Hello,
Respected collegues,

One of my client is a sub broker and having commission income.For the income tax purposes his commission income will come under professional income and for audit pupose limit of 10 lac is to be taken in to consideration.But if he is doing daily trding then the turnover of shares will be more than 40 lac .then audit is require or not?.
Being the sub broker ,his main business is buying and purchasing shares on behalf of client,but if he is doing trading of shares in his personal demat a/c then what will be the consiquencies?whether the turnover of shares which are done in his own demat a/c will enough to consider the audit limit of 40 lac or the in the case of subbroker only commission receipt is taken in to consideration.(10lac limit for audit)
Please clarify the query,

Thanking You in advance,
CA Pranesh Agrawal

Hello,

I work in a renowned media house. We are
publishing a monthly magazine in which various authors all over the world write articles. We have to pay them charges for
the articles. Is it necessary to deduct TDS on this payment to NRIs ? At what rate ? What is the procedure ? Pl anyone clarify ?

Can a person claim 80 C deduction for the fees paid to ICAI to register himself or his son?

As the act says fees paid to any university, college, school or any other educational institutions is eligible for deduction.

In addition, ICAI is Institution of Chartered Accountant of India and it is very well authorized/approved.

dear sir one of my recent clinet has paid t.d.s A.Y. 2005-2006 (accounting year 01.04.2004-31.03.2005) on 8/5/2005 even though the same was deducted during the year ended on 31.03.2005. under scrutiy for the same a.y the ITO disallowed all the expenses line contractor & subcotractors payments, payment of salaries etc. he has not deducted T.D.s. on rnet and sponsorship charges the same is also disallwed. The assessee has lost toally in business venture of prmotion business and his business was closed from 1.04.2005 and even not filed return for a.y 2006-2007. I want to file and appeal for him since he is in no condition to pay Rs.26,00,000/- tax charged on him becasue of the above disallowance. in fact he has paid T.D.S. and interest due thereon. Please advice on this case at earliest since my freind/client is working on salary of Rs.20000/- P.m.
please help me in this generous cause.

Liability on Deducion and payment on TDS is based on Company or Location? One company having two manufacturing unit in different state unit 1 (Main unt) & Unit 2 sub unit. It is necessary to get two TAN in different location and payment also to the different state

In group companies x & y

x deducted tds on contractors Rs.27668 and paid to govt.One month after that bills transferred to y co., on that bills y deducted tds and paid. Because contractor not related to x company.

x company in the month of jan'08 tds deducted some 75000/- on that amount adjusted rs.27668/- and remaining balance payable was rs.47332.

please sir this procedure was correct or any statutory procedure is there.

Liability on Deducion and payment on TDS is based on Company or Location? One company having two manufacturing unit in different state unit 1 (Main unt) & Unit 2 sub unit. It is necessary to get two TAN in different location and payment also to the different state.
K Hariharan

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 IN DELHI AS I HAVE JOB AT THERE.

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.

sir,
An individual has a gross turnover from Wholesale trading of Rs39 laks .he is in receipt of Rs 25000 as interest on bank deposits and Rs 80000 as commission for arranging Real estate transactions.
The total of all the above comes to just above Rs 40 lakhs- is it liable to Audit u/s 44 AB ? and also clarify whether the law is very clear on this point
I believe that it makes a lot of difference if the trading activity can be said to be RETAIL as it falls u/s 44AF.

Thank you for the solution -in this case supposing that the interest received is from personal investments such as ordinary bank deposits, the total turnover will be the sum total of 39 lakhs amd Rs 80000 (commission) - in which case there is no requirement of 44 AB audit - will you please confirm

Sir, I am having following doubts regarding gift tax. Kindly clarify.

1. Gift exceeding rs 25000 from non relatives is taxable

a. whether entire amount is taxable or amount exceeding Rs 25oo is taxable.
b. If gifts are received from two or more persons and all of them are less than 25000 individually,and exceeding Rs 25000 in total. Then how it is taxed.
c. Is it applicable to cash only or gift received in kind.

Thanks in advance