1) Mr X bought a plot of land for Rs. 28,000 on Feb, 1982.
2) He want to sell it for Rs. 6,00,000 during the month of Dec, 2007.
3) What will be the tax he liable to pay?
4) How can he exonerate from this liability? and he can do anything to avoid tax.
5) What are all the documents to produce before the Tax Authorities for buing, selling or otherwise reducing his tax liability?
1) An employer refuses to act according to the provisions of Income Tax Act in collecting tax from his employees, but repeatedly says that he should collect the respective TDS as per the circular instructions of his head querters and he is liable to obey only such intructions;
2) The said circulars are fully wrong in delivering the intructions regarding TDS without following strictly the provisions of the Act;
3) How can I advice him?
1) An employer collected TDS from his employee say on 28th September;
2) What will be the last date to credit such proceeds to the Central Govt Account in this instant case?
3) If the employer does not do do so due to any reasons, what will be the remedy for the employee? Will the employer be held liable for his act? If so, what are all the liabilities?
Dear Mr. Gul and Mr. Ravi Kumar,
Thank you very much for your reply to our querry for medical reamburshment.
Our company is still saying that FBT needs to be decucted.
The fact of the case is
1) Rs. 1,250/- pm deducted by company so total Rs. 15,000/- pa
2) We have to claim, say Rs. 18000/- as medical reamburshment and company is reamburshing Rs. 15,000/- by cheque and not by crediting in salary account. So Rs. 15,000/- is not forming part of the salary.
3) the company is saying that Rs. 1000/- will be deducted form Rs. 15,000/- as company have to pay FBT on Rs. 15,000/-.
3) I understand from your reply that upto Rs. 15,000/- there is no FBT.
4) I request you that can we have some support for the reply so that i can put before the company.
CS Jatin Vora
Employee working in a company leaves the Job from Company without giving the Notice.
So the Company deducts the Notice Payment at the the time of full & final Settlement of the employee.
Whether Employee would be able to take deduction of Notice payment from his Salary Income
The Second Company Reimburses to the Employee the Notice Pay Paid by the employee to the previous company.
Whether the recovery of Notice Pay made my employee from the current Employer would be considered for taxation for computation of Income of Employee.
Kindly quote with relevant Text, judgement or Notification if available
During my articleship, i discover a lot of clients who actually dont maintain any books of accounts. They just give bank statements & TDS certificates etc. By this we are supposed to do tax audit. We prepare approximate balance sheet and give a clean report with out disclosing any serious issues like not maintaining cash book, journal register etc. How would a practicing CA handle an IT official if he calls for scruiting assessment or any other special hearing ? Will he be liable under any act ?
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