Suppose a person books a house,which is under construction and the possession will be given in DEC. 2010. There is an agreement to sell. (Down payment for booking being Rs 4 lacs).

Now, till DEC. 2010, the person stays in a flat from 1st April 2009 to 30th Nov.2010, which is hired by him (rent being Rs.10,000 /- p.m.) and the company pays Rs.12,000/-. p.m. as HRA.

Loan from bank (Rs 24 lacs) is taken on 1st Oct. 2009 @ 10% p.a.

1) How the Total Income will be computed for A.Ys. 09-10 and 10-11 ? (Assume salary is Rs. 35,000/- p.m.).

2) Also, if in the case of the flat taken on rent, the deposit amount of Rs.30,000/- and rent is paid in cash, can the benefit be claimed in IT (is it sufficient to show the agreement) ?

We are a 100% EOU manufacturing auto components and exporting to USA. We have a payment terms of DA 60 days with our customer and have shipment terms of CIF Detroit. In June 2006, some of our components were found to be rusty and our customers in USA got the consignment sorted at their plant in USA by a third party sorting agency and deducted the sorting cost amount from payment due to us. Since the rust problem persisted, our customers asked us to directly contract the sorting agency for sorting at our customer's plant in USA, all our consignments after arriving in the plant but before accepting the consignment. The sorting agency directly billed us and we paid them a total of almost 37 lacs in 2006-2007 and 2007-2008 periods. The sorting agency does not have any office in india and all the sorting was done in the USA. Are we liable to pay service tax on the sorting service that was provided in the USA on goods that were in USA at the time of sorting just because we have paid for that service? Looking forward to the experts' opinions at the earliest.

Sir,

As per sec 40(a)(ia)

Any interest, commission or brokerage, rent,royalty,fees for professional services or fees for technical services or contract money which is PAYABLE, to a resident
on which tax is deductible at source under Chapter XVII B and such tax has not been deducted or, after deduction, has not been paid during the pervious year, or in subsequent year before the expiry of the time precribed under section200(1), shall be disallowed as a deduction in computing the income from business or profession.

My quary is that if the expenses is actully paid during the financail year without deducting Tds then also Sec 40(a)(ia) is applicable.

Hi friends,

please help me in solving out a query,
Our main office is in Noida manufacturing undergarments.
Our relative have an office in Delhi which is doing Job work for us.
Is he liable to charge service tax from us u/s 65 of Service Tax act.
However all the expenses for that premises are paid from us. and it is also possible to make that firm as a branch of our company, because service tax wont be applicable in that case. Am i Correct?

Please clarify me if i am wrong and give me best suitable option. i will provide you more details if you required.

Thanks & Regards
CA. Sachin Kataria

What was the last date to file the return in case of individual for the assessement year 2007-08. who is the director in a co whose accounts should be audited.

My Client have filed his ITR on 30.09.2008 for the AY 2008-2009 my question is now he is in receipt of Notice u/s 143(2) & 142, whether it is valid notice or not. in view of new circular regarding Selection of Cases for Scrutiny. Please sugest me
Thank you
Zafarulla khan

i am filing the return of tds of one of my party,,,my query is

the client has wrongly deposited the tds of 317 against one of their party in feb-2009, now in march the make the reverse entry,,so their total libility pay for the month of march is deducted by 317. so how could i adjust this amount in the quarter iv in the software called etds in which i feed the data.

will any body tell me that which book for income tax is better which is advanced and contain every point in detail and which will be useful in practise much.

HOW CAN WE FOUND THE PAN OWNER`S DETAILS (ATLEAST NAME)THROUGH PAN NUMBER?

PLEASE TELL.

THANK YOU!!

An employee in a company requests its Finance team to deduct TDS from July Salary onwards and not from Apr itsel. His total tax liability for the year will be more than 50000. Can the company do so or there is any rule that TDS be deducted every month?
If Company agrees to his request, will not the provision of Advance Tax deposit be considered as not obeyed? Who will be considered as on defalut then?