I have made calculation regarding relief under section 89 (1) of income tax act and fill the form 10 E . when I asked to my employer about it . They asked 10 E form audited by any CA Firm.Is it right that we have to audit the tax calculation from CA then submit to employer.Or there is any alternate way for the same.

from october 1st 2009 no TDS has to be deducted on payment made to Transport contractor if he furnishes his PAN no. Deductor who make payments to transporter without deducting TDS ( as they have quoted PAN) will be required to intimate these PAN details to the income tax department in the prescribed format. I want to know what is this prescribed format ( form no. if any) and the last date for intimation about non deduction of TDS to income tax department.

what is the TDS rate on 'Exhibition Stall Space rent'and section apply on this.

Where machineries purchased by loan on hire purchase from NBFC repaid on EMI basis and the finance charges/ interest are debited to Interest Account at the year end, whether this interest/finance charges are subject to TDS u/s 194 A

Deduction u/s 80 IB (10)
If the land acquired by Banakhat and on the basis of development agreement, scheme developed and sold out to members by developer, deduction u/s 80IB(10) is questioned by the I.T.Deptt.as the land was not transferred in the name of the developer.
Kindly quote the judgement if any

sir
in one of our case of A/y 2007-08 tds had not been deposited during d previous year or upto due date u/s 139(1)& return was filled without disallowing d respective exp but same was deposited next year i.e. previous year 2007-08. then we also filed return for previous year 2007-08 after due date u/s 139(1) & we did not claim such exp allowed since we had not disallowed d same earlier year in our return

now in scrutiny assessment u/s 143(3) d AO has disallowed d exp for A/y 2007-08 on a/c of non deposited tds U/s 40(a)& raised a demand

Now my Question is we r eligible for allowance of such exp in A/y 2008-09 since we have deposited tds in following year but we have not claimed d same in our return for A/y 2008-09 & also we cannot revise d return since it is belated. in such case what is d provision for claiming d deduction of disallowed exp. should we make an apllication for rectification u/s 156 or what will be d other solution of this problem


it's urgent please refer provision regarding ur opinion if any

thanx in advance

Due to abolition of FBT, now the food coupons will be categorized as perquisites in the hands of employee if as per rule 3 value of meal exceed Rs.50 per meal.
Any one can suggest a maximum reasonable limit of food coupons we can give to employees per month as per rule? I am asking because I got an information from Accore serivces Website as follows,

"If you opt for Ticket Restaurant® Meal Vouchers @ Rs. 100/- per working day, instead of cash in your salary, the tax you save on Rs. 31,200 i.e. (Rs. 100/- x 26 days x 12 months)"

Is it possible to give Rs 100/- per day ?

For Ref: http://www.accorservices.co.in/ProductAndServices/TicketRestaurantMealVouchers/Pages/FAQ.aspx

Dear Member
I have an query regarding Partners capital Interest.
In Deed it was mentioned that 11% interest was allowed to partners.
During the year partnership firm did invested of sum amount in MF which is not its primary business and earned X amount. On that amount they paid Capital Gain tax.
During the year firm paid Interest To partners as per the Partnership deed.
Now AO is saying that he ll disallowed the payment of interest to partner on the ground that it is not a business activity.

Thanks & Regards
Niraj Chordia

A is an individual doing Share Trading Business i.e. Intraday Trading.

A has purchased various companies' equity shares aggregating to say Rs.90 Lacs.

A has sold equity shares aggregating to say Rs.75 Lacs. (For Rs.15 Lacs, A is holding Equity Shares).

A has just made a profit of say Rs.11000/-only out of the Intraday business.

A is completely unaware of any statutory compliances.

Experts' may give views regarding any statutory compliances on the matter.

can any one say interest from MIS is exempt u/s 10(15) of income tax act?
is it cover under postal savings deposit?

how to give cash gift to parents which is tax exempted.
please tell.