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Recent Questions

Question added Jul 23, 2014 Income Tax By Anuj Agrawal , Kanpur

answers

471 views

Q. tax on salary - if an assessee is resident in India and received salary for 8 month in India n for rest month he went to USA for employent and recd 3 month salary there.what will the tax implication in such case?? n if salary is paid in usa after deduction of tds then hw assessee will able to take the refund. please guide.

Question added Jul 21, 2014 Income Tax By CA Joravar Singh , CA , S.A.S. Nagar

answers

265 views

Q. ITR4 - Could you please provide me the ITR4 for the AY 2014-13 in excell format?

Anwered By : shankygarg

Question added Jul 18, 2014 Income Tax By CA Shraddha Vora , CA , Mumbai

answers

408 views

Q. Taxability of Advance for Transfer of a Capital Asset - Sec 51 earlier provides that any advance received or retained and forfeited in future shall be reduced from the cost of acquisition. Now that advance is no more necessary to reduce from cost and it has to be shown as the income under other sources us 56 in the previous year. As per the language of the law these amendments will take effect from 1st April 2015 and will apply accordingly in relation to A.Y. 2015-16. Facts of the Case Since the assessee entered into the memorandum of understanding on 20th march 2014, total sales consideration was Rs. 1,90,00,00, Advance received Rs. 35,00,000 on 130314 and 40,00,000 on 050514 and balance consideration to be received before 301114 otherwise the advance will be forfeited. So in case of forfeiture, how much advance need to be reversed in order to avoid tax. Please give your valuable suggestions

Anwered By : shankygarg

Question added Jul 14, 2014 Income Tax By Mayank Sethi , Indore

answers

307 views

Q. TDS Return - If challan is not match on OLTAS than what is procedure for filling TDS Return?

Question added Jul 14, 2014 Income Tax By Sachin Dudeja , CA , Kaithal

answers

287 views

Q. e-filing - In case of an Registered Firm where audit u/s 44AB is not required and income is below Rs 5 Lakhs,whether e-filing of return is mandatory or not.

Question added Jul 08, 2014 Income Tax By rahul ratra , CA , Ghaziabad

answers

319 views

Q. capital gain - A ltd invested in HDFC fund with monthly dividend option scheme. the monthly dividend is reinvested by the company.suppose intial investment made is 1,00,000 in april 13 and total dividend amount reinvested say 10,000 and on 10 march 14 ,the redemption value is say 115000, please advice on computation of capital gain.

Question added Jul 06, 2014 Income Tax By Ajeet Yadav , Gurgaon

answers

439 views

Q. tds deduct on intrest on compulsary acquation of land - hayrana devlopment govt deduct tds on compulsary acquation on agricultural land. a case of punjab and haryana high court said that tds deduct by huda on compulsary acquation on agricultural land is wrong. so huda will not deduct tds in future. what is procedur for old tds refund procedure those deduct by huda previously. case name ajay kumar vs state of haryana cr no.3236

Question added Jul 05, 2014 Income Tax By harsha tripathi , CA , Jodhpur

answers

217 views

Q. REGISTRATION OF FIRM - Whic form is required to fill for conversion of PROPERTIRESHIP FIRM into PARTNERSHIP FIRM

Question added Jul 05, 2014 Income Tax By Tarun Kumar , East Delhi

answers

291 views

Q. Applicability of TDS on purchase of software - Dear Sir, we have entered a agreement with a Indian company for Purchase & Implementation of software (Ms office&Windows) seller had included implementation & support charges in contract he had also charged vat on total amount and service tax on total amount please tell me applicability of TDS on such payment whether tds will be deducted U/S 194j or 194C

Question added Jul 03, 2014 Income Tax By rajib dey , Tinsukia

answers

230 views

Q. TDS - what is current status about section 234E which was granted a stay order for a period of two month

Question added Jul 02, 2014 Income Tax By Daya Nand Singh , CA , East Delhi

answers

691 views

Q. TDS on out of pocket exp. section 194 H - whether TDS shall be deducted on out of pocket exp. under section 194 H

Anwered By : shankygarg

Question added Jul 01, 2014 Income Tax By CA Ram Bajaj , CA

answers

264 views

Q. TDS- Income Tax Act 1961 - 194A require deduct tds on interest. indi or huf is also liable to deduct tds if they are having tax audit in last year. my question is if assessee taken loan in personal saving account and use it purpose for stock market or to give loan to another person etc, still wheher he is liable to deduct tds infact the loan amount donot use in business of asseesee which are required to audit under 44ab

Question added Jul 01, 2014 Income Tax By Rahul , South West Delhi

answers

290 views

Q. Case Law U/s 37(1) - Sir i want a case law/ or a supreme court judgement on the following:
A company ha paid commission to another resident company. Now AO is disallowing the company expense which has been paid as a commission.
I would request you to kindly provide me a xase law so that i can put forward the same in front of the AO.

Question added Jul 01, 2014 Income Tax By CA Rajnish , CA , gorakhpur

answers

391 views

Q. Donation to P.M.Relief Fund-PAN & Address of Fund - Salaried employee donated fund for victims of Kedarnath Disaster to P.M.Relief Fund Lucknow.Which is available for 80G deduction but problem is that no employee know the PAN and address of fund how take benefit in filing ITR 1.

Question added Jul 01, 2014 Income Tax By Surya Karan , New Delhi

answers

268 views

Q. Tds on interst from relatives - sir, i have taken loan from my father of Rs. 2100000 and used it into my business but need not to repay it. there is no formal agreement. is it necessary to book interest in the books and what is the tds liability & consequences if i write off as gift under section 56.

Question added Jun 30, 2014 Income Tax By sanjeev kadel , CA

answers

164 views

Q. FORM NO-10B - PLEASE REFER TO EXPLANATION TO SECTION 11(1) WHICH SPECIFIES THAT OPTION IS TO BE EXERCISED IN WRITING BEFORE DUE DATE UNDER SECTION 139(1)IN CASE RELEVANT INCOME IS NOT RECEIVED OR FOR ANY OTHER REASON. THIS EXCESS ACCUMULATION IS TO BE SPENT WITHIN 2 YEARS OR 1 YEAR AS THE CASE MAY BE. NO FORM IS SPECIFIED.
UNDER SECTION 11(2) FORM NO-10 IS PRESCRIBED FOR ACCUMULATION OF INCOME OVER SPECIFIED LIMIT FOR A MAXIMUM 5 YEARS. MY QUERY IS WHETHER THE SAME FORM 10 IS USED FOR BOTH THE OPTIONS I.E. 11(1) & 11 (2).

Question added Jun 27, 2014 Income Tax By sandeep Aswal , Faridabad

answers

514 views

Q. Whether Vat Input can be Availed on the Printing Bills where TDS has been deducted on the entire amount including VAT - Hi,
A company gives the order of buying the Flex boards and also doing the printing work on the boards and the vendor charges the VAT on the bill and there is no bifurcation in the bill of the separate details of the price of the Flex board and the price of the printing work . Now the company Deducts the TDS on the entire amount including TDS and take the Input credit of VAT PLS tel me whether this is the correct treatment and can you give me the Refrence of any section in this regard.
Thank You

Question added Jun 26, 2014 Income Tax By Deepak Saini , New Delhi

answers

473 views

Q. INCOME TAX TDS - DEAR USERS
ONE OF MY CLIENT(PRIVATE LIMITED COMPANY) BOOK A STALL IN A TRADE FARE AT KENYA THROUGH A COMPANY IN DUBAI AND PAID $3000/-
IS THERE ANY TDS, IF YES PLZ SPECIFY THE RATE, IF NO THAN REASON WITH SECTION AND OTHER MATTERS.
PLEASE RESOLVE MY PROBLEM
THANKS

Question added Jun 24, 2014 Income Tax By VINOD SAHARAN , CA , PALLU

answers

145 views

Q. SALARY : Tax on better work award - I am a psu employee and my employer given me an award Rs. 225,000 for better work, and doing better job I am spend around 150000 on R&D. how I can save tax on it. Is it any tax remedy is available in this regard. Please suggest me.

Question added Jun 23, 2014 Income Tax By RAJAT DAGA , Delhi

answers

295 views

Q. TDS - Can a specified section TDS challan adjusted with another Specified Section TDS Liability.
Exmample. can 194(c) TDS Challan adjusted with 194(J) liability

Question added Jun 20, 2014 Income Tax By harsha tripathi , CA , Jodhpur

answers

333 views

Q. pan card - whil processing the pan application it was discovered that photo was not proper than what is the remedy..... wehter there is requirement of filling new application for pan card

Question added Jun 19, 2014 Income Tax By CA Shraddha Vora , CA , Mumbai

answers

668 views

Q. clarification on gudience note issued by ICAI on revenue reocgnisation in caseof builder - Query :
The assessee is builder having various project and the following the Guidance note issued by ICAI for revenue Recognition.
However as per the guidance Note Following is the wording _
“ Further to the conditions in paragraph 5.2 there is a rebuttable presumption that the outcome of a real estate project can be estimated reliably and that revenue should be recognised under the percentage completion method only when the events in (a) to (d) below are completed.
(a) …..
(b) …..
(c) …...
(d) Atleast 10 % of the total revenue as per the agreements of sale or any other legally enforceable documents are realised at the reporting date in respect of each of the contracts and it is reasonable to expect that the parties to such contracts will comply with the payment terms as defined in the contracts. To illustrate – If there are 10 Agreements of sale and 10 % of gross amount is realised in case of 8 agreements, revenue can be recognised with respect to these 8 agreements.
From the above wording point (d) says that agreement of sale need to executed or any other legally enforceable document are realized at the reporting date.
1. Can allotment letter issued to the customer can be said legally enforceable document?
2. If above is yes, then we need to recognize the revenue on the advances received (more then 10%) cases of which sale agreement is not executed?
3. What is market trend used by the builder for the aforesaid cases?

Question added Jun 16, 2014 Income Tax By Ritesh , CA , Faridabad

answers

312 views

Q. TDS on immovable property - Dear Experts

One assessee paid lumpsum amount (95 lakhs) to seller of immovable property from his own account and also deposit the amount of TDS on it on his own pan number.

However registry of land was done in name of his spouse,

kindly suggest that validity of transaction.

Regards

Ritesh khurana

Question added Jun 16, 2014 Income Tax By sonam kapoor , CA , Meerut

answers

299 views

Q. TDS on Lecture Income - I am imparting lectures of CPT and i want to know under which section TDS to be deducted on such income

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