What constitutes turnover U/Sec.44AB of Income Tax Act relating to Trading in Shares, are there any circulars by CBDT?

dear friends,
i am doing articleship and getting stipend of Rs 10000 pm and other interest income of Rs 100000 per year. my question is whether stipend is taxable and if taxable under which head it is taxable and if exempt plz tell me relevent section of IT act.

Valuation of Property fees debited by bank in party account on behalf of party , and bank reimbursed this amount from party Accordingly party booked this expenses under head professional fees. The TDS liability arise as professinal fees paid then who will deduct the TDS Bank or party . Kindly let me know please

Hi all,

I want to know wheather in any case a patnership firm can deduct tds of a firm (patnership) @ 11.33% instead of 22.66 %

Thanks & Regards

What is the maximum limit of tution fees for an individual for the assessment year 2007-2008 & 2008-2009.

Suppose travelling expenditure is of Rs.10000.00
Which would be liable for F.B.T. But the questions is this entire expenditure is not travelling , this also incude the bill for staying in hotel i.e. its rent , food etc.
Q. State wehter this entire expenditure would be taxed as travelling expense or bifurcation would be needed. Tihs is because there is another provision u/s 115WB(2) regarding use of hotel, boarding and loadging facility are also liable for F.B.T. Exception is provided only in conference expenditure i.e. as far as conference expenditure is concered bifurcation is not required but for travelling this exception is not provided.
Please support your answer by giving reason.

According to me travelling expenditure does not include other expenditure incurred for the purpose of travelling unless there is specific exception provided in the F.B.T. provision like conference as I explained erlier.Another reason for this is that specific provision overrides the general provision in the Law like GIFT, Even though expenditure on gift is for the purpose of SALES PROMOTION but treared as Gift for the purpose of F.B.T. So I am raising this particular issue.

I want to know that the amount received as compulsory acquisiton of land by Governemnt is taxable or not. Interest received on compulsory acquistion is taxable of not. Whethter tax will be charged on receipt basis or accrual basis.

whether tds is liable to be deducted on lease rental paid in case of financial lease and on instalment in case of Hire purchase agreement? if yes, then whether on whole amount or the interest portion only?
I strongly believe that in both cases tds is not liable to be deducted. But is there any circular or a provision which says this or otherwise? Please reply.

We need to remit a royalty fees of usd 1250 to an organization in USA. Our banker says withholding tax is applicable.what is the percentage and on which IT Challan it has to be paid. Further our party has said we should not deduct any tax amount from the remittance

One of my clent had opened a Drug store in a hospital on a condition that the hospital will be paid 50% of the net profit as per audited P& l A/c.What is T.D.S. Liability of the client and under what section it will be deducted 194I or 194C.And also Profit can be ascertained only after 31 st March.So when to deduct the TDS -on 31st March itself and to deposit it by 31 st May or whenever some payment is made to Hospital during the year.