Manoj Dugar
22 October 2007 at 11:03

IT REG password

I have forgot my user id and password of income tax from which i have to submit my e return. sowhat to do now to retrive that.


Vivek
22 October 2007 at 01:32

Tax collected at source

The company had made export of raw cotton waste during the year. whether the co is liable to collect tax at source on same..


Ankit Dangayach

A company engaged in generation of electricity wants to Reclassify the expense and wants to avoid FBT in Following manner.
Central Government appoints Central Security forces for Safeguarding its assets From Terrorism as Power plant is in High Security Zone. So it Divide the Expense on Running Hospital, grant given for running the schhol and many other expense Which are Liable to FBT in ratio of its Employees and Number of security forces Personnel and thus it transfer share of such expense in security expense A/c and avoid Tax.(The services Of Hospital and school etc are available to Both company employees and Military personnel).

For Eg If Company has 10 Employees and Central Government appoints 4 Military personnel for plant Security and company incurred RS 140 as Expense on which FBT is Leviable .So company transfers Rs 40(140/14) In Security Expense A/c from the concerned expense A/c(Like Grant in Aid School A/c) and pays
FBT on only Rs 100.

Is such Classification Is permiited under the Act?Can Company Continue with the Present System of Payment of FBT while complying with Law?


Ankit Dangayach

A company engaged in generation of electricity wants to Reclassify the expense and wants to avoid FBT in Following manner.
Central Government appoints Central Security forces for Safeguarding its assets From Terrorism as Power plant is in High Security Zone. So it Divide the Expense on Running Hospital, grant given for running the schhol and many other expense Which are Liable to FBT in ratio of its Employees and Number of security forces Personnel and thus it transfer share of such expense in security expense A/c and avoid Tax.(The services Of Hospital and school etc are available to Both company employees and Military personnel).
For Eg If Company has 10 Employees and Central Government appoints 4 Military personnel for plant Security and company incurred RS 140 as Expense on which FBT is Leviable .So company transfers Rs 40(140/14) In Security Expense A/c from the concerned expense A/c(Like Grant in Aid School A/c) and pays
FBT on only Rs 100.

Is such Classification Is permiited under the Act?Can Company Continue with the Present System of Payment of FBT while complying with Law?


bkishwar
21 October 2007 at 16:55

Accounting Of Builders/Developers

You are already aware that the Building Project completed within 2-3 Years.They take advance from customer against Booking.the Transaction is completed after the posssession of Flats after 2-3 Years.In yeraly accounts what should be the correct and recognised method of accounting so that every statutory body can recognise it.


bkishwar
21 October 2007 at 16:33

Business Income

Does an Illegal income received by an Assessee and against that illegal Income Claimaint has also been Proved i.e it has been confirmed that the Income belongs to a Particular person can be assessed as Income of the Person who has received it.There is no evidence of Refund to the claimant.Proceedings already been initiated for recovery under civil Court.


bkishwar

Does the Trust whose object is welfare to the Society running a School and Charges fees for meeting its expenditure and Facilities provided to the student and earn Income/loss may be treated as a business activitiesand liable for tax audit u/s 44AB.


bkishwar
21 October 2007 at 16:11

Section 54

Does the Renovation Exps/Capital Expenditure in making it habitable in a House qualify for deduction U/s 54


Akshay Anand
21 October 2007 at 13:39

income tax

Is tax audit is compulsory for every assessee and what is last is the due date of tax audit return


pritam kukreja
21 October 2007 at 08:48

Tax on sale of shares

One of my relative had purchased equity shares of companies in India 15-20 years back ( in Indian Rupees ) when he was an Indian citizen. Few years back he became NRI , opened an NRO saving bank account linked to Dmat account and got the shares dematerialised.

Since he does not have trading account, transferred his shares ( off market )in my demat account which I sold through NSE and credited proceeds to his NRO account.

Would like to seek guidance on tax payable in either case if any.