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Recent Questions

Question added Jan 08, 2014 Income Tax By Mohir Agrawal , KolkataM.C.

answers

98 views

Q. Letter format - can anyone give format of letter for asking extension of time for not filing return with in given time in case of defective return

Question added Jan 08, 2014 Income Tax By CA. Krishnakant Agrawal , CA

answers

285 views

Q. TDS Grossing up - is it mandatory to gross up amount?
if we have paid 50000 and forgot to deduct tds @10%
afterwards if we want deduct tax then it will be 5000 or 5556?

Anwered By : Vikash Kumar Jha

Question added Jan 07, 2014 Income Tax By RAVI RANJAN KUMAR , CA

answers

215 views

Q. Direct tax - Dear All....Pls advice me about the same.
A firm makes a payament to person of hongkong for freight expenses and hongkong person does not have any PE inindia. then indian firm will be lible to deduct TDS U/s 195 or not,because no DTAA between india and hongkong .So pls advice the same & rate applicable ( if liable to deduct TDS)

Question added Jan 06, 2014 Income Tax By ajay , CA , Alwar

answers

148 views

Q. INCOME TAX - SIR, A CA IN ALWAR FILLED MY CLIENT'S ITR IN LAST YEAR.AND HE ALSO MAINTAINED HIS ACCOUNTS. IN WHICH DUE TO SHORTAGE OF CASH. HE MADE A ENTRY NAMED 'X' A/C IN UNSECURED LOANS HEADING OF RS. 18 LAKHS IN 2009-10 & 22 LAKHS IN 2010-11. NOW HIS CASE FALL IN SCRUTINY. AND A.O. ASKED FOR NAME OF LOAN A/C'S. PLEASE SUGGEST WHAT WILL WE DO??

Question added Jan 05, 2014 Income Tax By Surendra Kumar Dash ,B.Com, CA (Final), CS (Professional) , Bhubaneswar

answers

158 views

Q. Filling of income less than taxable income - A Person having income which is less than taxable income & He wants to file income tax, is it benefited ?

Question added Jan 04, 2014 Income Tax By Pankhuri , CA , Ambala

answers

264 views

Q. capitalisation of inventory into R&D Asset -

Please answer the following query in light of all applicable provisions:

We are a manufacturer of light and heavy commercial vehicle. Two new prototype buses were manufactured in F.Y 2012-13 and were accounted for as an inventory in books of accounts for year ending March 31, 2013. However our R & D department wants to capitalize these buses for carrying out certain durability tests in the current year 2013-14.
1. What all implications would be there if we capitalize the bus as R&D asset which was earlier being shown as inventory in the previous year?

2. Raw Material for 3 such buses was bough and till date only one bus has been manufactured. Should the benefit of sec 35 (2AB) be claimed on such material lying in raw material inventory till date by booking it as an expense for R&D in the case where these 3 buses were required by R&D for carrying out certain tests, however it is not certain that R & D will use all of the 3 buses.

Question added Jan 03, 2014 Income Tax By manas dash , Bhubaneswar

answers

202 views

Q. Advance Ruling - What is the procedure for advance ruling ?

Anwered By : shankygarg

Question added Jan 02, 2014 Income Tax By krishna ram phaiju , CA

answers

210 views

Q. eTds Return Correction step by step - Dear friend please help to revise etds return

Anwered By : Vikash Kumar Jha

Question added Dec 30, 2013 Income Tax By jimit , CA , Ahmedabad

answers

140 views

Q. Audit - Difference in applicability of 44AA & 44AB to professional??

Question added Dec 30, 2013 Income Tax By Tushar v. Shah , CA , Ahmedabad

answers

191 views

Q. By Mistake Wrong ITR filed - I had e filed itr 1 with all the values zero by mistake actually i have the professional income with tds refund and its belated return . so now how can i get the refund? AY 2013-14 & itr processed at cpc with no demand no refund.

Anwered By : Vikash Kumar Jha

Question added Dec 30, 2013 Income Tax By Ankur Gupta , CA , Bhiwani

answers

294 views

Q. income tax - Mr A taken a house loan on joint account of his & his wife, whther whole payment of interest is allowed as deduction or not ???

Anwered By : shankygarg

Question added Dec 27, 2013 Income Tax By TIKAM CHAND PALIWAL , Bikaner

answers

436 views

Q. TDS Late payment - TDS deducted on 31st October and deposit on 10th December Rs.-1000/-. please tell me Interest on above is calculated for one month?

Anwered By : shankygarg SUBHASH KUMAR JHA SUBHASH KUMAR JHA Surendra Kumar Dash

Question added Dec 27, 2013 Income Tax By Dulichand Kushwaha ,CA Final, M.Com., B.Com. , Indore

answers

158 views

Q. Professional Tax - Would anyone tell me how to deduct professional tax from salary?

Anwered By : Vikash Kumar Jha

Question added Dec 27, 2013 Income Tax By CA. Krishnakant Agrawal , CA

answers

206 views

Q. HRA Deduction - as per new norms employees claiming HRA exemption, have to provide PAN of landlord if rent paid exceeds 1 Lakh, what will happen if Landlord denies to give PAN details, will employee be able to get deduction of rent upto 1 Lakh or whole HRA will be taxable?

Anwered By : Rishabh Upadhyay

Question added Dec 26, 2013 Income Tax By kshamta sharma , CS , South Delhi

answers

194 views

Q. INCOME TAX - WHETHER ASSESSING OFFICER IS CORRECT IN ASKING O BALANCE SHEET OF ASSOCIATED ENTERPRISE IF THE ASSESSE IS TAKEN LOAN FROM ITS ASSOCIATED ENTERPRISE?

Question added Dec 26, 2013 Income Tax By Ada , CA , West Delhi

answers

153 views

Q. sec 44B - DOCUMENTS to be filed for claiming exemption u/s 44B

Question added Dec 26, 2013 Income Tax By Dulichand Kushwaha ,CA Final, M.Com., B.Com. , Indore

answers

196 views

Q. TDS - Is TDS applicable on reimbursement on expenses

Anwered By : shankygarg

Question added Dec 26, 2013 Income Tax By Dulichand Kushwaha ,CA Final, M.Com., B.Com. , Indore

answers

369 views

Q. TDS - Whether TDS deducted on provision for Expenses?

Anwered By : Vikash Kumar Jha

Question added Dec 25, 2013 Income Tax By Aditya Kabra , CA , Indore

answers

406 views

Q. TDS Deduction on Reimbursement of Expenses - Dear All,
MY Company is Provide Industrial Catering, Housekeeping, & Facility Management Services.
My Co. Contract to other Co. for Industrial Catering & Client agree to Reimburse the Gas Cylinder Cost Actual Borne by the Our Co.
Client Pay Actual Cost for Exmp. Our Co. Pay Gas Cylinder agent/Agency Rs 1000/- & Reimbursement bill Charge to Client of Rs 1000/- Only No Additional charges charged to Client.
On Above Rs 1000/- Client Deducted TDS @ 2%. Whether this transaction cover under Tds Liabilities

Anwered By : shankygarg RAHUL SATIJA RAHUL SATIJA RAHUL SATIJA

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

answers

352 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

830 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

400 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

134 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

135 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.

Experts Panelist

Rambabu Senkarasetti

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PRIYANKA

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Answers Posted : 117

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