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 ??

Sec 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

I have recently discovered that some self assessment tax is payble by me for FY 2008-09. Unfortunately my tax return was filed under sexction 139(4)about 12 days after due date on 12th Aug 2009. Hence as I understand I can not file revised returns under sec 139(5).In such case, is it advisable to still file a revised return and pay remainder tax with interest to avoid any penalty in future.

I want to complete details of all deductions with allowable limits under this sections

Will anybody be able to provide the needful



Thanks in Advance

Tribhuvan Purohit

Which certificate is issued by the income tax department for non-deduction of TDS while receipt?

i am an employee of psu. my assessment came for scrutiny for the FY2007-08. In that year i got 3 lakh profit from share trading in my account and 2.5 laksh loss from share trading in my wife account(she has seperate pan no. and house wife and never submitted return). Both of these are short term. I did not show any of these in my returns.

Now i must disclose my 3 lakh profit. So can i add my wife's loss to this? Bcoz my wife has no other source of income and its actually my money and my loss and i did it.

please clarify.

Thanks in advance

My client (Senior citizen ) is having Fixed deposits in Banks, Investment in National Savings certificates, etc., He has also invested in 5 year Tax Saving fixed deposits & Claimed exemption under section 80-C during the assmt; yer 2007-2008 & 2008-2009. Being senior citizen he has also filed Form 15-H to Bank for Non-deduction of TDS . Nominations for the said deposits have been made in the name of different family members like wife, son, daughter in law, grand children and daughters etc., Each year he is reporting the Income from the said deposits in his I.T. Return. As under. .

a)Interest in respect of Bank deposits is reported on accrual basis as per the certificate obtained from the Bank.
b)Interest in respect of NSCs reported as per the table provided in I.T. Ready Reckoner.
He expired on dt; 17-8-2008. My doubts are as under.

1) In whose a/c the interest received on the said deposits for the period after his death i.e, from 18-8-2008 to 31-3-2009 should be reported? Whether it should be reported in Nominees a/c OR Can we continue the I.T. file of the deceased person even after the death till the maturity of the said deposits. The said deposits will mature after the period of 3 to 4 years.
2) Can Nominee file Form 15-G for Non deduction of TDS ? The Bank wants to deduct TDS on the said deposits? In this case what will be the position. If I.T, file of the deceased person is continued till the maturity of deposits the Legal representative can claim Refund by filing I.T. Return.
3) If 5 years tax saving deposits and NSCs are closed prematurely What will be position of deduction claimed under section 80-C? Will it be withdrawn?
4) If I.T. file of the deceased person is closed on 17-8-2008 shall we debit the amount of Bank deposits, NSCs etc, to the personal a/c of the deceased person on 17-8-2008 and credit to the a/c of Nominees
Please clarify?

Asstt Year 2007-08
Co-operative Society registered under Co-op. Societies act, Govt of Bengal

Monitored by ARCS.( Registrar of Co-op Society )

Whether Income Taxable or Not ?

Banking Activities between members only witin a particular area.

whether Section 80P(2) OR Section 80P(4) is applicable ?
What is verdict of M.P State Co-op Society Ltd Vs ACIT ?
What should be the Tax Planning for years to come for Co-op. Society ?

Experts are requested to Send viwes with proper Information so that it can be furnished to DCIT ?

VERY URGENT
CA. Bikas Ch Saha

dear experts can i attain a scrutiny with the income tax officer on my clients behalf. my self a Gradutate form mumbai univesity, profession an accountant + as i have incometax knowledge i make client and file their income tax returns. plz help with sections and procedure how i can attain a scrutiny. thank yo all.