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Recent

Recent Questions

Question added Oct 31, 2015 Income Tax By Ishan Bhateja , CA , Chandigarh

answers

198 views

Q. Income Tax- Section 54 - if a person sold a long term residential house for Rs. 1 crore on 15.01.2015 his capital gain there on was rs. 50 lacs, he now purchased a residential house worth Rs. 90 Lacs on 15.03.2015, claiming exemption U/s 54 for capital gains of Rs. 50 lacs, he again sold his another Long term residential house for Rs. 60 lacs and capital gains there on Rs. 15 lacs, can he claim exemption for capital gains of Rs. 15 lacs on the same residential house he bought on 15.03.2015 U/s 54 as the house was purchased with in 1 year of transfer. can he claim exemption for both the residential houses sold by purchasing one residential house.???

Question added Oct 21, 2015 Income Tax By CA Joravar Singh , CA , S.A.S. Nagar

answers

290 views

Q. Form 3CB & 3CD - Please confirm me the java version required for form 3cb & 3cd.

Question added Oct 11, 2015 Income Tax By Anant Bhaskarrao Joshi , CA , Pune

answers

241 views

Q. Tax audit Section 44AD - Whether there are any exclusions (non applicability)clauses in Form 3CD while conducting tax audit under section 44AD. as compared to tax audit conducted under section 44AB.

Question added Oct 11, 2015 Income Tax By ravi

answers

317 views

Q. Capital Gain - Can husband claimed exception 54F, if property which is sold in the name of wife and new property purchased in the name of husband. spouse is a housewife. thanks.....

Question added Oct 08, 2015 Income Tax By Mukesh Gupta , CA , Jaipur

answers

323 views

Q. TDS on NRI Payment - My client have to pay sum to a party in Italy for booking of Shop in Exhibition, whether he has to deduct the tds or not, if yes then which rate

Question added Oct 06, 2015 Income Tax By Suraj Nayak Sujir , CA , Mangalore

answers

242 views

Q. DTAA benefit to foreign companies - A foreign companies takes PAN and files return of income in INDIA, which mainly comprises royalty and debenture interest paid by subsidiary Indian company. TDS has been remitted and paid at DTAA rates. However foreign company has to pay MAT @ 18.5. Isnt this as good as letting Indian counterpart pay tax@ 20 without PAN? Please provide your views.

Question added Oct 05, 2015 Income Tax By ASHISH GARG , CA , Meerut

answers

267 views

Q. Capital Gain on Sale of Plot - an individual sold a plot. he invest in a land before 6 months from sale and wish to construct house property on it.Queries:
1. Whether cost of land will be taken in to consideration for construction cost.
2. whether it is to inst only such sum that remains in hand after deducting cost of land from it.

Question added Oct 03, 2015 Income Tax By RAKESH KUMAR , CA , KolkataM.C.

answers

216 views

Q. not filling return - My one client had total receipt of Rs.52 lacs but tax return not filed for the a.y2013-14, now ITO issued notice for reason for not filling IT return, what reason should be explained

Question added Oct 03, 2015 Income Tax By Tarun Gupta , CA , Panchkula Urban Estate

answers

251 views

Q. Tax Audit - In case of agriculture produce market committee exempted u/s 10(26AAB)and having total turnover exceeding Rs. 100.0 lacs, is it liable to tax audit ??
Further, how to show net loss in ITR 5.

Question added Sep 27, 2015 Income Tax By KAVITA BANSAL , CA , Delhi

answers

238 views

Q. TDS on freight on road - The assesse: a partnership firm did not deduct TDS on freight on road u/s 194C of a Private Limited Company in the Financial Year 2014-15. Is the TDS required to be deducted for the Financial Year 2014-15?

Question added Sep 26, 2015 Income Tax By Nirav Kansagara , CA , Rajkot

answers

288 views

Q. Apartment having pan card with status of AOP - Taxation Matters - Sir, We residing in Apartment having 16 Flats and also have PAN Card as AOP. For FY 2013-14, we have income of Rs. 181296 and Expenses of Rs.154422. And For FY excess of income over expenditure was Rs. 26874. This Income includes 1) Interest on FD (TDS Deducted by Bank) 2) Interest on Saving A/c 3) Maintenance Amount 4) Tower Rent Income. Questions 1) Whether AOP need to filed Income Tax Return? 2) If Yes, Please Guide in Details with Tax Rate and other procedures. Thanks in Advance.

Sir,
We residing in Apartment having 16 Flats and also have PAN Card as AOP. For FY
2013Â14, we have income of Rs. 181296 and Expenses of Rs.154422. And For FY
excess of income over expenditure was Rs. 26874.
This Income includes 1) Interest on FD (TDS Deducted by Bank) 2) Interest on Saving
A/c 3) Maintenance Amount 4) Tower Rent Income.
Questions
1) Whether AOP need to filed Income Tax Return?
2) If Yes, Please Guide in Details with Tax Rate and other procedures.
Thanks in Advance.

Question added Sep 20, 2015 Income Tax By Ashsih , CA , Ujjain

answers

248 views

Q. TDS - Is any one aware about no tds on interest to L & T Housing Finance Company

Question added Sep 14, 2015 Income Tax By reshma , CA , New Delhi

answers

206 views

Q. Domestic Transfer Price - Hi, anyone related to battery manufacturing industries in nalagarh i.e, in H.P. taking 80IC deduction and have multiple divisons tell me the Domestic Transfer price fixation process for taking maximum deduction of profit.

Question added Sep 08, 2015 Income Tax By karan , CA , Bhadravati

answers

313 views

Q. income tax - In cooperative society, 80p deduction is allowed or not?

Question added Sep 01, 2015 Income Tax By Prateek Jindal , CA , Delhi

answers

125 views

Q. Benefit u/s 10 AA I.T. Act - Hi all,

I am asking a practical query related to one of my Indian client (Assume "A"). My client A is providing the service of implementation of software developed by a foreign third party (Assume "X"). Party X is having a contract with the end user (foreign party) directly and my client is in turn having a sub contract with party X for implementing the software developed by the party X.

The Details of arrangement and workflow is as follows:

a) Contract between both partiesÂ A and X for services to be provided to end user.

b) Services are provided onsite (end user place- out of India) andÂ are in the nature of implementation of software developed by party X in pursuant of contract with end user for development, implementation and support services relating to software installed.

C) PartyÂ A bills the services in foreign currencyÂ to Party X who in turns bills in home currency (Party is registered either in US or Europe) to end user for entire services plus mark up.

D) Party A receives the payment in foreign currency in India.

My client Party A wants to open a office in SEZ in the name of new business which will undertake all these activities from scratchÂ to avail the benefit of sec 10AA,

Queries are as follows:

a) Whether sec 10AA is applicable to my client.

b) Whether sec 10AA specifically requires the direct contract between party A (my client) and end user.

c) Whether Implementation of software will amount to services exported under sec 10AA so that benefits of tax exemption can be availed.

Your timely and detailed reply will be highly appreciated.

Question added Sep 01, 2015 Income Tax By CA Neha Garg , CA , New Delhi

answers

292 views

Q. Registration of trust - kindly guide on the following query:-
We are corporate body and want to create a charitable trust under trust act and Indian Income Tax Act. Now the query is that can all the directors and share holders of this Private Ltd Company can become trustees of the new charitable trust. Is there any provision under income tax act or companies act which prohibits the directors of the company to become trustees in the trust. Also kindly guide that whether our company can make donations to the charitable or the donations that would be granted are also denied. Kindly guide on the this issue.
Regards

Question added Sep 01, 2015 Income Tax By pradeep kumar yadav , CA , Gorakhpur

answers

244 views

Q. taxation - award received from UAE by indian resident is taxable in India.PL give related section

Question added Aug 28, 2015 Income Tax By CA Rahul Pitliya , CA , Mira Bhayandar

answers

290 views

Q. Income Tax - Can Huf claim one house property as SOP

Question added Aug 28, 2015 Income Tax By mohit sdiana , CA , Ganganagar

answers

253 views

Q. Regarding TDS on Freight to Transporter - Dear sir
If a company pay Freight to Truck operator union and union does not own any own truck, all truck is own by its members and Union gives a declaration to the company that it does not own more than 10 vehicle then whether the TDS is to be deducted or not.
Secondly If company pay freight to Union member individually then what is the provision for TDS

Question added Aug 24, 2015 Income Tax By rahul ratra , CA , Ghaziabad

answers

295 views

Q. TDS - Is TDS applicable on payment made for lease rental charges paid to telecom operator under section 194J

Question added Aug 24, 2015 Income Tax By Saurabh , CA , Jaipur

answers

177 views

Q. Fellowship amount taxability - Hi all, One of my relative is pursuing Post Doctorate Fellowship from Indian Council of Social science research (ICSSR) for 2 years. He is receiving Rs 28000 per month as fellowship amount from ICSSR. Whether this fellowship amount is taxable or not ?? If taxable then under which head of income. Thanks in advance. Kindly reply soon.

Question added Aug 07, 2015 Income Tax By ISHA BHATIA , CA

answers

335 views

Q. tds notice - I have received a notice from cpc department regarding return i have filed of q1 f.y.15-16 OF 26q in which notice was of short payment due unavailable amount 2820, as there was one entry of tds 2820 and it was adjusted with the coresponding challan of rs 2820. so i didnt get the meaning of this notice that y it has came nd what i have to do.... WHAT IS THE MEANING OF THAT LINE SHORT PAYMENT DUE TO ANAVAILABE AMOUNT

Question added Aug 07, 2015 Income Tax By vishnu gupta , CA , Alwar

answers

317 views

Q. Income tax - In case of the death of the assessee how the ITR will be filed ??????

Question added Aug 06, 2015 Income Tax By Shivi Jain , CA , Delhi

answers

301 views

Q. Foreign TDS Return - Hi,

We have filed the TDS Return for Q2 of FY 2014-15 by mentioning DTAA rate of France on Interest payment at the rate of 10%.
Now we received default for Short payment of TDS and considered the rate of 10.5% including surcharge and Education cess.

As per my understanding DTAA rates are inclusive of Surcharge and Cess.

Pleas help...

Experts Panelist

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