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.

kindly sujest what will help to pass the exam of income tax as no couching availableand i am not so good at it

plz reply as soon as possible

Dear Sir,

If any person, who is a member of any housing society or co-operative society, has paid all the consideration amount before 1.10.2009 and wanted to get registered the property in his name from society, will the amended clause of section 56 2(vii) applicable to the buyer ?

One more question, is section 50c of the Income Tax Act'1956 applicable to housing or co-operative society, if it sells property at value less than the guidelines value ?

Our company reimburses to employees in cash the Maintenance and Petrol cost incurred on the vehicle.The vehicle is owned by employee himself. The company reimburses Rs.20 as petrol & maintenance cost for every kms travelled by the employee during the month for the official purpose.The most of the travelling kms includes travelling from Residence to Office , factories, customers, etc..

The company also maintains the records/details which includes the date of journey, destination mileage in Kms and amount (total kms X Rs.20 for each Kms).

The reimbursement amount of Rs.20 for every km is fixed on following facts:-

Normal Taxi or Meru( Cool Cab) if hired for the day will charge fare of Rs.14-15 per Km. But considering the more comfort of employee in his own vehicle the company has decided to give reimbursement of Rs.20.

We would like to have your opinion on the following:-

1.Whether there would be any taxable perquisite in hands of our employee. If the answer is No, will any kind of taxability arise to our company in view of FBT being abolished from 01.04.09 , as earlier the company was depositing FBT on this reimbursement.

2. Whether our companies contention to reimburse the employee on the basis of the above facts will hold good.If the answer is No, what can be acceptable rate of reimbursement as per Income Tax Act whereby the employee or our company could not be taxed.

3.Whether the records maintained by us are sufficient w.r.t. Rule 17.

Please give me your valuable feedback on this matter.

A private limited company acquired in 1986 commercial property which consists of open land and building thereon. It has let out the entire said property to one tenant and is earning rental income from this property.
The company has also been claiming depreciation on the said property.
The company does not have anyother income.
The company wants to sell the property. Can the company be exempted from paying Capital Gains Tax if it reinvests the sale proceeds in another commercial property? If yes, what are the conditions to be complied with?
Thankyou

A private limited company acquired in 1986 commercial property which consists of open land and building thereon. It has let out the entire said property to one tenant and is earning rental income from this property.
The company has also been claiming depreciation on the said property.
The company does not have anyother income.
The company wants to sell the property. Can the company be exempted from paying Capital Gains Tax if it reinvests the sale proceeds in another commercial property? If yes, what are the conditions to be complied with?
Thankyou

The proposed Direct Tax code (2010)though appears to be very simple and appreciable, slowly all the exemptions will be out and for the PF at the time of retirement will be taxed. Your views on this.

Sir,

I have a client who is eligible for deduction of Section 10A. He had incurred some expense on Computer Job Work, on which he deducted tax @ 2% u/s 194C, but in assessment the AO took stand that as the work is done on Computer the same would come under technical service and TDS would hv to be deducted @ 5% u/s 194J and hence disallowed the whole amount and on recomputation of income also didnot give benifit of Section 10A deduction on the addition of income. What are the remedy in the given case.

* is the expense wholly disallowable due to short fall in deduction of tax (which as per us shld come u/s 194C only)

* is Section 40(a)(ia) applicable to the case, as the amount is paid and not payable, as written in Act

* is Section 10A dedution is not allowable on addition made to income on account of disallowance of some expenditure

regards,

CA Gaurav Barai
Rajkot