Suppose X is a director, the company by virtue of the terms of agreement pays directly the mediclaim premium to GIC. Is it taxable in the hands of employee and can he claim section 80D deduction or it is a business expenditure of the company?

Suppose, y is an employee who pays the mediclaim premium and submit the receipt for reimbursement to the company. Will it be taxable in his hand? Can he claim section 80D benefit?

Is TDS is to be deducted on tne bill of a building contractor in vat is included and no service tax is charged seperately

I received some amount from my PF withdrawal acount from earlier employer(TRust fund).They deducted TDS 30.9%.

Where can i show this PF withdrawal amount in ITR 2? for eg ( Salary(which head), Income from other sources)?

are interest from US 64 Bond and RBI Bond tax free

is it possible to submit audit report prior to submission of return?

thanks

As per Section 372A (8)(c) of Companies act, holding companies can lend to wholly owned subsidiaries with out any restrictions contained in Section 372A. When an Indian Holding company lends to its wholly owned foreign susbsidiary without charging any interest, transfer pricing regulations under IT Act would be applicable. In such case, what interest rate could be be considered as Arms Length Price for such transaction ?
Normally this test has to be done considering this question --- would the borrower be eligible to avail similar credit lines from an unrelated lender on identical terms and conditions ? The answer to this question would be NO, in respect of case of holding company loan to subsidiary.
In such case what could be the benchmark rate to be treated as ALP. Can one take an argument that considering Comparable Uncontrolled Price (CUP) Method , the interest rate charged by any other holding company to its wholly owned subsidiary as the benchmark ALP. Considering the fact that there could be many holding companies lending to foreign subsidiaries at ZERO interest rate, can such ZERO rate be considered as benchmark ALP for lending between holding and subsidiary company ?
Any answers from colleagues in CA fraternity ?

Dear Sir/Madam
There are only two partners and partnership is at will. Both decide in month of Sept,09 to dissolve the firm and accordingly firm is dissolved in the month of OCt.2009. One of the partner retains the asset and the business, while the outgoing partner receives consideration amount. However the balance sheet is drawn only till 31/03/2009. Thus the query is that can the outgoing partner pay its capital gain tax on the basis of particulars stated in balance sheet for the year 31/03/2009?

A Partnership firm is having accumulated loss to be carry forward and current year also the firm is having loss, but the return for current year is not filed with in the due date, so he is not eligible to carry forward the loss of current year, but is he eligible carry forward the accumulated loss?

What will be the treatment of Prior Period items in Income tax.

Whether the income will be taxed in current year or in the year to which it pertains ?
Please quote relevant reference. Thanx.

What is the criteria for deducting the tds on foriegn payments made for services used also outside india.


Also, pls let me know the criteria if the services are provided in india by a overseas vendor.