amendments in rent free accomodation as a part of salary for A.Y.2007-08

I have a query which I shall be thankful if you reply. The query is as under:

VAT & Service tax is now treated as Current Liability account by the assessee following mercantile system of accounting. It is not Debited/Credited to the Profit & Loss account. Whether amount payable but not paid before due date of filing income tax return will be covered by the provision of section 43B? Section 43B speaks about deduction & disallowance which automatically implies having deduction / allowance under the P & L A/c. Please advise. [Geet Kanchan]

I AM A STUDENT OF CA FINAL YEAR. MY 1ST ATTEMPT IS IN MAY 2009.AS THE BILL FOR NEW DIRECT TAX CODE IS EXEPECTED TO BE PRESENTED VERY SOON.

1. BY WHEN NEW DIRECT TAX CODE IS EXPECTED TO BE IMPLEMENTD?
2. SHOULD I JOIN ANY COCHING CENTER FOR THIS SUBJECT RIGHT NOW OR WAIT FOR NEW DIRECT CODE.

There is a back to back work contract agreement between a contractor and a sub contractor.The clause of agree. is that contractor will raise a bill of gross amt. to contractee. and out of the payment received from the contractee, the contractor will deduct a sum of Rs. 5% of amt. received(out of gross bill local taxes and TDS will be deducted) and than the balance will be paid to sub contractee. My query is on which amt. the contractor will deduct TDS and make a payment to sub-contractor(whether on gross amt or on the amt. to be paid tothe sub-contractee). and whether this 5% amt will come under the purview of Sec.194J.

Q. Is FBT is leviable on Internet charges or not ?

Please clarify whether Taxi travel bills can be accepted for LTA Tax exemptioN

Sirs,

My question is-
Whether CAR INSURANCE CHARGES will fall under the category of "Repair, Ruinning and maintanance of Car" for FBT purposes?

It has been argued that since, Insurance is mainly taken for safety of the assets, it has no relation with Repairs, running & maintanance.

hi,
pls provide me simplified version of amendments made by finance act 2007 in direct tax.
i do not want bare act version as i already have supplementary material issued by the institute.
thanks

Dear All,

Good Evening

have one doubt to clarify,

If i get money ( check ) from NRI - non relative, is it tax exempted or taxable in the hands of receiver ?

mail me pls. raju_osnn@yahoo.co.in

Hope to hear from you soon.

Thanks & Regards,

Raju.

How to get the valaution done by SEBI listed Merchant banker for unlisted shares of foreign company.
List of SEBI listed merchant banker with their office in USA.
Is their a guildlines for FMV valuation.

Regards
Vidya