Sir, kindly confirm whether partial (i.e 40%) salary arrears pertaining to FY 2005-06, 2006-07 and 2007-08 received during 2008-09 on pay revision w.e.f. 01-01-2006 as per the 6th pay commission are eligible for relief u/s 89(1) of IT Act 1961.

Please tell me how to Create HUF (Hindu Undiveded Family). What are the document that require to create HUF & how to create initial capital for HUF

Dear Frinds
would any body please clarify whether an employee can get the benefit of medical allowance and mediclaim deduction from income tax. In case of our company, it is paying Rs. 15,000/- as a medical allowance i.e. part of CTC. Now the employee himself paid a mediclaim for Rs. 11000/-. Now he is asking me tax benefit for both, Rs. 15000/- i.e. medical allownace as exempted salary and Rs.11,000/- as mediclaim deduction. is it possible ?

I have a Carrying and forwarding agreement with one of the CHA & he is taking the reimbusement of the rent charged by the warehouse (bill in the name of CHA)

1)whether i m suppose to deduct TDS as its a reimbursement only

2) Can i deduct contractor TDS instead of warehouse

Hi,

We are software house and we are in the process of restructuring salaries to reduce tax burden.

One of the ways we will be following is to bring in more reimbursements for employees, which is covered by FBT and not taxable to staff.

The reimbursements are
- Petrol Bills, vehicle Maintenance, Entertainment expenses etc.

My query is
- Can this FBT be recovered from the staff officially (means showing it as part of the salary break up)

Regards

Sivaraman

Hi,

My query is:
X (HUF)carries on business of selling gold. X (HUF) is a senior citizen. He now wants to transfer the whole business to his sons Mr Y and Mr Z. X (HUF) will be fully dissolved after the assets are transferred. Mr Y and Mr Z wants to carry the same business of selling gold with the help of assets transferred from X (HUF). Mr Y and Mr Z are carrying on business in a individual capacity ie sole proprietorship. please note that the stock held here is GOLD.

Can someone help in knowig the tax implications of transferring business from HUF to Individual. Also ways to mitigate tax, if any or other implications. Your reply would be of great help. Thanks

If a trust is registered with the Charity Commissioner but not registered u/s 12A of the I T Act. How the assessment is completed. Is there no deduction permissible even for the expenses?
If the grant received for a project from any other NGO or GOvt/semi govt. agency is utilized for the purpose it is granted and any surplus is left; what would be added to the Income; total grant or surplus only.
Can anybody throw light on the provisions in this regard.
Thanks in advance.

whether a public company can issue unsecured loan

S R RESORTS LTD. IS A COMPANY RUNNING HOTEL, BANQUET HALL AS WELL AS RESTAURANT BUSINESS.
IN RESTAURANT DIVISION IT USES VARIOUS KINNDS OF KITCHEN INSTRUMENTS (MIXER GRINDER, MICROWAVE OVEN, DEEP FRIDGER, COKE REFRIDGERATOR ETC.) TO PREPARE AND PRESERVE DISHES.

NOW MY QUERY IS;
WHETHER SUCH KITCHEN INSTRUMENTS WILL FALL IN THE CATEGORY OF "PLANT & MACHINERY" FOR THE RESTAURANT BUSINESS ?

IF YES THEN WHETHER COMPANY CAN CLAIM ADDITIONAL DEPRECIATION OF 20% U/S 32 ON ADDITIONS UNDER KITCHEN INSTRUMENTS.

Is there any information is required in tds deduction u/s 195, if yes how to furnish and in which forms ?