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Recent

Recent Questions

Question added Dec 24, 2013 Income Tax By rajesh jain , CA

answers

220 views

Q. Income Tax - I am working in a company which have booked air tickets from local vendors. He does not mention commission on these tickets because the commisiion he earned from airlines after deduction u/s 194d. I want to know whether i should deduct tds u/s 194c because i have contract with him for the tickets. Suggets whethet i should deduct tds u/s 194c or not?

Anwered By : shankygarg

Question added Dec 23, 2013 Income Tax By CA Neha Garg , CA , New Delhi

answers

774 views

Q. Interest u/s 234A - In case where original return was not filed on due date and no tax liability was computed when original return was filed. Now notice u/s 147 has been received by the assessee for A.Y. 10-11 where a capital gain transaction has been traced by department and now when assessee is required to furnish return u/s 147 we need to pay tax on the cap gain amount. The question is that for which period interest u/s 234A shall be computed now. Time period of furnishing return has not been expired till date.Will interest u/s 234A will be calculated from the date when original return was filed????? Kindly guide over the issue.

Question added Dec 21, 2013 Income Tax By Gautam Sudani , Mumbai

answers

294 views

Q. INCOME TAX-TDS U/S 195 - How much % of TDS to deduct on payment of professional fees to Brazil company.
DTAA- BRAZIL & INDIA
Brazil Company providing services to India by PREPARING DESIGN (LIKE PAINTING) and charging professional fees to Indian company. Now while paying fees to it, how much % of TDS to deduct?

There is no permanent establishment of Brazil Company in India.

TDS=NIL , 25.75% or 15.45% ?
Is it cover in Article 14 of DTAA between BRAZIL & INDIA?

Question added Dec 20, 2013 Income Tax By Amit , CA , East Delhi

answers

55 views

Q. Trust - one of the my cleint is running a school as proprietor now the school is registered under educational trust, one of the trustee is also working in school can he get salary from school and the school is not registered in income tax.

Question added Dec 20, 2013 Income Tax By Amit , CA , East Delhi

answers

67 views

Q. Trust - one of the trustee who is the member of an huf,can huf receive rent from a school which is registered as a trust. the school is running in the property of huf and one of the huf member is the trustee of school trust.

Question added Dec 19, 2013 Income Tax By Raj kumar , East Delhi

answers

187 views

Q. tds and service tax - when we doing audit of private company we can see a company imports goods from outside india and and a party can do contract from company he will liable to deliver the goods from impter to compay. a party my issue biil,bills inculded (cusyom duty paid, freight, clearing etc.)he can also charged service tax . my query is a company can receive input of service tax from this biil and can deduted tds from payment of party

Question added Dec 19, 2013 Income Tax By M K JAIN , CA , New Delhi

answers

231 views

Q. Filing of income tax return by foreign company in india - A FOREIGN COMPANY HAVING NO PERMANENT ESTABLISHMENT IN INDIA BUT CLAIMING ROYALTY AND MANAGEMENT FEE FROM AN INDIAN COMPANY IS REQUIRED TO FILE INCOME TAX RETURN OR NOT. FOREIGN COMPANY IS HOLDING PAN NO FOR THE PURPOSE OF WITHHOLDING TAX.

Question added Dec 18, 2013 Income Tax By HIMANSHU AGGARWAL , CA , North East delhi

answers

190 views

Q. TDS on global income of employee - I want to seek your kind guidance on the below query related to deduction of TDS on global income of our employee.

Back ground of the case
Mr. A was employee of in Indian company XYZ Ltd (Holding Co) till October 2013 but it was transferred to the payroll of subsidiary company DEF Pte. Ltd at Singapore from 1st November 2013 on a project of 5 to 6 months.

DEF Pte Ltd is a company listed under the Singapore laws. As per Singapore laws DEF limited is not liable to deduct any withholding tax as well as employee is not liable to pay any tax there.

Questions require your kind attention

1. Is XYZ Ltd(Holding co) liable to deduct TDS on the income earned by employee from its subsidiary company DEF Pte Ltd in Singapore?

Does holding company need to obtain any undertaking from there employees in question w.r.t their salary earned from Singapore?
2. Under which sections of Income Tax Act, XYZ limited is require to deduct TDS?

3. Is there any way out by which XYZ Ltd can fulfill all the compliance of TDS without deducting the same??

Thanks & Regards,
Himanshu Aggarwal

Question added Dec 18, 2013 Income Tax By CA. Krishnakant Agrawal , CA

answers

228 views

Q. Interest on late TDS deposit - TDS Deducted on 02.11.2013, not paid till 10.12.2013, for how many months interest will be payable?? one or two??!!!

Anwered By : shankygarg

Question added Dec 17, 2013 Income Tax By manoj kapadiya , mumbai

answers

176 views

Q. holding of share in demate account for long term capital gain - whether required to be hold shares in demate account for one year for long term capital gain

Anwered By : shankygarg SUBHASH KUMAR JHA

Question added Dec 16, 2013 Income Tax By R.C.Jain & Associates , CA , Mumbai

answers

202 views

Q. one time payment Capital expenditure or revenue expenditure - Upfront fees (Initial expenditure) paid to Asset Management Company (AMC) and also paid management fees every year to the AMC for managing the funds on behalf of the assessee{Individual making an investment to portfolio management}.
AMC will manage the portfolio of the assessee, as per the agreement AMC will make decision of investment on behalf of the assessee and commitment period is 6 years.
My query about the treatment of the above expenditure, whether above expenditure i.e. Upfront fees and management fees is Capital expenditure or revenue expenditure for taxability purpose.
If any further clarification require please let me know

Question added Dec 13, 2013 Income Tax By Kapil Sharma , CA , Ghaziabad

answers

175 views

Q. Fixed Assets - Dear All In one of my clients case an office is allotted to him from Commissioner of Industries, Delhi on lease in 1981, on lease rental basis. The client is paying lease rental annually. And also claim the same as Expense in Income Tax Return. In 2006 The commissioner of Industries comes up with a scheme to convert the lease agreement to Hire purchase Agreement. The scheme got final in April 2011 on following terms and condition which are as follows. That Total Rs 6 lack(nearly) Payable at single go. Out of which a credit of Rs 1.5 Lack is available( i.e. Lease rental paid from 1981 to 2006).
Balance 4.5 lack paid in 2011. I want to know by what amount Fixed assets to be recorded and in which Year.

Anwered By : SUBHASH KUMAR JHA SUBHASH KUMAR JHA

Question added Dec 12, 2013 Income Tax By CA Tushar Patil , CA

answers

90 views

Q. TDS Return - Can I file revised TDS return for FY 2008-09 now?

Anwered By : SUBHASH KUMAR JHA

Question added Dec 11, 2013 Income Tax By CA Tushar Patil , CA

answers

211 views

Q. TDS - Section 197 - What is procedure & documents required for obtaining certificate of lower deduction u/s 197(1) of the Income Tax Act, 1961?

Anwered By : shankygarg

Question added Dec 11, 2013 Income Tax By Devendra Ranka , CA

answers

224 views

Q. Accumalated Profit for Deemed Dividend u/s 2(22)(e) - Whether Balance of Reserve & Surplus (General Reserve & profit and loss a/c only)as on the last Balance Sheet Date will Consider as a Accumulated Profit for the purpose of Sec 2(22)(e).

Profit for the year upto the date of Loans & Advances OR for the whole Current Financial year will be consider as a Accumalated Profit for the purpose of Sec 2(22)(e)

Anwered By : shankygarg

Question added Dec 10, 2013 Income Tax By p c bhansali , CA , Jaipur

answers

97 views

Q. capital gain on pvt ltd company - how capital gain would be calculated in case of conversion of pvt ltd company into LLP if comapny has fixed assets wdv rs 2450000/ market value of which is 2200000/ no immovable property
stock 1200000/ gp rate is 12% the company is not eligible for capital gain exemption

Question added Dec 09, 2013 Income Tax By vikash singh gusain , Delhi

answers

531 views

Q. income tax return can be rectified - if the notice u/s 142(1) is issued by the tax authority for the A.Y. 2011-12 then return can be rectified or not ( return is already belated) if yes what is the provision of income tax if you can give the ex of case study it's more good for me

Question added Dec 03, 2013 Income Tax By CA ANIL KUMAR , CA , HISAR

answers

81 views

Q. Subsidy - Is subsidy received on Diesel, kerosene and LPG taxable? What will be treatment in case of cash or non cash receipt of subsidy on these products?

Question added Dec 02, 2013 Income Tax By Devendra Ranka , CA

answers

450 views

Q. Deemed Dividend u/s 2(22)(e) - As per Sec. 2(22)(e):- Any PAYMENT Made BY Company to its Directors or Shareholders as a Loans & Advances will be Classified as Deemed Dividend u/s 2(22)(e).
My Question is If Company RECEIVED any Loans & Advances FROM any Company in Which Directors or Shareholders have Subsential Interest will Classify as Deemed Dividend.

Kindly Provide your valuable Reply with Support of Section and Case laws (if any)

Anwered By : SUBHASH KUMAR JHA SUBHASH KUMAR JHA

Question added Nov 29, 2013 Income Tax By NAVIN JAIN , CA , Delhi

answers

155 views

Q. Form 15CA and CB - hether form no. 15CA and 15CB are required if payment made to non residence is exempt from withholding tax under DTAA?

As per new provision, Form 15CA and 15 CB is mandatory if Any payment including any interest or salary or any other sum chargeable to tax, to non-resident, not being a company, or to a foreign company.

Question added Nov 25, 2013 Income Tax By SAMIKSHA SHARMA , CA , Delhi

answers

84 views

Q. INCOME TAX - what is treatment of profit on sale of fixed assets in ITR-6

Anwered By : SUBHASH KUMAR JHA

Question added Nov 24, 2013 Income Tax By Prajesh Regmi , East Delhi

answers

110 views

Q. HOW TO REDUCE TDS ON SALARY - I am looking for the ways to reduce TDS on salary.

Question added Nov 23, 2013 Income Tax By ajeet , Gurgaon

answers

194 views

Q. Income tax u/s 234B and 234C - im govt imployee my employer had deducted tds for A/Y 2013-14 in 31 march 2014, i have itr but i have recived demand notice for intrest u/s 234B and 234C

Question added Nov 21, 2013 Income Tax By SANDEEP GOYAL , CA , Gwalior

answers

108 views

Q. Income Tax - I am running business of commercial coaching, which has a gross receipt more than rs.1.00 crore, may i fall u/s 44AD and the condition of non maintenance of books of accounts applied on me

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