One person runs a carriers business i.e transports the goods from one place to another.
in this business he hires lorry to transport the goods, he pays amount of 25000 to one lorry person or aggregate pays above 50000.

As per tds 194 c , tds to be deducted. The proprietor is ready to deduct tax during payment of lorry hirer charges lorry owner but here the lorry person dont have pan number
& as per e-tds compliance requirement, 90% pan number should be available of the number of deductives, otherwise e-tds return will not be filed ( i.e cannot be filed since the software accepts when there is atleast 90% availabilty of permanent account number)

please advise in this case what to do since in above case nature of business is such that the lorry person has no pan number since they are not literate & they dont want to get in all this tax trouble and all. They even dont want anything to be cut from there income.

The tds amount will be bear by proprietor only but problem is he cannot file the return

you can email me on vikram_ranka2000@yahoo.com

Hi,

If mother gives gift to her daughter and grand daughter. Whether same gift is taxable to any of them. If yes what is rate of taxes.

Also can u please provide me list of "Relatives" who are exempted for Gift Tax.

Regards,
Hemal Parikh

iam maintaining books on cash basic. i raised bill in the year 2006-07 and received payment in june 2008 and showing income in the year 2008-09 than in which year i shoul claim tds.

Dear Sir,

Our Company is in to the business of Property development and Leasing My query is that

Our company got Land under 99 Yrs of Lease for the Development we have started Constructing Factory for our sister concern at that land and we were showing all expenses for construction of Building Under Current Assets as Building Under Constrcution WIP after the completion of Construction of Factory we have transferred all expenses to Factory Building under Fixed Assets from Current Asset is Capital Gain is applicable for the same transfer

Regards

Ravi Konda

some client are still paying tds manually whether is it allowable.

Mr.A purchased agricultural land during Dec-2005 and declared income from Agriculture land in his return of Income for rate purpose. Agriculture Land is situated in a village, which is beyound 8 K.M from municipal limit and population is less than 10,000.

Whether sale of above agriculture land during July 2008 will attract short term Capital Gain Tax.

if house property is owned by a parent and interet is paid by his son would this be eliglble for deduction U/s 24(b)

And what if father pays interets on house property ,who is not the owner but has paid it to his dependens

For the finl year 2007-08 & 2008-09 is the max limit of Rs.24,000/- applicable?

R.Ambal

Respected Members,

Currently I have heard that department is asking the supporting documents with ITR-2.

So, should we have to attach the supporting now.

Regards,

Prabhakar

Please confirm whether following FBT rates are correct.

Assessee : Domestic Company

FBT is less than / equal to 10 lakh : 30.9%
FBT is more than 10 lakh : 33.99%

If not, what are the rates?

Regards,
Pankaj