Hi,
My client didn't deduct TDS on a payment made to a contractor which was made on 25th April-2013. Now he has deducted TDS on 4th july-2013.
I have the following questions in my mind:
1) Interest on TDS not deducted is 1% per month or part thereof from the date when TDS was deductible till date of actual deduction.If he made deduction on 4th Jul-13 for how many months he is liable to pay interest. I mean is he liable for 4 months i.e.April to Jul or we have to go on date to date basis i.e. from 25th April to 4th July which gives us 3 months?

2) Is he liable to Intt. of 1.5% also from Jul to Aug. Actually I am confused with this point of section. If after deduction on 4th Jul-13 he pays the interest before 7nth of aug next month then also he is liable for interest of 1.5% for 2 months on late payment?

Kindly guide me in the above situation.
Thanks.

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Our Client is providing Sponsorship Service. Against the same it has received Sponsorship from Foregin body Corporate. As 100% reverse charge is applicable in sponsorship service,service receiver is liable for payment of service tax . But in our case as service receiver is foregin body coporate ,our client is liable for payment of service tax??

Now mine query is can the same payment be made through the utilisation of credit or compulsory it need to be paid in cash??

-answering with relevant provison or notification any will be really helpful.

Dear Sir/Mam
If the person has not submitted form 15G in the starting of the Financial Year and has submitted it to the bank near about in mid of the year,then can he claim the TDS deducted on his FD interest as refund while filing the personal return??If Yes,then how such would be shown in personal return to take refund??

Sir,
The relevant extract of the act with respect to the above section reads as follows:
40A(2)(a): "Where the assessee incurs any expenditure in respect of which payment has been or is to be made to any person90 referred to in clause (b) of this sub-section, and the 91[Assessing] Officer is of opinion that such expenditure is excessive or unreasonable having regard to the fair market value of the goods, services or facilities for which the payment is made or the legitimate needs of the business or profession of the assessee or the benefit derived by or accruing to him therefrom, so much of the expenditure as is so considered by him to be excessive or unreasonable shall not be allowed as a deduction"
40A(2)(b)(vi): "any person who carries on a business or profession,—

(B) where the assessee being a company, firm, association of persons or Hindu undivided family, or any director of such company, partner of such firm or member of the association or family, or any relative of such director, partner or member, has a substantial interest in the business or profession of that person."

My Question was whether the shareholding in the assessee company of the common directors and their relatives is to be calculated cumulatively or each common shareholder should be considered as a seperate person for determining the status of another company as a relative of the assessee.

I have tried to put forth my query as clearly as possible. Hope it helps.

Awaiting a reply.

I want to register for IPCC under Direct Entry Scheme but the query is
i. whether I should register for Articleship and IPCC together and then go for orientation and ITT or

ii. First I should register for IPCC and complete ITT and Orientation and then register for Articleship.

Thanks in advance

i have purchesed plot of land in the year 1999 and construction of bunglow Compleated in the year 2001. i sold this bunglow with land appurtenantit in the F.y.12-13 So my quary is for indexation purpose which year i shoul consider??? 1999 or 2001

sir,

I am working as a civil contractor under one central corporation ltd, we coated the tender on 2011, but after july 2012, govt order is 50 % is contractor and 50% is principle employer, but after july 2012 the principle employer deduct 50% from my payment, and balance to be pay myself, because they floating the tender itself it mentioned inclusive of all taxes.(2011)

so kindly confirm who will pay to tax, and how much percentage to pay

Dear All,

what is the procedure for closing a Section 25 company under Companies Act, 1956.

I have a trend of making provision at the end of each month for the services for which no invoices are raised. I also reverse the same provision in the beginning of the next month. Do I need to pay service tax on such provision? seek urgent reply.