I am a salaried person and have sold a house in Delhi which was in joint name with my wife (I was the first owner and she the joint-owner and I had taken bank loan to buy the house and have since repaid it). I am buying a flat in Chennai (again jointly with my wife) from a reputed builder for which some advance has been paid. I am planning to go for registration. Except for a Rs. 2-3 lakhs which my wife is paying out of her tuition earnings, the entire payment comes from my earnings and the sale consideration of previous house only. Kindly advice, whether in this joint ownership, can I have my wife as the first owner and me as the 2nd joint-owner? What are the implications legally and tax-wise, I hope it won't tantamount to Gift etc? Pl advice in a lucid manner.

Can i know percentage of interest on income tax.

one of the my employee suppose to pay income tax for the F.Y 2012-13 is Rs.1,00,000/- but we are deductiong from salary Rs.80,000/- for the F.Y 2012-13.

Now we are generated Form 16 and payable as showing as rs.20,000/-

Now employee wants to pay Rs.20,000/-. Is there any interest have to pay to department.
If, it is there, how much is the percentage and how to calculate the interest.

MY COMPANY NAME CHANGED AND WE WANT TO OBTAIN PAN CARD IN THE NEW NAME. PL SUGGEST PROCEDURE FOR SURRENDER OF PAN CARD IN OLD NAME AND ALSO FOR OBTAINING PAN CARD IN NEW NAME. THANKS. SRINIVAS. 913495731

Dear Experts,

I have a query on Futures & Options. How to determine turnover of F&O While conducting audit? Further, whether section 44AD of IT Act. will attract F&O transactions as trading in derivatives is a business activity?

Seeking for your guidance

I have recd a notice from Trace u/s 200a regrading raising of demand for Interest on Late payment. My query is that :

Whether I have to file the revise return or write a letter to the department with the copy of payment challan

We have taken a vat registration in Andhra pradesh and have not filied the monthly nil returns.i want to use the same TIN for some other principal activity.can i do so?will there be penalty for non filing of VAT returns and what is the amount of penalty if any?

Dear Sir,
I have not filed Vat return from 2007 onwrds what is the procedure & penalty for this plz tell me.

An Assessee going for amensty scheme has to file and pay service tax from oct 2007 to Dec 2012.
My query is whether he has to file the return for the year falling in the above range of years even if his taxable turnover during that year is less than 10 lakhs.

for exp:turnover for the year 08-09 and 09-10
is less than 10 lakhs still he has to file return or not as he is going for amensty.

Is interest on interest on late payment of TDS liable to be paid?
ie. Say tds was paid on 10th june instead of 07th june. The assessee was liable to pay interest @ 1.5% for two months (since tds was deducted in may and part of month is considered full month). However the assessee did not pay interest. Is the assessee liable to pay interest on this interest along with interest as on date?
If yes than for 2 months @ 1.5% p.m,right ?

Dear All

Please help on following:

one of my client is importing software from Microsoft. Microsoft is registered in USA & having TRC of USA only.

But billing is done from Singapore because Microsoft is having its regional office in singapore. Now payment is also to be made to Singapore only.

Now DTAA of which country should be applied.if of USA, then how to make payment to singapore because in 15CB , recepient country to be written is Singapore only.

Please help urgently.

Thanks in Advance

Regards
Deepak Kakkar