DEAR ALL,

Mr.A purchase goods from Mr.B.Mr.B makes transport payment to transporter.WHAT ABOUT TDS LIABILITY on Mr.A who reimburses the amount to Mr.B.Mr.A will claim this exp in his P&l A/C (will this frieght be disallowed on a/c of non deduction of TDS) Will it make any difference if the frieght amount is inclusive in the bill.

Dear Sir
Our company has purchased Key man insurance policy (unit link plan) of their directors.

Policy Details
First Premium: Rs 500000/-
renewal premium is Rs 60000/-

Life Insurance Cover is Rs 500000/-

Due to financial problems company wants to assign this policy on individual name

Please let us know the tax implications for the same
to the company
to the directors as individual

And what are the tax implications for the company if company surrender these policies.


Kindly advice for the same
awaiting for your reply

regards
for
Krishna Terine pvt Ltd

Dear Sir
Our company has purchased Key man insurance policy (unit link plan) of their directors.

Policy Details
First Premium: Rs 500000/-
renewal premium is Rs 60000/-

Life Insurance Cover is Rs 500000/-

Due to financial problems company wants to assign this policy on individual name

Please let us know the tax implications for the same
to the company
to the directors as individual

And what are the tax implications for the company if company surrender these policies.


Kindly advice for the same
awaiting for your reply

regards
for
Krishna Terine pvt Ltd

F & O is treated as a business income from Ass Yr. 05/06.
For Tax Audit purpose how is the turnover to be calculated ?
I understand that the ICWAI has some note on this which indicates that the transaction value is to be taken as the set off between purchase and sale. Is this correct?
Could you also pl. give the official source of reference for this ?
Thanks,
Jamshed F. Mehta

If a person is staying in flat in an old building, and builder says him that he will construct a tower on that land after demolishing the existing building. Once the tower is built person will get his flat back in new tower with additional facilities.

Builder gives him the following compensation: -

1. Rent for the period from the date construction to the date the tower is built, or he may provide accommodation also.
2. Compensation for shifting.
3. Compensation for getting right to construct tower in his flat.

What will be treatment in income tax of these receipts

Dear Experts,
Please clarify my following doubt.
There is a limit on interest on housing loan to the extent of Rs.150000. Is this aplicable only for the self occupied property?
I mean to ask if a person has letout a property for Rs.15000 and has paid the interest on house property Rs.600000 during a previous year, how much deduction he will get?
Hope I am clear in my question.

An employee drawing sal(basic + DA + other allowances) exceeding Rs.110000/- quits the organisation in April 07. Is the employer liable to deduct tax at sourcce while making a final settlement to the employee?

our company employee was given Rs.100000/-to charitable foundation on that how much amount will be qualified for tax exemption u/s 80G

On that 50% amount (50000/- ) allowable or not ?


pl.sir solve my query

Sir,i would like to know the procedure how to e-file TDS returns.Does e-filing of TDS returns must necessarily be done through intermedearies like NSDL TIN Facilitation centres or can be done on our own? Kindly let me know the fees charged by the NSDL in this regard

Sir/ madam,
Every person (other than indvidual/huf) paying freight are required to deduct TDS.

My querry is as follows:
(i) The company is paying regularly freight to Truck driver directly in cash below Rs. 20000 in each case.
(ii)And Trucks are being send by same transporter (say, Delhi Bombay Transport) in every case. But the Truck no. is different in every case and payment is below Rs 20000.
Is the company required to deduct TDS on Freight payment.

Thanks & Regards