1. TDS certificates are issued on monthly basis will Acknowledgement Number for the first qtr. shall always be blank ?

2.In case a person whose tax has been deducted in qtr.3 and no tax was deducted in any other qtr. for that Financial year than whether the acknowledgement number for first two qtrs. should appear in TDS certificate issued to such vendor.

I want to ask if an employee claimed deduction for HRA (House Rent Allowance), can he claimed deduction U/s. 80C for repayment of housing loan too ( for a owned house)

In case of Co-operative bank, amount debited to P& L account for amortisation of Investment held by bank..
is it allowed?
if such amortisation is on account of mark to market adjustment then the allowability of such expenses?
give some case law if available...

hi friends....
i would like to know which form is used for filing return of a charitable trust.... what if the charitable trust is unregistered.

For individual can we create Provision for tax ?
if no please mention the section which deals with provision.

In www.incometaxindia.gov.in/questionbank.htm (Qn 94), I find "The net taxable income from the property must be calculated first and then apportioned between the co-owners. In this process of calculation maximum interest payable of Rs.1.5 lakh can be considered only once."

I found contradicting views expressed in the following:

(1) As per www.outlookmoney.com (Let debt play its part) "Opt for a joint home loan with spouse. This will ...give you more tax-breaks... up to Rs 1.5 lakh each under Section 24 for interest repaymentsince both would be entitled for them"

(2) As per www.apnaloan.com/taxtips, "The maximum limit of Rs.1, 50,000 will apply individually to both of you (i.e. the total deduction will be limited to Rs.3, 00,000). The relevant sections in this regard are, the explanation to Section 26 as well as Section 23(2) and Section 24 (b).

Please enlighten on the above

What should be kept in mind (from the Company's perspective)while giving festival bonus?

What are the tax implications?
a) For Company
b) For Employee

Respected Sir,

I had following doubt related to PEE-II exams to be held in Nov 2007.

1) What is the relevant assessment year including relevant and updated
finance act for IT& CST paper of PEE-II Exam to be held in Nov 2007?

2) Where can i find the material for the same

Thanks in advance for solving my query and guiding me.

Thanks & Best Regards
Tarun Jain

I have to pay arrangement fee for securitisation to 'DSP Merril Lynch' and 'Deutsche Bank'. Whether there is any TDS liability on this payment.

A Pvt. Ltd. Company take a loan from a company. As a financial security Financer subscribe the equity share capital from the finance.
Promoter agree to buy shares at face value of share+ 18% per annum as interest.

After a year promoter buy shares from Financer at the rate of Rs. 118 ( Rs. 100 face value+18 interest).

Now please advice me whether TDS is applicable in this transaction ? . If yes how much extent and who will deduct the T.D.S.
Secondly wht is the tax treatment of above transactions