WEF 1.4.2003, the maturity of all life insurance premiums paid in excess of 20% of the sum assured are taxable. Please expain me in context of section 10, whether the entire maturity amount is taxable or only the difference between the maturity amount and the premium paid is taxable.

could you pls tell me how to prepare the sections based on the return of income viz, SEc.139 to SEc.158.

whether Filling of TDS return(quarterly/monthly) is compulsory if no TDS was deducted in such quarter/month because there was no liability arises to deducted the TDS.

SIR,

IF A PERSON HAVING BUSINESS OF SUGAR MANUFACTURING AND ALSO HAVING HIS OWN SUGAR CANE FARM HE USES PRODUCED SUGAR CANE FOR PRODUCTION FOR THE PURPOSE OF INCOME U/H PGBP WHAT AMOUNT OF MANUFACTURING EXPENSE SHALL BE ALLOWED? ACTUAL COST OF SUGAR CANE OR MARKET PRICE OF SUGAR CANE???

In case of a individual who does not have taxable income, but who has refund arising out of TDS in FY 2005-06. He has not filed his return claiming refund during the AY 2006-07. Can he claim refund in AY 2007-08. What would be the case if the assessee is a firm, society or a company. Please also detail the penalties possible.

CAN I HAVE TO PAY EXPENSE INCURED FOR EMPLOYEE TRAINING OUT SIDE INDIA

Hi,

From the following what are liable to FBT under Training expenses.

1. Fees paid to institutes for Training to employees like Develop ur self confidence.

2. Reimbursement of fees for training to employees for such programs.

3. Expenses on travelling for training purposes

4. Food expenses etc for the training..

5. will the answer change if the training is for selected employees say 3/100.

6. wat other expenses are liable under training exp and wat are not..??

How to do accounting treatment for following Income tax refund?

case
TDS=48000/-
Provision for income tax=44000/-
Income tax refund=2000/-
Actual income tax=46000/-

then
at the time of Refund what should be the Journal entry?

Mahesh Chandorkar(CA Inter)

My cliet is running a factory and producing paper in Assam. He is eligible for deduction u/s 80IC. Besides this he is also eligible for sales tax exemption and excise exemption. Sales tax exemption in Assam is given in form of remission. First he collects the tax from the customers and then 1% of such tax is to be returned to the State and the balance 99% is to be retained by him. As far as excise duty is concerned he has to pay the excise duty first of all and then the the entire duty paid is refunded. Moreover the benefit of the excise duty is passed over to the customers who do not claim modvat.( About 90% customers do not claim Modvat ). My query is :-
a) Whether the sales tax remission and excise duty refunds are business income and hence eligible for deduction u/s 80IC ?

One of the capital gain forgot to be considered under return for A.Y.05-06(filled before due date u/s 139(1)
) now revised return is not possible u/s 139(5) now what to do please give advice , further Assessment 143(3)is in process due date of competion is being 31st december 2007 .Asessing officer has no notice of that .



Is interest u/s 234A is chargable suppose if revised retrun can be filed ?