One of my client imports raw material through opening foreign L/c. He makes payment after a usance period of 90 or 180 days. At the time of payment he makes payment of import bill i.e. cost of raw material + interest for usance period + confirmation charges. Whether and which part of payment is liable for tax deduction u/s 195 of the Income Tax Act.

surcharge is applicable in F.B.T ? pls. reply me.

If Loans taken from relatives, is it necessary to make them shareholder of the company?? plz give reference of applicable section.


Thanks & Regards
Vandana

Dear All

Pls. confirm that whether the realised and unrealised both gain/loss be booked in return of income. What AS-11 speaks in this regards

Hi,

Just want to know the details of Deferred Tax liability, how is it arrived in to the books of accounts and what purpose we are accounting this entry

Thanks & Regards
Nagaraju

AA LTD IS RUNNING A HOTEL IN INDIA AND HAVE A CONTRACT WITH AN AGENT IN USA TO BOOK THE ROOMS FOR THEIR CLIENTS IN INDIA.

FOR THE SAME THE USA AGENT WILL GET AN A 5% COMMISSION ON THE BILLING AMOUNT FROM THE HOTEL.

WHETHER THE TDS WILL APPLY? IF SO WHAT RATE?

Payment made to relatives.
If payment is made with service tax and credit of service tax is taken, then whether total payment(including service tax)is to be shown under tax audit or net payment(excluding S.tax)?

e.g. if payment is Rs. 112.36(100 exp.+12.36 service tax).
so What amount be shown U/S Sec- 40A(2)(b).
i.e Rs.100 or Rs.112.36

Hi

Can a company arrange interest free loans from directors, his realtives and freinds.

what are the legalities to be maintained?
what are the circumstances of its denial by IT department.

Thanks

U/S 167A tax rate of AOP/BOI if one or person taxable at the rate at higher than maximum chargeable rate than AOP/BOI taxable at the rate…
a)40%+2.5%+3% = 42.23% (in Gupta jee book) or

b)40%+3% = 41.20% (in bangar book)

Which option is correct?

Hello Sir/ Madam

can anyone tell me from where i can get my icwai books. and what kind of books i should read for my icwai inter study. please tell me the name of those.

First group Books name is ..

Financial Accounting
Direct tax with Case Laws
Industrial Law and Auditing


regards
yogesh