I read that sitting fees paid to directors would come under purview of 194(J).The reason it seems is that he can be defined as manager under companies act..1956,which seems to be an absurd explanation!! How can tat definition be applied to income tax act ???Should come under194(J) ??

ours is a pvt ltd co.in building construction trade,we have taken over a partnership firm as a going concern and after taking over the partnership firm,the partnership firm is dissolved.our pvt ltd co. now wants to take the advantage of credentials of taken over partnership firm--
1.like its experiences of work done,i.e.work completion certificates.
2.its turnover in last years.
The query is so generated bcoz ours pvt ltd co.is doing contract business so previous experience[specially these two] is a critical factor in bidding.

Sir,

I am confused. Yesterday i got two opinion stating Driver's salary should be included in vehicle running & maint exp.

Please refer to "CIRCULAR No. 8/2005, dt 29/8/05 of Fin Act, 2005.

Point No. 78

Reimbursement in respect of car exp on the basis of bills submitted & driver's salary on the basis of declaration :

such reimbursement is effectively exp of employers for the purpose ofconveyance, tour & travel covered in clause (F). SO IT IS A CONVEYANCE EXP.

Point No. 87

Salary paid to driver of a motor car :
is a vehicle running & maint exp.

THE ABOVE TWO POINTS ARE CONTRADICTORY.

CAN U URGENTLY CLARIFY.

WHAT IS THE CORRECT TREATMENT?

Thanks

Subhash

If I made an investment in the bonds under section 54EC before expiry of 6 months, by way of cheque and the stamp on the bond is of the date of submmission of cheque. but, if the clearance of cheque is after the date of expiry of 6 months will i be able to avail the exemption? the assessing officer denies to grant the exemption. please resolve as soon as possible.

Which is the best insurence plan to mainimise the individual income tax

What is the difference between sales and turnover?

Dear Experts
Dealer has paid to interest monthly Rs.3000/- its applicable to 194A section? Please cleared me

Respected Sir,

Suppose if I had Deducted and paid excess Tds u/s 194C then

A. Can I adjust it against future payments to same party (deductee),

B. Can I adjust the same against payments to other parties (where Tds is Deductible u/s 194C only)

C. Can I adjust the same against payments to other parties (where Tds is Deductible under any other section other than 194C)

D. If yes, then can I do the same in respect of excess computation and payment of interest on late payment of TDS

whether FBT is chargeable from an entity even if its Income is exempt under a double taxation avoidance agreement?

One of our company director is going to Hongkong for training on a particular machine for which we need to pay an amount of 500 Euro to a German company. Is TDS required to be deducted from the remitance of 500 Euro to that german company under Sec195 of the income tax act.