10 September 2008
I am a Article in a C.A Firm In Noida. My Sir makes various payment of ROC for Clients through Personal Credit card. I want to know whether he is liable in his return to inform in AIR Schedule. If liable with what amount he is liable . with the amount of cheques given by him to the bank OR the amount by which the bank has debited
My Second query is the maturity amount received in the chit fund Scheme liable to tax or not under which Section
11 September 2008
If the bills have been raised in respect of a credit card issued to that person, then he is liable to show in the return, if the aggregate is rs. 2 lakhs or more in a year.
Profit on Maturity amount from chit is taxable as other income.
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