From:
ARUNACHALAM . V,
New 30/Old 13,
Subramaniya Swamy Koil Street,
West Chinthamani,
TIRUCHIRAPPALLI-620002
Tamil Nadu. India
Mobile: 9790971353
E-Mail: arun28@rediffmail.com


To: Querry Section,
CA Clubindia.com

Dear Sir,

Reg: Clubbing provisions of Income Tax.
****

I am a retired Bank employee and a Senior citizen also. Hence I will be earning a higher rate of interest for my Bank Deposits than ordinary public. And I am having pension and other Deposits and other investments and I am regularly filing my Income Tax returns even though income is well below the taxable limit.

Now the interest rates are heading southwards. So in order to have better returns, my son who is an Income Tax Assessee in higher slabs wants to give Rs.5 Lakhs to me as a gift, so that I may be able to invest them at a higher interest bearing deposits. Even after adding this interest my income will be well below the taxable limit.

My question is whether this interest earned from the money received as gift from my son is to be clubbed with his income and taxed according to his slab or clubbed with my income and assessed accordingly.

Expecting your response in any Sunday Edition of the Business line.

Thanking you,

Yours faithfully,
V.ARUNACHALAM.
24-05-2013

We are manufactures of commercial vehicles and we are importing materials which will a part of our finished goods, can u tell us whether we can set off all customs duty and we already registered with Excise/Service Tax etc., and this is newly setup company.

From:
V.Arunachalam,
New No: 30/Old No: 13,
Subramaniya Swamy Koil Street,
West Chinthamani,
TIRUCHIRAPPALLI-620 002.
Tamil Nadu
Mobile: 9790971353
E-Mail: arun28@rediffmail.com

To: Querry Section,
CA ClubIndia.com


Dear Sir,

Reg: Taxation of gains on Intraday trading (without delivery) on Shares.

***********

I am a pensioner aged 62. My annual income by way of pension and other interest will be Rs.1,70,000/-.
I have also invested in Shares and Mutual funds as a long term investor. But occasionally 4 or 5 times in a year I wll be doing intraday trading in Shares and earn small gains around Rs.3000/-. I want to know how this gain will be treated for
tax purposes. Will it be clubbed along with my normal income and taxed according to my slab rates? OR will it be taxed separately at a special rate even though I may be having other income including my pension, interest etc., within non taxable limit.

1. What will be the special rate of tax on such intraday trading income?

2. Also intimate me the required ITR Form for me for reporting such intraday trading income? and the relevant section/column under which it is to be reported in that ITR form?

Kindly reply in your web site and if possible to my above E-Mail ID.

Thanking you,
Yours faithfully,
V.ARUNACHALAM.
24-05-2013

I Want to know that our company is hire a hotel on regular basis for guests so we need to deduct TDS on such payment given to Hotel.
payment is more than Rs.500000 p.a.

Few days ago I have filed my income tax return and now a query is revealed in it. I want to file revise return. Then
Am I required to sent the original copy of acknowledgement along with revised one to CPC banglore??

Hi,
I want to register a NGO but I would starting its functioning a few years later. Can I register NGO now and file filling as nill till I start the functioning so that I can secure the name of the NGO that I have with me. Thanks.

Is audit compulsary if the income under section 44AD is Rs. 2,10,000 and as per books is Rs. 2,00,000. Please can anyone help me out.

Thanks in advance

My Business is Farashkhana & Decorator/ Mandap Keeper,

its a service, so how to calculate and show depreciation or loss of farashkhana items in P&L A/c

thanks..

An Indian Resident is to purchase equity shares in an Indian Company from a NRI.

At the same time the NRI is also to pay some purchase consideration to this Indian Resident on account of a current account transaction.

Can this consideration be set-off and only the net amount be paid to the NRI for the purchase of shares.

Kindly also provide a reference of the corresponding circular / section.

Dear Expert,

an Audinting & Accounting Services given by a non CA, comes under which services under Service Tax Act.

please help me.

thanks in advance.