Abhisek Konar
This Query has 5 replies

This Query has 5 replies

04 June 2007 at 17:16

TDS on Service Tax

are we to deduct tax on the total bill amount or on the amount net of service tax


gaurav
This Query has 10 replies

This Query has 10 replies

02 June 2007 at 12:07

TDS on Painter

Urgent.

Should we deduct TDS@professional or contractor for payments made to a painter?

Painter Vs. Professional Painter.



Sjayaraman
This Query has 2 replies

This Query has 2 replies

02 June 2007 at 07:12

Capital Gains Tax

Company A sells its office premises whose market value is Rs.9 crores to a person holding beneficial interest in the company at Rs.3 cores which is higher than the guidance value for payment of stamp duty under Section 50 C of the Income tax act. Kindly clarify:

The tax implication on company And also on the buyer.


S.M.Indapurkar
This Query has 2 replies

This Query has 2 replies

31 May 2007 at 22:06

Disallowance u/s 40(a)(ia)- TDS

During A.Y.2005-06 TDS deducted against payment to sub contractor was deposited late and hence expenditure was disallowed.During A.Y.2005-06 assessee was proprietor and During A.Y.2006-07 business was converted into Pvt Ltd Co.As per I Tax Act this expenditure will be allowed in A.Y.2006-07.
Query- Whether above expenditure will be allowed in the hands of Individual or in the hnads of Company ?


Manish
This Query has 2 replies

This Query has 2 replies

31 May 2007 at 07:11

TDS CERTIFICATE

RESPECTED,

I DESIRE TO ISSUE TDS CERTIFICATE TO MY PARTIES. AS BE CAUSE there is a change of quarter number & ack.number in new 16A FORM from this Year.

May i Issue TDS CERTIFICATE in previous year format. It may be granted.

Thanking you.
manish


Manish
This Query has 3 replies

This Query has 3 replies

31 May 2007 at 07:04

TDS QRTS AND ACK NUMBER ?

Respected,

I saw a new TDS CERTIFICATE FORM NO 16A.
I also saw there are QUARTER NUMBER AND ACKNOWLEDGEMENT NUMBER FOR THE 4 QUARTERS in new 16A form.

I WANT TO KNOW THAT WHICH ARE THESE NUMBERS ARE ? HOW CAN I GET IT ?

I ASK YOU BECAUSE I WANNA GIVE TDS CERTY TO MY PARTIES.

THANKS,
MANISH


Chetan
This Query has 5 replies

This Query has 5 replies

30 May 2007 at 23:08

Income Tax-TDS Form 16/16A

can we put scan signature on Form 16A & Form 16 as we have large volume in both .

please reply asap

Chetan


Aman Jain
This Query has 2 replies

This Query has 2 replies

Respected All,

Can any please let me know, what action can an I.T.O. take in case he finds an audited Balance sheet with difference in total assets and total liabilities.

Regards,

CA. Aman Jain


Taroon Sharda
This Query has 2 replies

This Query has 2 replies

26 May 2007 at 02:44

DEDUCTION U/S 24 - INT. ON LOAN

Dear sir/madam, pls. clarify that can i claim deduction u/s 24 to purchase a plot of land in a residential area on which construction is to be done later on? Secondly is possession complusory to claim the deduction? moreover if bank issues the certificate u/s 24 then whther i have to fullfill the above clauses or not? Sir pls. clarify it in detail as my employer is not accepting the certificate issued from bank on the ground that possession is complusory.


Ashok Malhotra
This Query has 5 replies

This Query has 5 replies

Dear Sir,
Here are my queries. I would request you to respond as per your convenience
Income Tax query for the Assessment year 2007-08

Query #1
As to whether property in Mutual fund inherited on the death of my mother is taxable in my hand during the month of April/May 2007?
Query #2
As to whether the amount gifted by me to my wife and son will be taxed in there hands separately, if the transfer of money is on irrevocable basis?
Query #3
Whether provisions of sections 60 to 64 are applicable or not?
Facts of the case:

I am the only successor of my parents. My father expired in 1976 and my mother died in Jan 2004. She had invested in Mutual Funds (Debt Scheme) and in saving bank long back. The sum total of investment at today’s NAV was over Rupees ten lakhs. The investments in Mutual Fund were made by her in the year 2000-01, 2001-02 and 2002-03. The accretion in bank balance was less than Rs. one lakh till 2007.Total investment made by her was to the tune of over Rs. ten lakhs.

Based on her death certificate as well as survivorship certificate, the Mutual Funds redeemed the units in my favour and the fund was received in my bank account at the latest NAVs. I gifted the whole redeemed amount to my wife and only son. Incidentally my son is no more a minor. He is 20 years of age. They have now invested the funds in various Mutual Funds.
As per my understanding the provisions of section 56(2) of the Income Tax Act 1961 are not applicable. The receipt of money without consideration by a relative is outside the scope of the section. I am the lineal descendant of my mother and received the redeemed amount by way of inheritance.
Likewise I have gifted the whole of redeemed amount to my wife and son. All the earning henceforth from the investment shall taxed in the hands of wife and son.

Thanking you,
Regards
Ashok