Hi
I have some Queries regarding LTA exemption:-
1.Can a Individual take exemption for 2 journey performed by him in a block of 4 year say 2006-2009 both in assesment year2009-2010.
2.Can 2 journeys performed in a one year say 2008-2009 be claimed for exemption in 2009-2010.
3.Is their any guidelines regarding journey to be performed by Air or rail for Private employees as their in case of Gov. employees regarding their limit of salary.
4. Is Amount to be claimed as exemption in case of Air As given in Sec10(5) of Economy class, to be judged on fare of cheapest airline for that route.
5.If an employee receives Rs30000/- as LTA anually in 2006-2009 and he claims a ticket of Rs70000/-for exemption in 2009-2010 performed his journey in 2008-2009 is he entitled for amount .

Please reply me on Nimit_sharma7@yahoo.com Thanks

Why is the exemption limit Rs. 1,50,000(in case of individual other than Resident women and Resident Senior Citizen)? I mean, how such limit is derived? Why it can't be Rs. 1,50,005 or some other figure?
How are these slab rates fixed?

Regards,
Jinesh

Earlier I not get solution of this so after long time again i presenting my query. I am Custom House Agent. Per contract my commission is Rs.3500/- fixed for which i raising bill and tds deducted by client is @ 11.33%. Now i have to paid some dues on behalf of clients. e.g. Custom duty 500000/- + Govt Stamp duty 10000/- + Port Charges 10000/- + Foreign Shipping Charge 10000/- total : 530000/- paying on behalf of client for which we are raising separate debit note alongwith evidences/bills/receipts of the above pymnt we made on behalf of them and paying this after applicable TDS. But again our clients deducts tax at source on this debit note amt @ 2.266% on 530000/- which we paid on behalf of them only as frontman or mediater between to concern. in this debit note amt no income/profit factor affects to us. But TDS deducted by our client 12000/-. Now our income is only 3000/- on which net profit is only 1000/- and on which my tax liability is comes only for 337/- but TDS is 340/- + 12000/-. since last 3 years tds is more than net profit. NEITHER CLIENTS MADE THE ABOVE PYMT DRECITLY NOR THEY MAKING PYMT WITHOUT TDS SAYING AS PER CIRCULAR WHICH SAYS ANY SUM PAID TO CONTRACT IS SUBJECT TO TDS.

Pls. help me is there any clarification/circular/notification or case law which we present to our clinets to say please do not deduct TDS from debit note for which we paid purely dues on behalf of them.

Dear All,

Please let me know , whether TDS is to be deducted on Gross amount of bill or excluding service tax?

Hii can anyone explain the difference between the provisions under Section 276C(1) and 276C(2)

what is difference between, Association of persons & body of individuals, under what sec income tax gives exemption to this two Persons. whether the BOI & AOP Enter into Partership.

u/s 80c, only tuition fees paid for full time education is allowed as deduction. But if there is no distinction b/w tuition fees & development fees is made on the fee receipt, then how much amount I can claim as deduction?

I would like to submit the copy of judgment in cae of CIT V. Rajiv Udyog 227 ITR 209 (MP) for penalty proceedings. Please mail me, if you have the judgment copy at the earliest.

with regards,

CA.Ganesh K.Shetty

Dear colleagues.
an assessee has only speculation income from share trading. he has received full the profit from the broker by way of chq.
is balance sheet and profit & loss a/c reuired to be given in ITR 4 ?

if yes,his balance sheet shall be NIL? as he does not have any business assets/liabilites like debtor,creditor,stock etc

regards

paresh zatakia

Well i have got the following query in relation to issued of Form 16A

1. In relation to TDS on Contractor payment. What is the time limit for Issue of TDS Certificate?

2.Income Tax Act says that Form16A shall be issued on monthly basis. So whether One FORM16A annually would suffice.?