a house property give on rent @ 100000 p.m.
by me and i also charge service tax@ 10.30% on it rent amount. lesee party is corporate assess. pls tell me wht amount of tds in this case.... i think tds rate would applicable 15% in this case..........?
Kindly guide me whether the disallowance u/s 14A be added to tax amount calculated by Minimum Alterante Tax u/s 115JB? also kindly give reference to any case law or any notification in this relation..
Answer nowIn case TDS is deducted from labour sub-contractor but not remitted, then, does the entire payment made to such sub-contractor have to be added back which arriving at taxable income, in case, income is declared under presumptive basis u/s 44AD.
Labour payment is direct payment. Do we have to deduct TDS on direct expenditure also. TDS is to be made only for expenses debited to P/L account and not for expenses debited to Trading account. please give relevatn sections also where I can get property proof of this
WE HAVE PURCHASED FURNACE MACHINE FROM UK AND INSTALLED.AFTER SOME TIME THE SAID FURNACE MACHINE DAMAGED BY FIRE.FOR THIS THE ENGINEERS FROM UK CALLED FOR SERVICING THE FURNACE ON PAID UP SERVICES.THE CONCERN HAS NO PERMANENT ESTABLISHMENT IN ANY PART OF INDIA.WHETHER TDS IS APPLICABLE U/S 195 ON PAYMENT ? OR THE SAID CONCERN IS NOT TAXABLE UNDER BUSINESS INCOME UNDER PARA 1 OF ARTICLE 7 OF DTAA OF UK FOR SERVICES OF MACHINE.
Answer nowin calculating 20% of old machinery whether we have to take WDV or Gross value of the asset
kindly clarify
Is individual is required to deduct TDS u/s 195(e) while making payment to non resident in respect of purchase of house property from non resident ??
Answer nowSec 28 says that 'THe value of any benefit or perquisite, whether convertible into money or not arising from the business or exercise of a profession' is chargeable under the head profits and gains from business or profession
Keeping with concept. Will notional interest on interest free loans provided by the promoters, shareholders, other stakeholders categorised under unsecured loan be subject to tax in the hand of the company.
This question is intended to clarify whether my understanding of the act is correct or not and not specifically whether companies or other assesses do or do not charge if such interest if taxable as income in practice. Kindly bear that in mind when answering. Thank You
Respected All,
As per Explanation to Section 73 of the I.T.Act, where any part of bus. of co. consist of purchase or sale of shares, such company will be deemed to be carrying on speculation bus of trading in shares.
Exception- if the GTI CONSISTS MAINLY OF Inc from HP, CG, OS.
Is the below-mentioned loss in share trading a speculation loss or not?
Example:
Loss in Trading in shares - (20,00,000)
Business income from stock broking - 50,00,000
Regards,
Jyoti
under sec 80 c