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Recent

Recent Questions

Question added Feb 19, 2015 Income Tax By Mannu Goyal , CA , North West Delhi

answers

97 views

Q. taxation(TDS) - whether it is necessary that deductor should be transport operator to claim exemption from tax deduction u/s 194C(6)??

Question added Feb 19, 2015 Income Tax By Puneet Khandelwal , CA , Alwar

answers

183 views

Q. Payment of Advance Tax in case of senior Citizen - A Resident Senior Citixen not Having Income from the head PGBP not lisable to make payment of Advance Tax. I want to know that a Senior Citizen having income from Long Term Capital Gain (LTCG) liable to pay the Advance TAX.

Question added Feb 18, 2015 Income Tax By DEEPINDER KAUR , CA , S.A.S. Nagar

answers

157 views

Q. Deduction for LTC Received - Is the deduction allowed on LTC received from the employer on a trip where the employee himself has not undertaken but his spouse & child went to?

Question added Feb 18, 2015 Income Tax By RAJASHEKHAR BODLA

answers

78 views

Q. relief calculator - relief calculator

Question added Feb 16, 2015 Income Tax By RAJESH SAWHNEY , CA , Jammu

answers

180 views

Q. Income Tax scrutiny AY 2012-2013 - By mistake one entry of RS. 11.00 Lakhs has been shown in Other Information Part2, ascapital additions not credited to P&L A/c. There is no such entry in the books. The IT Return has been filed using DSC. Now ITO wants to add back the said amount.

Question added Feb 15, 2015 Income Tax By Aditya Goyal , Sangrur

answers

81 views

Q. Return of Income - Can a person who has applied/alloted PAN in PY 2014-15 file belated return with respect to PY 2013-14?
Is there any need of existence of PAN during the PY to which to income relates or we can later on apply for PAN and file belated return?

Question added Feb 14, 2015 Income Tax By CA CHANDAN PATEL , CA , Nagpur

answers

97 views

Q. TRANSFER PRICING - I have a Private Limited company in India. It is doing content management, back office operations, call centre work from India to a company in US. It works exclusively for the US company. Whole of the receipts are from that company & are received in convertible foreign exchange. The directors or shareholders of Indian company do not have any control or influence over the US company.Only one of the director who is also a majority shareholder in Indian company is in employment of the US company but do not have any decision making power. Is transfer pricing is applicable in case of my Indian company. My company is doing work for US co. since FY 2011-12. Kindly guide me and also tell me what is the consequences of not complying with the provision. Kindly give the solution. THANKS

Read more at: http://www.caclubindia.com/experts/modify_message.asp?entry_id=943905

Question added Feb 14, 2015 Income Tax By Abhishek , CA , Rajkot

answers

185 views

Q. TDS on royalty paid to coaching institute - Is TDS is required to be deducted by branch under 194J on royalty charges levied by coaching institute from its branch.

Question added Feb 13, 2015 Income Tax By Garima , CA , Indore

answers

192 views

Q. Tds u/s 195 - Whether tds to be deducted on service tax portion u/s 195

Question added Feb 11, 2015 Income Tax By umakant , CA , Kanpur

answers

227 views

Q. Capital Gain - Please provide the exemption allowed in case of short term capital gain arising on sale of short term capital assets (Land).

Question added Feb 06, 2015 Income Tax By Pallav Dave , CA , Ahmedabad

answers

160 views

Q. NRI Taxation - An NRI assessee have received notice of non filing of income tax returns for the A.Y. 2011-12, 2012-13, 2013-14. NRI have sharafi Interest income on which TDS deducted u/s 194A & Interest from NRO account on which tax deducted @30.9%. NRI have also shown his income accrued to him in India in his Global Return of country where he is resident.

So Shall NRI have to file I.T. return in India & if Yes how to treat the income which already shown by him in his resident country and tax have been paid their accordingly...???

Question added Feb 05, 2015 Income Tax By Lotus Choudhary , Raipur

answers

464 views

Q. Return Filing - I have filed my return electronically and furnished the signed copy of acknowledgment to the CPC. However, I have received a letter from CPC that said copy of acknowledgement had not been received. Since time-limit to resend the acknowledgement already expired, whether it will be deemed that I have not filed the return?

Anwered By : CA Satuti Mahajan

Question added Feb 04, 2015 Income Tax By Lotus Choudhary , Raipur

answers

477 views

Q. Deduction u/s - 80C - Whether the following payments are eligible for deduction u/s -80C:
1.Computer Fees
2.Activity Fees
3.Development Fees
4.Bus Fees

Anwered By : CA Satuti Mahajan

Question added Feb 03, 2015 Income Tax By Lotus Choudhary , Raipur

answers

388 views

Q. TAN Application - What are the documents required to be submitted with TAN application form in case of Pvt Ltd Company?

Anwered By : CA Satuti Mahajan CA Satuti Mahajan CA Satuti Mahajan

Question added Feb 02, 2015 Income Tax By Lotus Choudhary , Raipur

answers

345 views

Q. TDS return - Whether NIL TDS return filing is mandatory??
and what about return in case of Transporter payment having NIL TDS?

Anwered By : CA Satuti Mahajan CA Satuti Mahajan CA Satuti Mahajan CA Satuti Mahajan

Question added Jan 30, 2015 Income Tax By Mayank Sethi , Indore

answers

1179 views

Q. Remuneration to Partners in Firm as per Income Tax related to AY 2014-15 - What is Remuneration Slab is allowable to partners in Partnership firm as per Income Tax related to AY 2014-15?

Question added Jan 26, 2015 Income Tax By CA RAMAKANT , CA , Gulbarga

answers

254 views

Q. Rental Receipt from Cinema Theater - Assessee has given its cinema theater ( which is ready to use condition ) on rental basis. Whether such rental receipt is taxable as house property income or under any other head

Question added Jan 24, 2015 Income Tax By CA Shraddha Vora , CA , Mumbai

answers

224 views

Q. Query in relation to Income Tax & Service Tax - X company booked 50 Flats in ABC Project. The Flats has not been registered yet. Now the company wants to cancel the said flats. The builder pays to the company over and above the amount paid at the time of booking. What will be the tax implication of the amount received over and above the amount booked as per the Income Tax act? Will this be treated as interest paid? Is service tax applicable on the same? If income tax department treat the same as interest, can service tax department treat the same amount received as compensation and charge service tax on the same? Can there can be different treatment for the same amount under income tax and Service tax?

Question added Jan 24, 2015 Income Tax By Ishan Bhateja , CA , Chandigarh

answers

135 views

Q. Interest on borrowed capital [Section 36 (1)(iii)] - if A pvt. ltd. having borrowed capital Rs 26 crores (Interest there on Rs 2.26 Crores) give interest free Loan (Rs 11 Crores) to his sister concern B Pvt. Ltd., Will the proportionate interest on loan given to B Pvt. Ltd. be disallowed u/s 36(1)(iii) ???

Question added Jan 23, 2015 Income Tax By Aashima , Panchkula Urban Estate

answers

185 views

Q. income tax - can we include livestock in fixed assets for dairy farm? if yes what is accounting treatment

Question added Jan 22, 2015 Income Tax By shubham , CA , Jind

answers

112 views

Q. cash gift - I am govt employee having 7 lac salary . I want give gift my relative in cash . But i not have any record/entry (i.e bank fd, loan to other person). How many amount can give gift my relative. Can i show that I have cash at home Rs 10 lac.

Question added Jan 22, 2015 Income Tax By RK Gupta , CA , East Delhi

answers

137 views

Q. DTAA - India -Australia -
Facts:

• Assesse earned income in Australia, Rs.526,000/ on which tax deducted and withheld in Australia is Rs.1,56,000/-(TDS certificate submitted). This income is not attributable to India.
• Assesse is a tax resident both in India and Australia during the relevant FY. Also assesse is an Australian citizen per definition 3(k) of DTAA.
• Indian ITO wants to include the Australian income with Indian income and tax it in India at applicable tax rate @30% and after that give credit of the above tax paid of Rs.1,56,000/-

Kindly help to know if the ITO is justified since the DTAA does not clearly mentions anywhere that he can do so. DTAA mentions that the income earned in contracting state shall be taxed in that state. Article 14 & 15 of DTAA.

Question added Jan 21, 2015 Income Tax By Krishnan G Sarma , CA , Thiruvananthapuram

answers

127 views

Q. TDS Return Form 26Q revision - How to correct error in section code from 94I(b) to 94I(a)

Question added Jan 20, 2015 Income Tax By KARAN MAHENDRU , Jalandhar

answers

62 views

Q. CAPITAL GAIN - Suppose an assessee has received the gift of property of residential house from his father and assessee register property and pays registration fees,then as per prov. of sec.47(i)capital gain are exempt and cost is taken as cost to previous owner.But my ques. is what is tax treatment of registration fees?

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Rambabu Senkarasetti

Accounts, Audit, Corporate Law, Finance, Income Tax, Service Tax, Students, VAT

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Vikash Kumar Jha

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Rishabh Upadhyay

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Ashish Karundia

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Mrattunjay

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PRIYANKA

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Answers Posted : 136

CA. SURESH Kr. AGARWAL

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Answers Posted : 131

Vaneet Gupta

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Ketan Samdani

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Answers Posted : 117

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