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Recent Questions

Question added Nov 20, 2013 Income Tax By CA Neha Garg , CA , New Delhi

answers

189 views

Q. TDS - Can anybody guide on the fact that in what manner can we remit inward freight charges to the foreign subsidiary. I mean do we need to deduct TDS over this remittance also. and if yes, then under which section. kindly provide your guidance on the above matter.

Question added Nov 20, 2013 Income Tax By brijesh khanna , North West Delhi

answers

218 views

Q. DOMESTIC TRANSFER PRICING - 1. What is the treatment of Director Remuneration in case of Private Company in Domestic Transfer Pricing because there is no comparable for Dir. Remuneration and which method for ALP is applied on it.

2. What is the treatment of Rent Paid to Director in case of Private Company in Domestic Transfer Pricing because there is no comparable for Rent and which method for ALP is applied on it.

3. What is the treatment of Rent Paid to Director in Private Company in Domestic Transfer Pricing because there is no comparable for Rent and which method for ALP is applied on it.

4. What is the treatment of Purchases of Goods from related Party which are not purchased from any other Party in case of Private Company in Domestic Transfer Pricing because there is no comparable and which method for ALP is applied on it.

Question added Nov 19, 2013 Income Tax By sunilkumarjain , CA , Central Delhi

answers

172 views

Q. incometax - one of our client is providingsoftware services to acompany based in u.s.a. all the billing is only to that party.hoeever directors and shareholders of both the co are different.whether the provisions of transfer pricing will be applicableto our client.

Question added Nov 18, 2013 Income Tax By Arihant Kothari , CA

answers

75 views

Q. Use of Premises - If a assessee provides his godown to another assessee with no rent...whether the first mentioned is liable to tax on rent income on notional basis ?

Question added Nov 17, 2013 Income Tax By CA KOUSHIK MONDAL , CA

answers

158 views

Q. Incme Tax - Employee of TCS (Mumbai) posted for 8 months in UAE. He received approx 1.5 p.m from UAE Organisation from daily expenses other than salary from TCS. Whether this Rs. 1.5 lacs is taxable, if yes why? He is resident Indian.

Anwered By : SUBHASH KUMAR JHA SUBHASH KUMAR JHA

Question added Nov 17, 2013 Income Tax By Neha

answers

137 views

Q. ESI - if esi contribution received of F.Y2011-12 deducted in f.y.2012-13 than can ites deduction be claimed.

Question added Nov 16, 2013 Income Tax By dinesh gupta , East Delhi

answers

164 views

Q. ITR - ITR TO FILE IN CASE OF TRUST/SOCIETY ? THE SAID IS NOT REGISTERED U/S 12A..KINDLY LET ME KNOW

Question added Nov 16, 2013 Income Tax By pankaj p mistry , Himatnagar

answers

79 views

Q. ABOUT COURIER SERVICE - IS IT COURIER SERVICE BUSINESS OR PROFESSION FOR TAX AUDIT ?

Anwered By : shankygarg SUBHASH KUMAR JHA

Question added Nov 16, 2013 Income Tax By CA S R MANIYAR , CA , Jalgaon

answers

80 views

Q. confirmation from creditors - creditor is showing more debit bal than what we are showing credit bal ITO wants to add difference amount as income even though we are showing less credit bal

Question added Nov 15, 2013 Income Tax By bhoumik , CA , Raipur

answers

83 views

Q. income tax refund - an old has has got tds certificate from bank on which tds deducted @ 20 % on interest payment for f.y 2011-12 and 2012-13, now she wants refund of the same but no tds is showing over 26 as , whats the remedy she have ?

Question added Nov 15, 2013 Income Tax By Vishal Purohit , CA , Ludhiana

answers

189 views

Q. Tax Audit - A person is engaged in future market transactions on regular basis. How turnover will be determined to see whether he is eligible for tax audit or not?

Question added Nov 14, 2013 Income Tax By Dharambir Amol Garg , CA , Nabha

answers

184 views

Q. Income tax - Newly opened govt. college is my client, I have a query whether govt. college is required to file Income tax return, whether they are required to hold PAN, if they are required to file return whether slab rates are application to them

Question added Nov 06, 2013 Income Tax By CA Gaurav Narang , CA , Karnal

answers

327 views

Q. REGARDING TDS DEDUCTION - DEAR SIR,

WE MADE A PAYMENT TO A COMMISSION AGENT OF RS 3000.00 ON 05.10.2013. SO NOW AS PER SEC 194 H THE AMOUNT PAID IS BELOW TAXABLE LIMIT . BUT WHEN WE PAY COMMISSION OF RS. 4000 IN NOVEMBER 5TH WE HAVE TO DEDUCT AS IT CROSSES EXEMTION LIMIT RS. 5000.

NOW I WANT TO KNOW WHETHER WE HAVE TO PAY INTEREST @ 1% ON THAT RS 3000 DUE TO LATE DEDUCION??????

Anwered By : Vikky Kumar Jha

Question added Nov 05, 2013 Income Tax By CA Nagam Devi Kumar , CA , Kakinada

answers

230 views

Q. Income Tax - The father has executed power of authority in his son name to all acts on behalf of him self including selling of properties in the year 2006 because of his old age. In the year 2009 the son sold one of the properties. in the year 2010 the father died. Now, the son has received notice from the income tax department u/s 133(6). Now, my doubt is whether legal heir is responsible for any tax liability. pleas clarify

Question added Oct 31, 2013 Income Tax By CA Neha Garg , CA , New Delhi

answers

353 views

Q. TDS - If an individual has salary income and he is receiving rent as well of RS 300000/- and payer is the same company i.e. rent and salary is paid by same company then in what manner shall company will deduct tds of that individual. Kindly guide over this issue

Anwered By : shankygarg

Question added Oct 31, 2013 Income Tax By Shankar Lal Aggarwal , CA , Delhi

answers

2215 views

Q. TDS on Processing Fees and other charges to NBFC - Whehter TDS will be applicable on Processing fees and other charges, other than interest paid to NBFC (Caparo Financial Solution Limited). if yes, then rate and in which section.

Question added Oct 30, 2013 Income Tax By Nitin Kumar Sharma , CA

answers

183 views

Q. incom tax - what is the treatment of transfer cost receved in respet of telephone excange on compulsory aquisition by govt.

Question added Oct 29, 2013 Income Tax By Priyanka , CA , Mumbai

answers

213 views

Q. Tax Audit - Whether the penalty or fine paid to customs dept are allowable expenses? Also whether Additional scustoms duty paid is allowed or not?

Anwered By : shankygarg

Question added Oct 29, 2013 Income Tax By Saurabh Aggarwal , CA , North West Delhi

answers

229 views

Q. Owned House Property Let out and owner resides in some other rented house - If Mr.X is the owner of house in Delhi which he let out to Mr.Y for which he earns the rent and claims his Interest on Loan paid for purchase of the house, he himself resides in Mr.Z house which is also in Delhi and pays him the rent. Can this is possible, is there any judgement which can support this case

Question added Oct 28, 2013 Income Tax By Ramesh Jaju , CA

answers

209 views

Q. test your knowledge - Dear All,

Kindly guide me on the following issue

Will any tax liability arise if Mrs."Z" sister of Mr."X" give cash or kind (amounting to Rs.10 lacs+ ) as GIFT to Mrs."X".

Kindly provide me with relevant provisions and / or case laws as per income tax act.

Note - Mrs."X" is wife of Mr."X" and all the above three share natural relationship.

Mrs. "Z" (Donor) and Mrs. "X" (Donee).

Anwered By : shankygarg shankygarg

Question added Oct 28, 2013 Income Tax By Paras Gupta , CA , Chandigarh

answers

1770 views

Q. PAN/TAN surrender - A partnership firm is closed. I need to surrender its PAN/TAN. Kindly let me know procedure of surrendering PAN/TAN and any other formality if required.

Anwered By : shankygarg shankygarg

Question added Oct 23, 2013 Income Tax By manali , Mumbai

answers

174 views

Q. Income Tax - DDT - Whether Real Estate Investment Trust (REITs) will be required to deduct DDT on distribution of its income to its investors, in line with other mutual funds or not ?

Question added Oct 19, 2013 Income Tax By chandan , Mysore

answers

92 views

Q. Medical - Is medical allowance given in monthly salary eligible for exemption if bills produced

Anwered By : SUBHASH KUMAR JHA SUBHASH KUMAR JHA shankygarg shankygarg

Question added Oct 18, 2013 Income Tax By VIJAY KUMAR SINGHAL , Delhi

answers

58 views

Q. Income Tax - What is the mechanism of taxation of chit fund income ?

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Rambabu Senkarasetti

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