CA CS Amit S. Kedia's Expert Profile

Queries Replied : 1933

About me

Dear Colleagues..

I am Amit Kedia. I have compeleted CA and CS from Mumbai. Currently working with Kewal Kiran Clothing Limited, Mumbai.

At Caclubindia,my one and only aim is to Learn, Gain and Share knowledge/information/experience as much as possible from/with my professional colleagues, expert members and other querists.

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HIMANSHU says : Notional Rent
We are a registered Partnership firm carrying on business of real estate development . Couple of years ago we had constructed a residential building in which we have retained 4 residential flats, out of which 3 flats were/are given on leave and license basis. The 4th flat is used by the partners for personal use and is shown vacant in our Balance Sheet. We have shown the flats as Fixed Assets in our Balance Sheet and claiming Depreciation on all the 4 flats. The Income Tax Department is assessing our rental income under the head Income from Business & Profession. We wish to know whether Income Tax Department can calculate notional rent (Annual Value) on the 4th flat which is not given on rent. Kindly advice

Prakash ghai says : TDS and other things included in FD's
Hi I would request you to please guide me for this. i am planning to go for 20 lacs fd for small tenure like 7-14 days, and will repeat this for long time. what will be the tds deduction and other taxes .

manik says : urgent service tax query
sir we are working as a contractors in construction industry, we construct commercial, residential complexes for our clients i.e.builders and developers (contract price includes both supply of labour & material). we are registered under service tax as: i)commercial and residential services ii)works contract (composite scheme) a)my question is how the service tax liability will arise in both cases post budget, 2012? b)can we take cenvat credit in composite scheme and on what items? please reply and explain