Whether leave encashment received at the time of resignation is exempt u/s 10(10AA)? Whether there are any decisions from the Chennai jurisdictional authorities on the subject?

HI,

1) Can a company provide fixed conveyance allowance in the form of the salary, and aviod the FBT on the same.? If yes then what is the limit of the Fixed conveyance allowance the company can provide.?
Such allowance if provided are benificial for both the employer and employee as it is exempted u/s 10(14)clause 1.
I have an information from my friend that such Fixed conveyance allowance shall be provided up to Rs. 84,000/- per annum per employee.

2)In respect of Tours & Travelling expenses,can a Fixed conveyance allowance be also provided so that FBT on the same is avoided.

3) Please clarify the above doubt, provide relevant section reference or rules reference if any.


Regards
Ahsan K.Mansoori

could we claim for the service tax charged on the mobile bills on the name of the company , directors, emloyees.

could anyone give the TDS rate applicable to travel agents/ travel agencies.
&
Is TDS is deducting on the whole amount of the bill or only on the commission charged by the travel agent / travel agencies.

LTA:

If the company is having a policy of carry forwarding the LTA balance to subsequent calendar year in the same block, can an employee submit bills pertaining to the previous calendar year in the year the balance of transfer.

For example if the employee had not claimed in the year 2006 and the balance pertaining to that year is transferred to the next calender year 2007. Now the employee claims for the year 2006,in the year 2007 with the bills dated 2006. Can an employee submit the bills pertaining to last calender year in the year 2007. Whether the company can accept such bills and whether such payment be given exemption under Income Tax Act, 1961

Please explain me with example about the deffered tax liability on permenant defference..

sir,

During the year 2007-08, Rs.27800/- excess tds remitted to Govt.

what is the procedure of claim refund.


please sir

If Mr.X has two residensial property he sales one property for 1000000/- and buys a new residentialproperty for 3000000/- as on 1/5/2007 and other res.property he sales on 1/5/2008 for 1000000/-and repays the loan which he has brought from bank to buy the new property.(the new property cost is 300000;he pays 1000000 out of sale of his first res. prop.and remaining 2000000 loan fro hdfc.)
Can you please tell me that repayment of the loan from sale of second res.prop.will be consider as deduction and no capital gain will be levied.
Please reply.

One of Client have a charitable trust with main Object of Promoting Health through Free Camps, To Open blood Bank Etc.

He has Opened a Blood bank,has invested in some Lab equipments,The Blood from Blood Bank is given to required people on nominal charges towards Maintenance and Testing charges

trust has collected some donation towards investments in Lab equipments of BLood bank

CAN BE CLAIM EXEMPTION U/S 10(23c) OF THE INCOME TAX as INCOME OF HOSPITAL

MY QUERY IS AS FOLLOWS

I HAVE A HOUSE IN MY NAME IN GURGAON AND FOR BUYING THAT I HAVE TAKEN LOAN FROM BANK AND PAYING INSTSTALLMENTS. BUT I AM RESIDING ON RENT IN GURGAON .

I AM CLAIMING RENT RECEIPT OF RS 8000/- PER MONTH AND RS. 1,50,000/- AS INTEREST ON HOUSING LOAN.
PLEASE CLARIFY ME THE SAME AS MY IT DEPARTMENT OF COMPNAY DENY TO ACCEPT THE BOTH THINGS AS THEY SAID YOU HAVE TO CLAIM ONLY ONLY ONE BENEFIT. PLEAE SOLVE THE QUERRY AS EARLY AS POSSIBLE. WITH DETIAL OF SECTIONS AND CASE IF ANY.