CA Queries - Ask Questions & Get Expert Answers

Ask your professional queries on Income Tax, GST, TDS, Audit, ROC/MCA compliance and accounts. Get answers from CA/CS/CMA experts and community members on CASANSAAR.

All Categories
Income Tax (1614)
Students (768)
Service Tax (497)
Corporate Law (462)
Audit (393)
Accounts (336)
VAT (277)
GST (136)
Excise (106)
Finance (104)
Banking (46)
FEMA (40)
Custom (29)
Shares & Stock (18)
IFRS (17)
Income Tax Software (4)
Cost Inflation Index (1)

Recent

Recent Questions

Question added Sep 03, 2014 Income Tax By Rajiv Mittal , CA , Panchkula

answers

207 views

Q. partners expenses - whether exp. of car loan interest is allowed to chartered accountant while filing his ITR 3 from his salary income from partnership firm

Question added Sep 02, 2014 Income Tax By Harshit , Kanpur

answers

201 views

Q. Sec. 40A(3) of I.Tax Act 1961 - Will payment made to KESCO (Electricity Co.) for an amount exceeding Rs. 20,000/- in cash, would be allowed?

Anwered By : shankygarg

Question added Sep 01, 2014 Income Tax By CA.Suresh kumar.S. FCA , CA , Bangalore

answers

167 views

Q. TDS - Does section 192 includes an employer who is an individual and not subject to tax audit?

Question added Aug 30, 2014 Income Tax By SURENDRA GUPTA , CA

answers

210 views

Q. TAR SUBMISSION - Whether Income Tax site is accepting TAR in new format?. I am trying but not successful. Or has any body submitted TAR in new format?

Question added Aug 30, 2014 Income Tax By LALIT TIWARI , Delhi

answers

155 views

Q. Legal heirs tax liability when no consideration - Assessee had transferred his property to someone else in 2006 and died in 2009, and his weif (legal heir) had no idea about the property and hence got nothing as consideration. Ito had opend the case in 148 and asked her to pay tax as his legal heir.
So qus. is this that wheather she is liable to tax even then she did not receive any consideration.

Question added Aug 30, 2014 Income Tax By satvinderwalia , CA , JALANDHAR

answers

103 views

Q. TDS - Tax treaty rate from capital gain on property purchased from New Zealand resident

Question added Aug 29, 2014 Income Tax By ARUN KUMAR JHA , South Delhi

answers

97 views

Q. Int. on late deposit of Tds - Sir
What is the rate of interest if we delay to pay tax (TDS)

Question added Aug 28, 2014 Income Tax By priya , CA , Kota

answers

55 views

Q. Change of proprietor - Mr. X is proprietor of a trading firm and Mr. Y is the manager of the whole business of the firm,X is just proprietor for filing of returns.Now Mr X has died but during his lifetime there was oral agreement between Mr.X and Mr.Y that after death of Mr.X Mr.Y will become the proprietor and all assets and liabilities of business will be transferred to Mr.Y and this fact is known to all the family members of Mr.X and they agree to it but there is nothing in written.Now What is the procedure for doing the same and are there any tax implications? Mr.Y is the nephew of Mr.X. I shall be thankful and obliged to the experts for reply of this query. Please reply at an earliest as the return of march 2014 is to be filed. THANKYOU.

Question added Aug 27, 2014 Income Tax By P.Manohar reddy , CA , Anantapur

answers

146 views

Q. income tax log in - i registered pan no in income tax websites but i did not received a activation link.but i kept resend activation link but i forgot a password which i kept at first time.....what is the procedure to log in

Question added Aug 26, 2014 Income Tax By Subba Tamang , CA , New Delhi

answers

100 views

Q. tds - what happens when tds is duducted more than applicable rate?

Question added Aug 26, 2014 Income Tax By CA. Jainendra Sahu , CA , Durg, Bhilai, Raipur, Bhopal

answers

138 views

Q. TCS - Que 1.Under Section 206C of the IT act, please clarify the meaning of "such amount".

Question added Aug 23, 2014 Income Tax By SUNIL AGRAWAL , CA , Raigarh

answers

260 views

Q. income tax - 1. Sale of 1 Acre Agriculture land in Small Pieces Covered Under Section 43CA Or Not.
2. Purchase of 1 Acre Agriculture land Covered Under Section 43CA & 50C or Not

Question added Aug 21, 2014 Income Tax By SUNIL AGRAWAL , CA , Raigarh

answers

173 views

Q. income tax - One of my client take unsecured loan Rs. 5.00 Lacs. from his Wife by account payee cheque. his wife was deposited cash in her account and issued a account payee cheque as U/L to her husband.she was also shown this amount to her income tax return. in the scrutiny case ITO disallowed this transaction and disallowed and added as income in my client account. i want to know that whether any circular of cbdt in this record or not. and whether the action taken by ITO is justified or not.

Question added Aug 21, 2014 Income Tax By ROHIT JAIN , Bhiwani

answers

174 views

Q. FORM 15G - I HAVE INTEREST INCOME RS. 4 LAKH AND INTEREST EXPENSES IN RESPECT OF EARNING INTEREST INCOME RS. 3 LAKH SO CAN I GIVE FORM 15G FOR NON DEDUCTION OF TDS FOR INTEREST INCOME

Question added Aug 20, 2014 Income Tax By SUNIL AGRAWAL , CA , Raigarh

answers

155 views

Q. income tax - MR. X PAID IN CASH RS. 50.00 LACS. TO MR. Y. FOR PURCHASE OF THEIR 5 DUMPERS AS ADVANCE. DUE TO SOME PROBLEM FOR TRANSFER OF NAME THE AGREEMENT COULD NOT EXECUTE AND MR. Y RETURNED ALL MONEY WITHOUT INTEREST TO MR. X. BOTH THE FIRM WAS AUDITED CASE. I WANT TO KNOW THAT WHETHER THIS TRANSACTION ARE COVERED UNDER 269SS AND 269TT OR NOT AND ALSO WANT TO KNOW THAT WHAT IS THE CBDT CIRCULAR REGARDING THIS TRANSACTION.

Question added Aug 20, 2014 Income Tax By Prasanna Kala , CA , Aurangabad

answers

147 views

Q. Cash Payment - One of my client having Salary payable a/c which is transfered to loan a/c & give interest on the same at the year end. But during the year he made cash payment of Rs 27000/- to such account. can we allow this as amt paid against salary but the ledger stands as unsecured loan

Question added Aug 19, 2014 Income Tax By JITENDRA KUMAR AGARWAL , CA , Sikar

answers

176 views

Q. Capital Gain for exemption 54 F - A assessee sold his land 0n 1-9-11 and purchase a residential house on 01-03-12,he is eligible for deduction of 54F beacuse he earned LTCG and whole amount of considration invest in new residential property,but he did not filled his return for FY 2011-12 and above, on the ground his income is below exemption limit now he want to know his decision is right or wrong .
is A.O have any power for decline 54 F exemption on the ground of non filling of income tax return.
can assessee file income tax return for F Y 2011-12 today.
for exemption 54 f return filling is compulosry then other income is below basic exemption limit.
plz provide full details with sec and supporting case law

Question added Aug 09, 2014 Income Tax By Vijeta Nathani , CA , Bharuch

answers

360 views

Q. TDS Shortfall Paid By Employee - Dear All,

My client has deducted TDS from salary for FY 2013-14 and deposited timely. but later on it was noticed that there has been short fall in the same. The employee has paid the shortfall of TDS amount in his ITR as Self Assessment Tax. But still the Employer is receiving the intimation from TDS Dept, mentioning the short fall amount and Interest there on as Demand Notice from Income Tax.

Kindly inform what should be done in this case on part of Employer?

Question added Aug 08, 2014 Income Tax By BD ,B Com , Latur

answers

203 views

Q. Deemed Dividend - 1. S Pvt Ltd is engaged in Transport Business.

2. The Company has 10 directors. One of them is holding 20% of Paid up Capital, 2 are holding 5% each and remaining 7 are holding 10% each. Hence total 100.00. The Authorised and Paid up Capital is Rs 5.00 lakhs

3. S Pvt Ltd owns 14 Trucks. Apart from this, 60 trucks are owned by Directors in their individual name, thereby making them owner of respective trucks. The 60 trucks of Directors are purchased by them against Bank Finance (Commercial Vehicle Loan)
4. S Pvt Ltd sought some Transportation Contracts under its own name.

5. Now, Directors have employed Company owned 14 trucks and their privately owned 60 trucks for their company against fare.

6. Company maintained all 74 (14+60) trucks viz. wear and tear, repairs and maintenance, fuel, etc.

7. The company deducted above truck expenditure from Hire Rent Payable to respective Director.

8. Up to this everything was fine. But, the company has also paid the Truck Loan Installments of almost each Truck owned by Directors in their own name. Now, as the payments made on account of Truck Loan are much more than actual Hire Rent Payable, the Books are showing these extra payments to Directors as Receivable from Directors.

9. Now my question is whether these Truck Loan Installment payments are covered under Provisions of Deemed Dividend? If yes, how these transaction will be charged in case of Income Tax Scrutiny Assessment. Is it chargeable in the hands of Company or Directors in their individual capacity?

10. Please reply.

Question added Aug 07, 2014 Income Tax By Minakshi , CA

answers

238 views

Q. Clarification regarding Applicable Rate of Depreciation - Dear Expert.,
We are dealer in petroleum products (i.e. running a petrol pump). We own truck and as per arrangement with the Indian Oil Corporation, freight/hire charges of carrying the petrol/diesel etc. from depot of Indian Oil to the petrol pump are to be borne by Indian Oil and we are considering it as transportation income. Now the question is whether the depreciation rate on truck used for this business will be 15% or 30%.

Question added Aug 03, 2014 Income Tax By SUNIL AGRAWAL , CA , Raigarh

answers

370 views

Q. income tax - I would like to know "whether TDS applicable on payment of Interest on Car Loan to private finance co. ie. cholamandalam DBS finance co. / magma Finance co. etc. ?"
If YES, let me infrom under which Section / Sub-section / Clause / Sub- clause / Notification / Circular, it has to be done? if we had not deducted tds. what treatment will be done.

Anwered By : AKHIL MAHESHWARI

Question added Aug 02, 2014 Income Tax By ANIL KUMAR KHATTER , CA , JALANDHAR

answers

305 views

Q. INCOME TAX RETURN - WHILE REGISTERING MY DSC ON THE INCOME TAX SITE, EVERY TIME GETTING A MESSAGE...YOUR SECURITY SETTINGS HAVE BLOCKED A SELF SIGNED APPLICATION FROM RUNNING.... THIS IS HAPPENING TO ALMOST ALL THE PERSONS ON DIFFERENT COMPUTERS/LAPTOPS. KINDLY CLARIFY

Anwered By : May I Help You. May I Help You.

Question added Aug 02, 2014 Income Tax By CA. DINESH MAHESHWARI , CA , Surat

answers

320 views

Q. Interest on Home loan - Capilised ? - Can the interest paid on housing loan be also added to the cost of acquisition of the property while calculating the capital gains?

Anwered By : shankygarg

Question added Aug 02, 2014 Income Tax By dinesh k. jangid

answers

316 views

Q. Applicability of Section 56(2)(vii)(b) - : "A" is a member of co operative housing society . he has paid in cash rs 48000 to the society for the allotment ( purchase) of residential plot in June 2012. he was issued allotment letter with plot no and given possession of the plot.The stamp duty valuation of the property is now 19 lacs and the registration is taking place as on today i.e. after the applicability of sec 56(2) (vii) of teh Income tax act which states that " receiving" any immovable proerty at a value less than stamp duty valuation, the difference in value will be treated as income from other sources." my querry is that whether allotment letter amount to the receiving of the property and the date of registration is not relevant for the purpose of above section. since the original payment is made in cash to society , the transaction is not covered by explanation. please advice about the applicability of sec 56 2 vii of the act on this transaction. thanks and regards

Anwered By : AKHIL MAHESHWARI

Experts Panelist

Rambabu Senkarasetti

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

Answers Posted : 409

CA Satuti Mahajan

Accounts, Audit, Corporate Law, Custom, Excise, FEMA, Finance, GST, IFRS, Income Tax, Service Tax, Shares & Stock, Students, VAT

Answers Posted : 291

Vikash Kumar Jha

Accounts, Audit, Banking, Corporate Law, Custom, Excise, FEMA, Finance, GST, IFRS, Income Tax, Service Tax, Shares & Stock, Students, VAT

Answers Posted : 270

Rishabh Upadhyay

Accounts, Audit, Corporate Law, Custom, Excise, FEMA, Finance, IFRS, Income Tax, Service Tax, Shares & Stock, Students, VAT

Answers Posted : 257

Ashish Karundia

Accounts, Audit, Corporate Law, Custom, Excise, FEMA, Finance, Income Tax, Service Tax, Students, VAT

Answers Posted : 257

Mrattunjay

Accounts, Corporate Law, Custom, Excise, FEMA, Finance, GST, IFRS, Income Tax, Service Tax, Shares & Stock, Students, VAT

Answers Posted : 220

PRIYANKA

Accounts, Audit, Corporate Law, Excise, Finance, Income Tax, Service Tax, Shares & Stock, Students, VAT

Answers Posted : 136

CA. SURESH Kr. AGARWAL

Accounts, Audit, Corporate Law, Custom, Excise, FEMA, Finance, GST, IFRS, Income Tax, Service Tax, Shares & Stock, Students, VAT

Answers Posted : 131

Vaneet Gupta

Accounts, Audit, Corporate Law, Custom, Excise, FEMA, Finance, IFRS, Income Tax, Service Tax, Shares & Stock, Students, VAT

Answers Posted : 120

Ketan Samdani

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

Answers Posted : 117

4848

QUESTIONS

4692

ANSWERS

807

EXPERTS

2698

QUERIST