Section 2(24) of I T Act, refers that the value of any benefit or perquisite, whether convertible into money or not, obtained from a company either by a director or by a person who has a substantial interest (20% or more)in the company, or by a relative of the director or such person, and any sum paid by any such company in respect of any obligation which, but for such payment, would have been payable by the director or other person aforesaid, shall be treated as "Income";
My query:
1) Is substantial interest meant for holding of a single person or inclusive of all relatives?
2) Suppose substantial interest of husband & wife taken together is more than 20%, but their individual holding is less than 20%. Will it attract provisions of 2(24)(iv)?

I want to know about the tax treatment of the Non-refundable Earnest money received by the land owner from the land developer after execution of the land collaboration agreement & the flats/township is expected to be completed in 2015 end. Is it a capital gain to be deposited in the capital gain account or is there any restrictions on its Utilization. How can it be dealt with & what are the consequences if it is utilized in contradiction with the law. please suggest me with your superb advice?

Also suggest me any book regarding this?

q. Date of invoice 10 october amt rs.60 lakhs

However advance is received through cheque on 30 september.Cheque is deposited on the same day and it is credited in the books of accounts on 6 october.

What shall be the point of taxation?Will it fall in the quarter ended september or quarter ended december

(i have this doubt because i read this illustration in a book and answer according to it is quarter ended september.........but i am confused because i read that date of payment shall be credit in books or credit in bank whichever is earlier...books date is not given so i thought it should be date of credit and answer according to my thinking is december)

Please aNSWER THROUGH EXPLANATIONS

I have a doubt in entry no. 28 services provided by certain registered societies to members. in point (c) it is mentioned an amount exempt up to rs. 5000 per month per member

Q.IF AMT COLLECTED IS RS. 6000 PER MONTH PER MEMBER.... WHAT SHALL BE THE TREATMENT???

In few illustrations i saw that rs.1000(6000-5000) is taxable and in others i saw that entire rs. 6000 is taxable....What is the correct Treatment?????

Dear Experts,

I was working as a S/W Engineer in a company till 21 Nov 2012. I started a website last year and started getting around Rs. 1 Lakh/month as advertisement revenue and affiliate sales commission from Sept 2012 from that website(mainly from US through PayPal and some cheques). Then, I resigned from my full time job on 21 Nov 2012 and started working on the website from home. My previous company deducted TDS properly and I will get Form 16 from them. I got around 3 lakhs as salary and 3 Laks from the website when I was working there. So, I think I can show the website income as income from other source when file return. My doubt is regrading Income Tax on the money I got after I resigned (around 6 Lakhs).

My questions are:

1. Whether I have to file both ITR-1 and ITR-4?
2. How can I save tax from both these incomes if I file it separately?
3. Is there any tax exemption on the income I got from oversees? (As I'm contributing something to our economy)
4. Can I deduct the expenses for running and maintaining the website from my revenue?

By the way, I'm planning to set up a start-up company withing the next FY.

Please guide me on this. Any resource for clarification will be highly appreciated.

Thanks in advance,
Prasanth

SIR I HAD NOT FILED RETURN SINCE
ASSESSMENT YEAR
2008 - 2009
2009 - 2010
2010 - 2011
SO CAN I FILE RETURN NOW
AS THERE IS TAX DEDUCTED IN THIS PERIOD
AND I WANT TO CLAIM THIS REFUND

sir,
iam srikanth i would like to join in a coaching centre for ipcc in coimbatore so
please kindly help.


thank you

..........................................................................................................

Sir,

I am doing CWA besides CA also. I am yet to start my articleship training then also is it necessary to fill up form 112 of CA? (I will start training in may'13)

Please reply at earliest

i have cleared my ipcc in november 2012 and currently i am in 2nd year b.com(h) from srcc.In order to utilise my 1 year effectively, i am planning to do acturial sciences along with ca. I have heard that few of the subjects of acturial are complimentary to CA and can help in developing your profile in CA profession. I know i can also pursue CS in place of CA but that is what most of the people are doing and even it has been said that now its not that beneficial to do CS along with CA. So i just want to know whether acturial is a good course to do along with Ca (if i plan of giving only those papers which compliments Ca) ???