HI !! Pls answer my querry at the earliest ! I would be thankful !!

" One construction company having 10 partners have got 1 plot of land. This plot of land is revalued as 4 of the partners were due to retire. The excess revaluation amt came to rs 30 lacs. 4 partners retired ad the firm continued with the remaining 6 partners. The excess amount is credited to the partners capitals in thier PSr ratio.

The querry is whether the revalued amt is taxable in the hands of the partners as profits and gains of the business or the entire additional revalued amt of rs 30 lacs will be taxable in the hands of the firm."

If not taxable in the hands of the continued partner , pls give the citation of certain judgements supporting the same.

Thanks !!

Dear Sir,

I have purchased a flat jointly and now I would like to claim deduction u/s 80C for Stamp duty and registration. I will get possesstion of flat in November 2010.

Can both of us take dedctuion u/s 80C in the FY 2009 -2010.


Kindly clarify and oblige.

Regards,

Vijay

Dear sir

I want to know that if machinery is taken on rent along with its operator then at what rate TDS will be deducted?
whether it will fall under 194C or 194I?

pl reply soon

Regards
CA Hiral

Does the cases chosen for scruitiny under CASS are only those which come under compulsary scruitiny norms issued by CBDT or other cases can also be selected in CASS? I ask this because I have received several notices for scruitiny this year and none of them as far as I can judge have any point to cover them under mandatory scruitiny. I would be highly thankful if someone explains the system of selection under CASS.

can you pl z post me the selected cases of direct and indirect taxes applicable for this November examsss.

mail Id Is :bujji.manu@yahoo.co.in

Please anybody help me to solve this problem.

Our company had a contract agreement(section 194C)for the AY 2006-07 which has an effect of TDS.But the company fail to deduct the TDS for that AY.Financial Statements for AY 2006-07 are audited. Now the contractor wants TDS certificate. Company is now wants to pay the TDS for the AY 2006-07 with interest. How can i account this transaction with no questions raised by Statutory Auditors

Hi,

I will be day-trading futures contracts in a foreign market, using an individual account with a brokerage based abroad.

My understanding from reading multiple posts in this great site are:
1. Since I will be trading futures and options, my income will be classified "Income from Business".

2. Since the exchange will not be recognized by SEBI and/or there will be no PAN account number on the transaction note, etc.., the income will be further classified as "Speculative"

Given I will be trading using an "Individual" account, and will be trading from home AND my income will be classified as "Business" - Can I file the my Income tax returns as an "Individual" or do I need to be a "Sole Proprietor"?

In either case, will I need to pay any other taxes in addition to the Income tax?

Thanks,
Gaurav

P.S. I reside in the state of TamilNadu.

We have done some supervison work in india for our parent company in japan. Japan compnany has not deducted TDS and paid full payment to us.

Now in japan tax authority asked japan company to deduct TDS.

Now our Japan company is dedcuting TDS on all payment made to us since 2005 till date.

We ( indian co. ) also not made any entries of TDS and not considered any amount of tds while filing return of earlier years.

Now i want to know :

1. Can we ( indian company) claim the tds in current year return.

2. Under which section it is permisible.

3. How i can claim the tds.

Dear Sir

We are paying Rs.3000/- to our 4 employees against reimbursement of petrol expenses. It is a part of their salary. Before this budget we paid FBT on the same, but after the budget FBT is abolished. Then my query is that now we are not paying FBT on it, then is that reimbursement is taxable in the hands of employee? We need to deduct a TDS on it or not?
All employees are submitting petrol expense bills for reibursement every month.

Regards
Anil

During the previous year March 31,2009,Mohan a salaried employee(age 40 years)received Rs 3,00,000as Basic Salary and Rs 20,000as arrears of bonus of the Financial Year 1994-95.During the Previous Year 1994-95,Mohan has received Rs 50,000 as Salary. Mohan deposits Rs 2000(during 1995-94)and Rs 10,000(during 2008-09)in Provident Fund

Pls give me solution regarding this.

THANKS®ARDS.

GIRISH