thanumalayan
01 October 2007 at 12:52

Capital Gains

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?


thanumalayan
01 October 2007 at 12:47

TDS AS PER CIRCULAR

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?


thanumalayan
01 October 2007 at 12:36

TDS COLLECTION

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?


abvvora
01 October 2007 at 12:29

Medical Feamburshment V/s FBT

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


Gagan Kumar Kharkwal
01 October 2007 at 11:38

Taxability of Notice Pay

Query 1


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

Query 2

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


nitin
30 September 2007 at 22:17

accounting of shares

i want urgently accounting entries to be done for client-(Individual)investing in futures and options and what to be considered as turnover u/s 44AB under futures and options.


arunkumar
30 September 2007 at 21:14

TDS remitances

can TDS remiteed in excess or short for a month be adjusted in next month?


sourabh
30 September 2007 at 19:21

COMPUTATION RELATED TO FBT

SIR/MADAM,
MY QUERY IS RELATED WITH FBT. QUERY IS THAT WHETHER EXPENSE RELATED TO INSURANCE ON MOTOR CAR IS CONSIDERED UNDER THE CALCULATION OF FBT OR NOT?
SOURABH


Satish Yadav
30 September 2007 at 18:25

TDS paid twice on same bill

as we have paid tds twice on the same bill , what we should , now what we should do can we claim for that money or we will get the rebate for that money .Pls give the solution as soon as possible , thanks


Guest
30 September 2007 at 10:16

Dealing with IT officials.

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 ?