Hi,

My client is an Individual having only Income from Salary and Interest from Banks. My client wishes to purchase vacant land wroth of Rs. 25, 00,000/-from Non Resident Indian who is well settled in USA

Now my question is TDS provisions are attract to my client. He has to deduct TDS @ 20% U/s 195 on sale consideration.

Kindly clarify

Regards
K.K.VISWESWARA RAO

Theres a latest news that income tax act 1961 is going to be replaced by new income tax with effect from April 2008..
My PCC attempt is May 2008..
will i be affected ??
My PY for tax purpose is 2007-08 and
AY IS 2008-09..
Pl reply.......

What is the remedy if the tax is paid by quoting wrong PAN

if an individual deputed to usa for employment
on 29th sep 07,and as his salary will be taxed their;will he be taxed in india too,when he transfers that amount from usa.And what will be the tax treatment of the exchange difference earned??

Demurrage charges paid to port authorty whether it is allowed under income tax act or not.

please provide backup for your opinion.

Pls tell whether tds to be deducted while payment made against interest with installment to other than bank

Dear Sir/Madam,

Our Tenant Deduct TDS on March 2007 rent and remitted tax in Government a/c pay on 03-04-2007, Income tax ITR-6 in Schedule TDS2 - Column 5 date of payment / credit When entered the date computer says "Datapay Cred at Sr. No.79 in sheet IT-TDS-TCS-FBT Should not exeed 2007-03-31. How can we enter the above TDS in ITR-6 TDS Schedule - Please Clarify

IF AN INDIVIDUAL EARNS INCOME(SALARY) IN OTHER COUNTRY(U.S.) AND PAYS ITS TAX IN THAT PARTICULAR COUNTRY ITSELF ,THEN IF HE IS LIABLE TO PAY TAX IN INDIA ACCORDING TO INDIAN INCOME TAX LAW OR NOT.IF HE SHOULD ALSO DISCLOSE THIS INCOME IN HIS RETURNS AS WELL.

An individual who is doing business and subject to tax audit makes payment to transport carriers. Is he liable to deduct tax at source. If yes, what is the effective date from which he is liable to deduct tax at source.

Could someone please explain Income Tax treatment of Gains on foreign currency fluctuation. ITO wants to assess the same as Income from Other sources for a software company enjoying exemption u/s 10B ( STPI registered unit ). We say it is business income and hence exempt from tax for AY 2005-06.Is our stand correct

Regrds