Dear Experts,I have partnership firm incorporated as on 1-7-16.However,due to delay in getting PAN in name of the firm we(I and other partner) has decided to do business transactions of the firm in the savings bank A/C of a partner(managing partner) till opening of the Current A/C in name of the firm(and to that effect a clause has been inserted to a modified P/deed).Now,some works contract has been undertaken in name of the firm and payment has been received in bank of the partner.Now,the clint need to deduct TDS on the payment for the amount so transferred to the partners bank A/C.Now,we have got PAN of the Firm. So,will i ask to deduct ,the TDS against PaN of the firm,or they are bound to deduct TDS in name of the partner,in whose Savings A/C payments are made? PLEASE ADVICE AS SOON AS POSSIBLE.

Can anyone please clarify anything about calculation of turnover of future and options other than what is written in the guidance note for tax audit.

Hi, my question is that whether presumptive income scheme inder section 44ada can be followed by a firm of CAs?

Co-operative Societies in Kerala were struggling to get out of the disallowance of claim u/s 80P(4). Department was very adamant that the claim for deductions u/s 80P(2) are available only to Primary Agricultural Credit Co-operative Societies as these Co-operative Societies are allegedly functioning like Banks. Hon'ble Kerala High Court was also holding such a view. This standpoint is diametrically opposite to the judgments of various High Courts all over India which have held that all co-operatives which are not "Co-operative Banks" as defined in Part V of the Banking Regulation Act 1949 and not licensed by R.B.I are eligible for deduction u/s 80P(2). Recently Hon'ble High Court has held that Income tax authorities shall not probe into the such issues and that if a co-operative society was classified as Primary Agricultural credit society by the State Co-operation Department that only will make them eligible for deduction u/s 80P. Still the issue of other Co-operative societies other than PACS which are not licensed by RBI still is in darkness. Now, the Revenue has challenged the recent decision of the Kerala High Court before the Hon'ble Supreme Court by a SLP. In case the decision of the Apex Court happens to be in favour of the Revenue the entire Co-operative Sector all over India will suffer in as much as such verdict may reverse the decisions of various High Court in which it was held that all co-operatives other those licensed by RBI are eligible for the deduction u/s 80P(2). The Co-operatives in Kerala would like to implead/intervene in the case filed by the revenue in the Apex Court. I earnestly request our experts to please offer the names of some of the eminent Advocates in supreme Court who are well versed in the subject matter i.e. differences between Co-operative banks and other Co-operative Societies carrying on Banking business and its implication on section 80P(2) & 80P(4).

Read more at: https://www.caclubindia.com/experts/ask_query.asp

P1stays in mumbai has inherited a amount FD from his brother in Anjar( Gujarat state) , who is deceased and had put P1's name in nominee , is it necessary to register a gift deed? if yes then please tell me the procedure please tell me whether mere having nominated in FD can d nominee become legal owner of the amount?

Trust want to close the operation as it has no such charitable activities but it has spent such expenses up-to Dec 2016. Trust want to transfer entire bank balance to another similar charitable trust Is it necessary to file the IT returns for expenses incurred up to Dec 2016 in the I T return for the At 2017-18?

Hi sir my query is about house rent paid regd. Mr. Chandru is a Senior citizen but he is employed after retiring of service. He earning salary of Rs. 68000/- per month as a manager but his employer not deduct any tax in his income. Chandru paid the tax his income and he is in rental house he paid Ra. 6000/- rent per month my query is can Mr. Chandru can claim a HRA on his income tax return. please give me clarification regarding this guery

Pls describe the both

Dear all,

We are making a payment for a vendor in Dubai for exhibition stall, whether TDS has to be deducted or not ? But the Indian client doesn't have TAN. If Tax Residency Certificate is available with the vendor will still TDS be deducted?

Thanks in advance

if premium of lic is due but not paid till year end, can one claim deduction u/s 80C. if no, then will he be eligible to claim it as and when paid.