a proprietor have wdv of car as on 31.3.2015 is Rs.134854.3 and during the year 2015-16 he exchange the old car for Rs.115000 and purchase new car total amounted Rs.1057517(including exchange value).what should be the depreciation to be accounted as per income tax act ? and further what should be the accounting entry for the loss on sale of car?

Plz let me know, whether tds is applicable on the following case:

Transporter has more than 10 vehicles, no declaration received from the transporter:

Date of Documents :- 25/05/2015
Date of Posting in the books:- 05/06/2015

OUR CLIENT IS RENDERING MAINTENANCE WORK FOR A SOFTWARE COMPANY. HE HAS RECEIVED NET PAYMENTS OF MAINTENANCE WORK AFTER DEDUCTION OF TDS. THE COMPANY HAS NOT GIVEN HIM FORM 16A. THE TAX DEDUCTED AT SOURCE ON THE PAYMENTS MADE TOWARDS MAINTENANCE CONTRACT FOR THE FINANCIAL YEARS 2013-14,2014-15 AND 2015-16 HAVE NOT APPEARED IN 26AS. HE COULD NOT FILE THE INCOMETAX RETURN FROM FINANCIAL YEARS 2013-14,2014-15 AND 2015-16 DUE TO NON AVAIALABILTY OF FORMS 16AS AND DUE TO NON AVAILABILTY OF TDS DEDUCTIONS DETAILS. HE WANTED TO AVAIL LOAN FROM BANK. THE BANKERS ARE ASKING MY CLIENT TO FURNISH THE INCOMETAX RETURNS FOR THE FINANCIAL YEARS 2013-14,2014-15 AND 2015-16. CAN WE FILE INCOMETAX RETURNS FOR THE FINANCIAL YEARS 2013-14 AND 2014-15 NOW? WHAT IS THE PROCEDURE? KINDLY CLARIFY IMMEDIATELY.

IF A PERSON IS MAKING PAYMENT FOR RENT OF A AUDITORIUM OWNED BY MUNICIPAL CORPORATION OF THAT LOCALITY........IS HE SUPPOSED TO DEDUCT TAX?? PLEASE PROVIDE THE RELEVANT SECTION

I purchasesd LTG bonds worth Rs.50 lacs in June 2016 against my LTG of Rs.50 lacs to avail tax exemption property A.

However I wish to sell property B in November 2016 and that will give Rs.45 lacs LTG. Since Bonds limit of 50 lacs is exhausted in this finl year, can i purchase bonds in April 2017 for availing exemption of property B sold in November 2016 ie. within six months. Will I get LTG tax exemtion ?

Sandeep Agrawal
9993088860

My client filed return for ay 2015-16. That time in 26AS was showing tds of Rs 500/-. Return was processed and got the refund. But when i am checking the 26 AS now, there is tds of Rs 5000/-. So can i file revise return or any other way to claim refund..?

Dear Experts,

For FY : 2015-16, Income tax refund still not yet received. My all friends are received.

What is the normal procedure for get the refund ?

Pl.clarify

Sir,

My Client Purchases A residential house in lucknow amount of Purchase above 1.5 Crore . But He was paid full payment of Price of house and he did not deduct 1% TDS of Payment. and TDS did not Deposit by Purchaser. it have six months passes of above transaction .
My question is that now what can i do ?

Sir, Please solve urgent basis this query. I am Waiting for response...

Would you please guide me, if an agency having TAN number but doesn't it does not know PAN
I have search it in Income tax web side for the PAN number by using TAN. But result shows that does not PAN number please guide me in the matter.
Can I charge the agency at higher rate being it does not have PAN please guide

Hello Sir ,

Cold you please evaluate below situation and advice ?
Assume if an NRI who spent above 30 years outside India is returning back for good.
1. How long his NRE / FCNR account can be with NRE status. On the other hand when those accounts will be converted to Normal Savings Account. (6 months / 1 year etc…)
2. Assume if the NRE has a FD of 50 lakhs for 10 years maturity period and he will be returning back for good after 2 years of opening the FD. I believe until the contractual period of 10 years the FD can continue. But how long the interest is not taxable on the FD. I read an article where it stays if an NRE is outside india for 9 year out of last 10 years then he can enjoy tax free status for 2 years from the date of return.
3. If the NRE & his spouse has different fixed deposits whether they can be considered as separate income tax assesses.
4. Assume if the NRE is returning and he and his wife has separate FD’s. Husband is above 60 and wife below 60. Can they enjoy 3 lakhs (husband) and 2.5 lakhs for wife as exempted income on their FD’s. Both of them were working abroad and had separate salaried income for themselves.