out company printing, brouchers and labels contract with out side party.
In the f.y.2007-08 first two months deducted tds as per tds on contracotrs rate.
From the month of june'07 onwards party given VAT bill (4%), on that no deduction of tds, party said.
Now onwards our company people not deducted tds from party.
so, it was correct procedure or not?
as per IT Act it was correct or not?
plz.. sir, this was my major doubt?

Trades without STT (overseas):

A. Gains from overseas stocks sale (long term: more than 1 year
holding) = 1,00,000

B. Capital Gains from overseas stock options (Same day purchase and
sell) = 1,00,000

C. Difference in vesting day price and allotment price for options
in B above = 1,00,000

D. FBT paid on the stock options to the employer = 33,900

E. Total profit in overseas stock options (B + C - D) = 1,66,100

F. Speculative gains (losses) in overseas market (Futures and
options) = (1,50,000)

Trades with STT:

G. Short term gains (losses) in domestic exchange = 50,000

H. Speculative gains (losses) in domestic exchange (Futures and
options) = (3,00,000)

Other income:

I. Income from bank deposits = 50,000
J. Salary income = 5,00,000

Queries:

What is the best way to offset the above losses with gains to
minimize tax implications?
Can overseas stock options gains be offset against domestic market
speculative losses?
Can overseas speculative losses be offset against salary or interest
income?

Dear Sir

The following information I like to verify from youe end. I will be very much onward if you kindly verify the information.

1. Director Profession Tax paid by company will that be contra entry of taken in and out in the tax computation

Regards
Satyajit Roy Chowdhury

i have large no of transactions regarding shares during the years.In other words i m doing business in shares. i just want to know whether i should calculate LTCG & STCG separately or should take all profit as business income without calculating LTCG & STCG seperately.Whether we can treat securties transaction Tax as TDS in any of above two situations.Plz send me the ans at my email ID medjdj786@gmail.com

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

If A sells goods worth Rs. 1,00,000 to B and B sells the same to C at Rs. 1,30,000,
In the books of B, if it passes the ajdustment entry of,

C a/c Dr. 1,30,000
To A A/c 1,00,000
To Cash 30,000

My query:
1. will this adjustment entry be covered by S/40A(3). Does this mean deemed cash payment of more then Rs. 20,000.

Whether passing of such contra entry attracts provisions of section 40A(3) if not please if possible provide some case laws

Rs.10000/- paid tds on commission as on 05/11/07.
on that till date tds not deducted.
now, we deduct tds on that, how much interest to be paid?

Rs.10000*10.3% = 1030
Rs.10000*1%(penal interest per month)*2.5(two months, 15 days) = 250
Total Rs.1030+250=1280
(or)
Rs.1030*1%*2.5=25.75/-
Total Rs.1030+25.75=1055.75/-

interest calculated on payment amount or tds amount?
pl. carify sir urgent

Dear Peers,

I have paid 50000/- INR(principal)as repayment of loan taken to purchase a house but house is still under construction and i have started making payment to the concerned bank from whom i have taken the loan. Please let me know that any exemption under chapter VI A is available or not....Also is there is any case law on the same.

Regards

Akhil Goel

Am a student one by six rule is not applicable to me for filing my return and I do not have Taxable income more than exemption limit. Am not Filing my Return of income.

My question now is

The party has deducted TDS for some professional service ?
How do i claim Refund ? or what is the procedure I have to follow in such circumstances ?

as per s. 199 , credit for TDS is available only on the year in which the corresponding income is accounted.
But this is sometimes unworkable for those who maintain accounts under Mercantile system . Think about an individual contractor who follows mercantile system. He completes a work in February 2007 and issues a bill to the Contractee.Naturally he passes a journal entry in his books by crediting 'Contract Receipts A/c' and debiting ' Contractee's A/c'. But the Contractee makes payment of the said bill only in August 2007 and deducts TDS.
So the date of payment as per TDS Certificate will be August,2007. How can this individual assessee file a Return in ITR - 4 for AY 2007-08 by claiming this TDS in the Return - even that before the last date of filing Return ie 31.7.07 supposing that he is not coming under 44AB?