Hi
If a share is purchased on 1-1-2006 & sold on 1-1-2007, will it give rise to short term capital asset & long term capital asset?
In other words, I'd like to know while calculating period of holding for capital gains computation,whether day of sale is included or excluded in terms of section 2(42A) of the IT Act?

Fringe Benefit Tax

We are not paid the Income tax due for the year 2006-07, can we file IT return with audit report?

MY Query is-we deduct TDS on the basis of likely payment exceeded with the specified limit.e.g.U/S 194 J TDS is deducted if gross amount in aggregate exceeds or likely to be exceeded by 20000/-.If we don't deduct TDS in first & Qtr.bcoz we pay quarterly rs.4000 so TDS is not attractable. But in third qtr.we make payment of amt.15000 rs.then we need to deduct TDS.whether we need to deduct the TDS on the earlier payment also?If yes whether we need to revise the return??
what will happen if payment is increased retrospectily i.e.15000 for former 2 Qtr.also??

sir,

i wanted to know is there any web site
where we can know the details of a PAN card holder if we have got his PAN Number.

Tax on Income is INCOME TAX !

Tax on Expense is INCOME TAX ?

Why ?

What is Conveyance in FBT provision ?
is it the expense where business is situated ?
IF YES,
Where do i show the local conveyance incurred during the tours and travel ?

EX: bangalore (business place)---Tour to ----Bombay (local conveyance in bombay ?)

is prior period expenses are allowable as deduction in computation of incometax

amendments in rent free accomodation as a part of salary for A.Y.2007-08

I have a query which I shall be thankful if you reply. The query is as under:

VAT & Service tax is now treated as Current Liability account by the assessee following mercantile system of accounting. It is not Debited/Credited to the Profit & Loss account. Whether amount payable but not paid before due date of filing income tax return will be covered by the provision of section 43B? Section 43B speaks about deduction & disallowance which automatically implies having deduction / allowance under the P & L A/c. Please advise. [Geet Kanchan]