A company has paid an amount to employee's family on death of the employee due to an illness. This amount does not from part of gratuity. My query is what will be the nature of payment in case of company?Whether TDS has to be deducted and if yes, under what head ? And from employee point of view, will it be in the nature of capital receipt, hence not taxable?
Kindly advice.

Hello friends,

This is a pending query for last one month. If any one can help we nned to work out payment of Advance Tax.

QUERY :

A software company has two units. One is 100% EOU claiming expemption us/ 10 A. The other unit is also 100% EOU but not claiming 10 A exemption.

The unit claiming 10 A exemption is making profits and the other non 10 A unit is incurring losses for long time.

However, the losses for the non 10 A units are not more than profit of the unit claiming 10 A exemption.

Can any one help me with working out MAT liability by substing hypothetical figures?

The company has skipped its advance tax payemnt if any due in June, for want of MAT calculation.

Thank you.

Jayant Shaligram

A person who remits any sum outside india has to obtain a certificate from a CA to this effect. What are the implications if the bank does not insist on such certificate? who will be held liable for this default? And where does it specify that if the sum is paid outside india a CA certificate is mandatory?

Whether TDS is to be deducted on rentals plus service tax or only on Rentals?

hello

most of employers pay their employee & in employees form 16 they write allowance given to him as "Special Allowance" instead of witting which special allowance is give unifom allowance or any other such allowance.& some time they mention other special allowances given to them by their name.
eg.
Basice Pay 60000
hra 20000
uniform allowance 5000
CA 10000
special Allowance 20000 is allowance given to this person that is mentioned as Special Allowance is empted

my Query is that is that "special Allowance is exempted under section 10

Hi,

As per new notification of RBI,
remitter has to give undertaking as well as CA certificate for remittance in foreign currency.
I would like to know that in case of purchase of raw material, liability of TDS arise?
If you are paying to non resident advertisement agency for advertisement in magazine, what would be the treatment?

In certificate- Annexure B, if we import machinery, what should we comment in point 7, 8 ?

in general when we have to deduct tax of non resident in such transactions?

Due to change in ITR many chartered are following practice to disclose interest on housing Loan, Mediclaim,LIC etc... as an expenditure in P/L. When the theatment of these items are diffrent in computation then how its possible?

Friends,
With Section 80 P gone for co operative banks; whether the co-operative credit societies; which are registered with the department of co-operation only and not with the RBI under the Banking Regulation Act; would also be required to pay the Income Tax on the profit they earn.
If yes, apart from the regular deductions; which special deductions can be claimed in respect of such co-operative credit societies?
If, the tax is to be paid, since, most of the co-operative credit societies have finalised their accounts and declared dividends without making any adjustments for payment of tax; where to adjust such tax payment for the F.Y. 2006-2007 since there would be no provision for payment of Income Tax in the audited accounts of such societies.
Urgent reply is expected.
Thanks,

Mahesh

Above section say that in th case of partner of a firm, his share in the total income of the firm shall be exempt from tax.

1. Whether total income of firm means income before tax or after making the provision of tax.

Total income of firm X partner's share in profit/ Total profit of the firm

It is no where stated abt the definition of total income for this purpose

2. if above is after tax, how will we provide for tax If we are maintaning books of accounts on cash basis

advice me ..what is the time limit allowed u/s 200(1)to remitt the tax deducted at source to the government during the current previous year...???