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Recent Questions

Question added Nov 17, 2013 Income Tax By Neha

answers

201 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

217 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

151 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

122 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

124 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

250 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

249 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

401 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

357 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

424 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

2334 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

289 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

262 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

324 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

255 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

1892 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

221 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

123 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

148 views

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

Question added Oct 16, 2013 Income Tax By PRADEEP SHARMA , CA , Jaipur

answers

342 views

Q. GIFT FROM INDIVIDUAL TO HUF ,AND HUF TO INDIVIDUAL - CAN AN INDIVIDUAL CAN TRANSFER GIFT TO HUF IT IS EXEMPT OR TAXABLE AND ALSO HUF TRANSFER GIFTS TO HUF AND INDIVIDUALS ,WHAT WILL THE TAX IMPLICATION

Question added Oct 11, 2013 Income Tax By CA Shraddha Vora , CA , Mumbai

answers

356 views

Q. Part performance related to immovable property - QUERY:

1) In a particular case, a Deed of Assignment of Immovable Property between two parties has been executed and registered. Subsequently, the possession of the property was handed over and the final registration was made thereafter upon full and final settlement. What would be considered as the date of transfer of immovable property for income tax purposes?
Date of first registration of agreement, wherein practically all the rights are transferred
Date of handover of possession
Date of full and final registration
2) If in the above case, the date of registration of Deed of Assignment is considered to be the date of transfer, whether the transaction would be considered under doctrine of part performance of contract (Section 53A of Transfer of Property Act) or as a complete and valid Sale?
3) Sec 269B of Income Tax Act states that under Rule 48DD, in case of part performance of contract Form No. 37EE is to be submitted to the concerned authorities within 60 days of the transfer. However, when Income Tax Rules are referred, Footnote no. 2 under Form 37EE says that it ceases to exist for transfer of immovable property after 30-9-1986. Kindly clarify the applicability or inapplicability thereof in today’s date.
If it is still applicable, what are the consequences, in case the said form is not filed with the competent authority within the said 60 days?

Question added Oct 09, 2013 Income Tax By PRAKASH KUMAR SINGH , Rishra

answers

189 views

Q. TDS RETURN - Is it mandatory to file Nil tds Return?
If it is not mandatory to file nil tds return then is there any notification fopr such??pls advice me with your suggestions.

Anwered By : Vikky Kumar Jha Vaneet Gupta shankygarg shankygarg

Question added Oct 08, 2013 Income Tax By Ashish Jain , CMA

answers

154 views

Q. surrender of pension plan - I had a pension plan policy in my wife's name, taken in 2005, taken 80c benefit, no life assurance, but having guaranteed returns, ulip.

I have now surrendered this policy in current fy. My queries are : proceeds of the policy has gone in wife's account, should I consider this in my books? Is this amount taxable in full or only the incremental value? I want to reinvest this money, how to do to take benefit in my name. Wife is a housewife and does not have any income source.

Question added Oct 06, 2013 Income Tax By ANUJ , CA , LUDHIANA

answers

356 views

Q. wrong dis allownace shown in efilled audit reprot - R/sirs In e filled audit report, I have wrongly shown bonus of Rs. 78700/- in column As per [Section 36(1)(ii)]Any sum paid to an employee as bonus or commission for service rendered, where such sum was otherwise payable to him as profits or dividend. I have filled audit report on 20/09/2013. What the consequence of above? while processing of return will this be included in income? should i revise audit report now or nothing to do?

Anwered By : Vikky Kumar Jha

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