear sir and friends

In this regard i would like to know the meaning of term TURNOVER whether it include Parchase or both purchase and sale?

what is deferred tax ?
would u please guide me about link with the help of which i can reach the real meaning of deferred tax and its treatment and implication in taxation and accounting

Respected Collegues,

I )
I have query in case of assessee not being a sub broker/agent any kind is as follows:
What will be the respected taxable head( Business income/Cap.gain)under these circumstances:

1) Income from daily share trading.
2) Income from shares on delivery base
3) Will he be liable for Tax Audit u/s 44AB if he crosses 40 lac turnover in case of daily trading?
4) Will he be liable for Tax Audit u/s 44AB if he crosses 40 lac turnover in case of delivery base share transactions?

II)
Please Reply all 4 answers if assessee is a sub broker.

Thanks in advance
CA Pranesh Agrawal

hi,

I had made a payment exceed 20000 in cash. I know payment exceed 20000 in cash is totally disallowed but what effect it will arise when i make a payment exceed 20000 tell me briefly.

Thanks

At what rate TDS on the payment towards security charges at site of a Construction Contractor should be deducted. (assuming payments exceeds the limit)

Pls also specify the relevant section with explanation.

thanks

For delay in payment of TDS deducted to the dept. interest at the rate of 1% per month is leviable.

Can anyone please let me know which section of IT Act has the provision regarding above matter.

Thank you.

Dear All,

We are a limited co.
We have exported goods, for export we have appointed Clearing & Forwarding Agent for transportation of goods to abroad.
This Clearing & Forwarding Agent has issued 2 bills, one for their Service charges (Rs.4,000) & other for Reimbursement of expenses like insurance, transportation expenses (Rs.24,000).
Now the query is whether this service charges should be treated as Professional Fees. ie TDS u/s 194J or it should be treated as Contract charges ie TDS u/s 194C.
If it will be treated as contract charges & then whether TDS is required to be deducted only on Services charges or it should be on both, Service Charges & Reimbursement of expenses.(Party is giving separate bill for reimbursement of expenses.)
Can any one tell me what is general practice which is being followed in this circumstances. Also let me know if there is any Circular, Notification or Case law related to this matter.
If anybody required any other detail, then just let me know.

Dear Experts,

We are a company engaged in construction of Mall after Purchasing of land. and our income it leting, Leasing and Sales of Shops etc. In this regard we want to know :
1. Is Rental / Leasing Income be treated as Business income or Income from house Property.

2. How the cost be calculated for sale of shop at the Mall.

3. How the Profit on Sale of Capital Asstes be Calculated . Is indexetion is applicable.

regard.

Om Prakash Sharma