ans to q6c) pts to be noted - interest is alread due, - circular nos 715 dated 8.8.1995 which says interest credited to interest payable account or suspense account is ALSO taken as credit to the account of the payee, though not seperately reflected, hence tax is to be deducted accordingly. hence AO is justified in his actiion.

as per  sec  16  a   its  duty  of  valuation  office to inform  and  give  oppt.  to assessee  not  a  liablity of  assessee  to take  him on oath  and all 

Originally posted by : anup pathmudi
	ans to q6c) pts to be noted - interest is alread due, - circular nos 715 dated 8.8.1995 which says interest credited to interest payable account or suspense account is ALSO taken as credit to the account of the payee, though not seperately reflected, hence tax is to be deducted accordingly. hence AO is justified in his actiion.

agree with u 

@ raam:- section 37 of wealth tax act authorises wealth tax authorities including the valuation officers the powers as the court.
 

it is very confusing now.....7 C (1)

ROI filed as per section 139(4a) where income of trust exceed basic exemption limit then they need to file rreturn as well as Audit-DOF 30th sep. in case of loss return of trust DOF is 31st july,very clear provision
 

Guys..can any one tell me that if i had attempted for all the 7 questions..then marking will be best 5 out of 6 ( leaving 1 compulsory ) or questions covered first in sequence will be taken....i din't found marking criteria anywhere...please let me know...

Valuation officer has the power to examine on oath

Section 37A(5A) to retain the asset for 120 days and after satifying the dues may release a portion of asset at its discretion

Originally posted by : RAAM SINGHANIA
	q.6.a   110000+510000=  6200000 deduction  :-  1.  62000  ,,,,,i.e.  10%  of  gross  income   2.  32000 3.  5000 ....................balance  of  infractural  bonds  if  100000  limit  not  get over  4.20000 ...................   as  specif  under  new  provision  20000 is  allowed  5. 15000  6.15000.......................as  her  father  is  non  resident  so  cant  get  20000 dedcution  as  it aplly to  seniour  citizen  in india  net  income =   471000 -  190000=  2810000 total  tax  = 28943  tax  rate  =   28943/ 471000=  6.123%  something  foreing  tax  rate  =  10%   lower  of above   6.123%  so  rebate  is  6.123 %  of  110000 net  tax  payable  =28943-6735=22207   i.e.   22210

i think ur ans is incorrect, b/c deduction u/s 80c with respect to contribution to ppf is max 70000, there is no limit as to 10% of gross total income (limit of 10% of salary/income is there u/s 80ccd with respect to contribution to pension fund)....so i think deduction wrt to ppf shall be 70000 and consequently there shall be no balance left in limit of 100000, so deduction wrt infrastructure bonds shall be 20000 u/s 80ccf

please correct if i m wrong

Pls put up the question paper....thnks

Originally posted by : sri..
	i had a query on 5.B actually .., the transfer by X to Y is not a transfer (amalgamation) Y sells the asset transferred within 8 years , so is liable to CG but what is transferred in stock-in-trade .., so there is no CG right ? it must be business income .., i dont know if i m right in this ....

i also think so.....land is stock in trade in hands of X, so while transferring it would amount to a loss of 15 lacs in hands of X, now Y receives it as Stock in trade  amend its memorandum, subsequent transfer by Y should amount to business income of (160-110-25) i.e. 25 lacs.....sec 43C shoul not apply...but i m not sure

Guys..can any one tell me that if i had attempted for all the 7 questions..then marking will be best 5 out of 6 ( leaving 1 compulsory ) or questions covered first in sequence will be taken....i din't found marking criteria anywhere...please let me know...

exam eluthina anubavikkanum aaraya koodathu....focus on IDT..

which group has seen tougher papers?..............grp I / grp II/.........