Easy Office


Sindhu
23 August 2007 at 21:46

TDS & SERVICE TAX!!!!!!!!!!!!!!!!

when TDS is made do we have to include the service tax collected and then calulate the TDS? else how should it be made?

From when has this rule come into effect?

Is this applicable for all sections of TDS? If not to which all sections?


J. Sivaraman
23 August 2007 at 18:19

Sec 54 F exemption

During PYE 31.03.04 an individual had two types of LTCG. One by selling equity sharea and another by redemption of Mutual Fund ( Debt Fund ) Units. He had invested 100% of the proceeds on sale of equity shares in a new residential house and has offered the LTCG arising out of redemption of MF Units for tax.

The ITO wants to allow only proportionate deduction under 54 F by duly combining the proceeds of sale of shares and redemption of MF Units.

It is apparent to me that the ITO is wrong in holding this view.

Can I get expert's views on the stand of the ITO.

Thanks.


Abhi123
23 August 2007 at 17:46

Turnover in case of Commission Agent

1. Turonver for the purpose of tax audit whether total sale and commission will be considered or only commission will be considered, if commission agent remit the sale amoount after deducting his commission.

2. What is the accouting treatment of purchase from prinicipal and sale effected on behalf of principal and stock held with him at the closing of F.Y. And Sales tax has been deposited by commission agent and then remitted by the principal on finalisation of account


K.Sridhar
23 August 2007 at 17:45

Regarding ITR F.Y 06-07 & 05-06

Sir,

Please provide me ITR Calculator in Excel format for the F.Y 06-07 and 05-06.

with regards

ShriDhar


Abhi123
23 August 2007 at 17:40

Commission Agent

1. Turonver for the purpose of tax audit whether total sale and commission will be considered or only commission will be considered, if commission agent remit the sale amoount after deducting his commission.

2. What is the accouting treatment of purchase from prinicipal and sale effected on behalf of principal and stock held with him at the closing of F.Y. And Sales tax has been deposited by commission agent and then remitted by the principal on finalisation of account


satyam
23 August 2007 at 17:16

FBT -SALES PROMOTION

I AM SERVICE PROVIDER , I ARRANGE TOUR FOR CLIENTS DEALER FOR SALES PROMOTION OF CLIENTS COMODITY , IN THIS CASE I PAID AMT. TO TOUR OPERATER RS. 1,00,00,000.
WHETHER THIS ONE CRORE IS LIABLE FOR FBT IS THERE ANY CASE LAW THEN PLEASE LET ME KNOW
I WANT TO KNOW IN WHAT HEAD IT WILL CLASSIFY IF I CLASSIFY IN TRAVELLING BUT THAT DEALER IS NOT MY EMPLOYEE
AND IF CLASSIFY IN SALES PROMOTION THAT IS NOT MY PRODUCTS SALES PROMOTION


Manoj

Is there any tax liabilities in India, while receiving the funds from my real brother, who stays outside India through westorn money transfer ?

And in what category of Income Tax Return, I have to show this amount, either as a Gift or whatever else ? Is this fund increase my capital in india ?


Subbaiya

We have availed exemption u/s 10 B
We have unabsorbed depreciation for three years as there was no profits. Can we carry forward the unabsorbed depreciation and set off against profits in the future year 1) when we still avail 10B benefits and have domestic sales
2) after completion of 10B exemption period

Thanks & Regards


Subbaiya
23 August 2007 at 11:28

Withholding tax u/s 195

We are a company in India who have utilized the services of a recovery agent in US. The recovery agent has sent a invoice for US$8000 for collecting the dues from our customer.

Whether we have to deduct tax at source in respect of the payment? Since, the service is rendered outside India and payment will be received outside India, I presume the income is not taxable in India

Please advise


Shabbir
22 August 2007 at 18:34

Amount given upon death of employee.

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.