Eg: Mr X sold a residential flat on march 2008 for 10 lacs. out of the sale proceeds rs 2lacs was used to pay loan of another residential property purchased on November 2006. whether he can claim benefit under section 54 of the income tax act for Rs 2 lacs paid??

IF CUSTOMER PAYS ADVERTISEMENT EXP ON BEHALF OF US THEN WHAT SHOULD BE THE TDS TREATMENT FOR THAT ADVERTISEMENT EXP IN OUR BOOKS?

the assesee sold factory land and building of a proprietary concern which was closed since last five years. cost of land and bldg is seperately shown in books. whether sale of land would be taxable as long term gain with indexation and bldg taxable as short term gain at deemed WDV u/s 50C(as unit closed for 5 years)

Dear Sir / Madam,
Pl analyse the following interesting real case study and revert back with your precious opinion as soon as possible.

A co absorb "C division" of B co on Oct,08. Uptill Oct,08 B co deduct and paid TDS on Salary for all the employees of C division and from Nov,08 to March,09 A co does Deduction and payment of tds on salary.
Now the issue is B co has short deducted and short paid the tds on salary for employees of C division and that shortfall now need to be paid by A co but there is a change in the tds provisions with effect from 1st April,2009 vis notificaiton no 858(E) dated 25th March,09.

Questions are:
1.What A co is legally bound to do?
2.Whether shortfall of tds on salary can be paid by A co in June,09 as they aquired whole C division of B co,If not, when and how can the payment is made?
3.If so, what is way to make such payment and which legal provision will rule that ?
4.Does there is any Interest which need to be paid by A co?
5.Your comments and suggestions to this case which is really happend with the co?

AN INDIAN CO PAID COMMISSION IN FOREIGN CURRENCY TO A FOREIGN CO,FOR HELPING IN SECURING ORDERS FOR SALE OF GOODS OUTSIDE INDIA, WHETHER TDS TO BE DEDUCTED ON SUCH PAYMENT.

Hi frnds,
As it is known that tax liability of charitable institutions is calculated same as to individual but my question is can charitable institutions avail the basic exemption limits as availed by individuals?

my assessee ( huf) was having agricultute income in excess of 10 lacs as well as int on fdr & saving int income of rs 90000/- and he had no other source of income or loss. still we filed the return of income to get the more agriculture loan from bank for the asst yr 07-08 by showing above mentioned income. income tax officer issued the notice u/s 143(2) for scrutiny assessment under compulsory norm of agriculture income in excess of Rs 10 lacs. whether he is justified to take the case under scrutiny ?

suppose you have a creditor for rs. 10000 and suddenly your creditor send u a notice that his firm has been dissolved and we are not required to pay him further remaining amount...

now clarify me that how ill u treat that rs. 10000 in your books
is it an income for us ?
if yes, will it is taxable under income tax act ?

Dear All,

I have recd my Form-16 but there is a error that while calculating taxable salary they did not consider rent paid so no HRA deduction is given and just coz of that my tax liability is increased by Rs 6k.

So is there any alternative way by which i can save this tax amount?

one thing to be noted that i have left that organization (ICICI BAnk) and they denied to make any change in Form-16.