Hi all, I'd like to know the following. A senior Citizen for for the assessment year 2006-2007 had a refund of 18000 Rupees. He filed return of income within due date i.e 31st July 2006

Now It is April 2008 and he still has not refund. I want to know

(a) Whether Refunds are automatic? I mean Just file return of Income and if there is refund the Dept will give automatically

(b) Should any extra form be filed. A senior told me that form 30 should be filed. But in my office I dont remember filing it

(c) Can we file it now? I mean is there a time limit or something

(d) If we file it now, are there extra documents we should attach?



Thanks for your help

Hi Experts.....

on 31st March 2008 i book professional fees as follows:

Professional Fees A/c Dr. 100000
To Professional Fees Payable 100000.
(TDS has not been provided)

Expected date of payment : 15th July 2008
The Company will deduct TDS on 15th July 2008 and remit the TDS to the I.T. Dept.

My friend's opinion: The expenditure will be allowed in the year of Payment, i.e. F.Y. 2008 - 2009, as per sec 43B.

My Opinion: The expenditure will be permanently disallowed, because as per sec 40(a)(ia), the expenditure will be allowed only if TDS is deducted. (Date of credit or payment, whichever falls earlier). So in the above case TDS has not been deducted, so the expenditure is ineligible for allowance.

Suggest me, which opinion is correct.
Explain me in detail

Thank You Experts

Hi All
Kindly Suggest the last date for the submission of Q4 Return of TDS

Reg
Bharat

sir,

i want to know that how can i ascertain that for financial year it is deffered asset or liability.

please explain that with a practical example so can i understand it easily.

thanks sir

Which exemptions are available to a Trust for its capital gain earned from sale of immovable property other than that of Rs. 50 Lacs investment in Bonds?

Respected sir,

my firm is having a policy to employees that they should declare thier investment in april for that financial year without any supportings. in that case one employee had given us the wrong declaration by giving more amou nt as investement, but he had not invested the same .
Now his liability is coming Very high at the end of the year.
with the above case i wanted to know that.
1) The declaration given by employee can be a proof that, the declaration given by him is the base for lesser deduction???
2) if he fail to invest the same, that it is the liability of the company to pay the tds at the end of the year with interest on lesser deduction???
3) is there are any Penalty or interest than please specify???
4) with that if i charge the penalty & interest & the deduct the same from the employees salary than is it void in law, if i produce the proof of wrong declaration by him???

Please clarify the same with example if possible.

A comany has taken a house property on rent for its officer ,which is in joint name of Mr x and Mrs X.
Comapny is paying Rs 13000/- P.M by a single cheque for rent

Whether company has to deduct the TDS on same ?if yes ,against whom PAN company can deduct TDS .

Please tell me the last date for payment of TDS & Last date of Return for the IV Qtr.

In my company few staff transferred to branch in part of the year, TDS on salary deducted individually at branch and Head office. Now my queries is :
1. If we issue TDS certificate from branch and Head office individually than there will be break in annual salary, result into reduction in salary at each place from taxation limit, in such case there will be refund due in TDS certificate. where as actually salary is taxable. If TDS certificate issued from one place then also there will be problem, since e-tds return for staff is filed individually.

can i have advice please.

TDS exemption certificate issued for ABC trust is remain in force upto 31.03.2008.

Suppose the trust renders service in the month of march 08, for which payment is made in April 2008.

1. will the trust needs to provide a fresh exemption certificate for 2008-09 so that the payer will not deduct TDS or it is not required as the trust already got Exemption certitificate for 2007-08, which is vaild till 31-03-2008.

2.what will be the treatment if the due date of payment falls on a)31-03-2008,b)10-04-2008. The payment will be made in april 2008, irrespective of the due date.