First of all My client started business with propritor to work job work (F.Y. 05-06). so he give the PAN for self to give Deductor company. Now(F.Y. 06-07) he started partnership firm the Deductor company deduct tax in Propritor PAN and qtr statments of tds is also Propritor.
So Partnership firm not get refund order in his return for the f.y. 06/07. how can i adusted this refund order in partnership firm.

ONE OF THE COMPANY IS DEPOOSITING TDS LIABILITY WITHOUT COMPUTING THE ACTUAL LIABILITY. SO THERE ARE MANY CASES OF SHORTFALLS AND EXCESS DEPOSITS OF TDS TILL DEC 08.( FY 2008-09) HOW CAN THE COMPANY ADJUST ITS BALANCE OF TDS PAYMENTS ???

CAN THE EXCESS DEPOSIT OF ONE SECTION BE ADJUSTED WITH SHORTFALL OF THE OTHERS ????

CAN THE DEPOSITS OF THE SAME SECTION BE ADJUSTED ON MONTHLY PAYMENTS WHERE THERE IS SHORTFALL AND EXCESS ???

I want to know whether a Foreign National employed as an Employee in an Indian Concern is requried to obtain Tax Clearnce Certificate before he / she leaves India?

Proper tax is deducted from monthly salary as per section 192.

Thanks,
regards,
Raghu

The AO disallowed expenses u/s 43B of the Act.for the assessment year 2006-2007 as they were duly mentioned in the Audit Report that Service Tax and other Taxes were not paid till the finalization of the Audit Report and also not paid till the filing of the return of income.
My queries are-
1) Can the AO levy penalty u/s 271(1(c)as we have a plea that there was no concealment of income or any fact and we had duly mentioned about the facts in our audit report. We have a case law too regarding this issue which is as follows-

It was Held, that as material facts necessary for disallowance were duly disclosed in audit report filed with Return of Income,the assessee’s contention was being genuine, bonafide and innocent mistake was accepted, and that penalty cannot be imposed, as there was no malafide intentions on the part of assessee in the case of-

Akshay Enterprises (P) Ltd. vs. ACIT – (2007) 161 Taxman 168 (Amritsar).

I will like to ask here that will this plea work or not for us and are there any other rulings regarding this issue.

2)How will we be able to claim the expenses in assessment year 2007-2008 if we had paid the expenses in the assessment year 2007-2008. The Dis allowance was for the assessment year 2006-2007 and we have received the assessment order only now and its too late for us to revise our return for the assessment year 2007-2008 now that is in the year when we had made the payment for taxes.Is there any method of rectification of mistake u/s 154 regarding this after we receive the assessment order u/s 143(1) for assessment year 2007-2008 or some other way out.

3)If we dont go for appeal against the order for the assessment year 2006-2007 now and accept the dis allowance made by the AO as it is, will we be able to appeal against the penalty u/s 271(1)(c)later if levied by the AO or we will we lose the strength in our case by not appealing against the assessment order passed by the AO.

4) Will this addition be termed as dis allowance or not as it was not a dis allowance perse but the expense or payment was deferred to next year.

Thanks.

Sir,

We are a IT company. We are having a contracts with a prop. concern for creative designing to be further used for our software products.

Now they are serving us under a proper contract.

While making payment to them should we deduct TDS under 194C or 194J ??

Pl reply soon.

Subhash Jha

Hi all,

I have a question related to capital gain:
What if a father buys a land with in the local limits of delhi/ncr region in his own name but the money is paid by his daughter, Now to whom the capital gain will arise if the property is sold if the registry is in the name of father.

Pls reply asap to richarsharma@gmail.com
Thanks

Please Send me a details regarding Interest Calculation Above

please do the need ful

Is there is any excel chart for this will do for me

Hai to all

Can anyboby help me to know abt the applicability of fbt for following expense.

1.Sponsorship fee for conducting businees meeting.
2.Amt paid to All india Tennis Assocaitaion towards sponsorship fee for commonwealth games.

A proprietorship firm providing entertainment services raised 4 bills for fee aggregating rs. 20 lacs and service tax thereon rs. 2.5 lacs (approx.) in F.Y.07-08.Entire 22.5 lacs was realized in F.Y.2007-08 itself. It credited rs. 20 lacs to profit & loss account and showed service tax rs. 2.5 lacs payable on liability side of balance sheet.It failed to pay service tax liability till filing of Income tax return due date i.e. 30th Sept. 2008. my query is
Since service tax is not routed through profit & loss account of the firm ,is the outstanding service tax amount (which is realized but unpaid till return due date )is liable to be added to taxable income u/s 43B.if yes, under what proviso ?

1.I invested Rs.2,50,000/-in the equity shares of a Private limited company in the year 2005-06 from my savings from salary income and other savings.
2.Now that private limited company is received the Scrutiny order from the Income tax department for the years 2005-06 on wards.
3.Now that company is asking me to produce my personal balance sheets and Profit&Loss account explaining the source of income for that 2,50,000/-
4.since no need to maintain the books of accounts.I have not maintained any books for the years 2005-06 onwards.
5.for the FY2007-08 only i filed my first income tax return.
6.can any one please help me what i need to tell to that private company.they are asking me to produce the Balance sheet for the year 2005-06.
7.I am salaried employee.I don't understand why i need to maintain Books of account like balance sheet and P&L.