i have a client who bought a one open plot 2 yrs ago. After that he constructed a godown on that plot and gave it on rent. now issuse is that whether its a INCOME FROM HOUSE PROPERTY or INCOME FROM BUSI. & PROF.? he has other business also.

I recieved my salary for the period feb-07 to Apr-07 in may -07 as areear now my company is treating as income from salry for the current financial year they deducting tax on that amount, is there any option to get exemption from that tax laibilities, please suggest

Anuj

An assesse have a son, who is suffered with Cancer and he incurred a sum of Rs.1,50,000 for treatment purpose and receives a donation of Rs.50,000 from doners,not reletives,
What is the treatment for this Rs.50000 and Rs.100000?
Please clarify

Dear Sir,
Medical payment to approved hospital(for specified dieses) is exempt from tax. And for other medical reimbursement is taxable if it exceeds Rs. 15000/- in the hand of employees. As per CBDT circular it seems that when medical reimbursement to emploees exceeds Rs 15000/- than no FBT to Employer and if it is within 15000/- then only FBT is payable that means if Reimbursement is Rs 15100/- then no FBT on employer and for employee only Rs 100/- is taxable. Wheather my interpretation is Right or not. Please clarify.
Regards
CA. Sandeep Aggarwal

A Partnership firm has been converted as pvt ltd company under chapter IX of the companies act, 1956 on 20th October 2007. How much depreciation will be allowed to partnership firm and company. As per Income Tax Act Depreciation is not allowed in the year of disposal/transfer of assets. Since Partnership Firm has been converted during the financial year 2007 - 2008 weather depreciation will be allowed to firm or not. As per Income Tax Act Depreciation to the Company should be allowed for half year as Company came into existiant only on 20.10.2007. It appears that only half depreciation will be allowed for financial year 2007 - 2008. Is it not a disadvantage on conversion. Plz reply catagorically stating each event with reasons.


R. A. Joshi

A Partnership firm has been converted as pvt ltd company under chapter IX of the companies act, 1956 on 20th October 2007. How much depreciation will be allowed to partnership firm and company. As per Income Tax Act Depreciation is not allowed in the year of disposal/transfer of assets. Since Partnership Firm has been converted during the financial year 2007 - 2008 weather depreciation will be allowed to firm or not. As per Income Tax Act Depreciation to the Company should be allowed for half year as Company came into existiant only on 20.10.2007. It appears that only half depreciation will be allowed for financial year 2007 - 2008. Is it not a disadvantage on conversion. Plz reply catagorically stating each event with reasons.


R. A. Joshi

It will be onland drilling Rig,Mounted on carrier/chassis with Tyre.This will work together with few items like Drill pipes,Mud pump,Motors,welding machine,Tanks,Safety equipment,Generators,Containers.they can be singly identified items as well package of one.The working of that machine is drilling and workover rig in oil and exploration field.
i want to know depreciation rate as per income tax act and as per company act.

we are taking internet connection from Reliance Web Stores Ltd.

Rs.175000/- monthly amount paid to interenet charges to reliance on that TDS deducted or not?

Plz. sir urgent

A Partnership firm has been converted as pvt ltd company under chapter IX of the companies act, 1956 on 20th October 2007. How much depreciation will be allowed to partnership firm and company. As per Income Tax Act Depreciation is not allowed in the year of disposal/transfer of assets. Since Partnership Firm has been converted during the financial year 2007 - 2008 weather depreciation will be allowed to firm or not. As per Income Tax Act Depreciation to the Company should be allowed for half year as Company came into existiant only on 20.10.2007. It appears that only half depreciation will be allowed for financial year 2007 - 2008. Is it not a disadvantage on conversion. Plz reply catagorically stating each event with reasons.


R. A. Joshi

income tax on salary earned outside india.what exchange rate is to be considered for accounting purpose as because it is vary every month?some part of the money transfered to NRE ACCOUNT and some parts r not transfered in nre a/c.then wat will be accounting treatment and in wat way it will be taxable?