Under the Income Tax Act Individuals can compute their taxes either on cash basis or on accrual basis.

Still why is it that many people get into the process of computation of accrued interest on their NSC certificates held and take that into account while computing their yearly taxes?

They take accrued interest on NSC under the head - Income from other sources and show the same as deduction u/s 80C.

Is not it simpler to only show the interest earned during the year of maturity of NSC as income from
other sources in the year of maturity of NSC?

Under the Income Tax Act Individuals can compute their taxes either on cash basis or on accrual basis.

Still why is it that many people get into the process of computation of accrued interest on their NSC certificates held and take that into account while computing their yearly taxes?

They take accrued interest on NSC under the head - Income from other sources and show the same as deduction u/s 80C.

Is not it simpler to only show the interest earned during the year of maturity of NSC as income from
other sources in the year of maturity of NSC?

I have a query regarding application of section 50B i.e. Slump Sale. Where an asset transferred, is one on which cenvat credit has been availed by the transferor in the year preceding the year of transfer what will the treatment of credit that would have been available otherwise had the asset not been transferred u/s 50B in the hands of the transferor Co or can it be availed by the transferee Co. As it has been provided that the unabsorbed losses and unabsorbed depreciation can not be carried forward by the transferee co. and only the transferor Co. can carry forward the same.
Now I want to know whether the Capital Asset on which Cenvat has been claimed or can be claimed is a depreciable asset for this section.
If yes, then what will be treatment of Cenvat Credit which can be availed, (i) if the asset is transferred u/s in the year of purchase, (ii) asset is transferred in the second or subsequent years.
Also as per Cenvat Credit rules, 2004 the cenvat on capital asset can be availed only if the asset is in possession of the person. Whether the possession here means the possession throughout the year or a case in which person held the asset at any time during the year will also be considered for the same.
Please reply urgently.
Thanks in advance

Hi,

a) I have deducted TDS in the month of May'07 and not remitted with 7th of June'07. Whether the expenditure will be disallowed?

b) I have an agreement with another party to share the expenses of advertisement. During the year 2007-08, the other party has paid Rs. 1,00,000 towards advertisement, he made TDS. Later, he transferred Rs. 30,000/- through debit note to me. Whether I have to make TDS on him, to get expenditure allowed?

Please reply, its urgent

Dear sir/Madam My Qus. is One Custom house agent pvt ltd. co. issuing mango to its customers and also having Original Invoice from mango vendor for amount the paid. CHA Co. treat it as Business Promotion. and Paying FBT on the same as applicable FBT rate.
1 Qus) Can this be a Business Promotion and allowable in Income tax as expenses.
Please answer the query as soon as possible
Thanks

Dear all,

please advice me on whether Food Plus Cards issued to employees are liable for exemption under Income Tax Act? if yes, then under which section??

Thanks & Regards

Davison Mathew

Is the date of payment og TDS on provision revised?
Has it became from 31st May to Before filing the return U/s 139(1).

please explain the term Lineal ascendant of an Individual in the view of taxability of gifts as per Section 56? will the term 'Lineal ascendant' include father and mother of mother i.e. grand parents from mother's side? in short, will Grand parents from mother's side of an Individual be termed as Relative for the purpose of taxation of gifts as per section 56? if there are any case laws or decided judgements or articles , please refer?

For how many accounting years can a person file his returns together n te current year? For eg ifIhave never flled my return fr previous years till whc year can i file together?

Dear All

I am a employe in UTRAKHAND & here there is a income tax exemption for 10 Year. My Problem is :-

1- Will i deduct TDS on Labour jobs bills

A- Labour job bill received from Trader Uttrakhand (Income tax exempted unit)