Dear experts,
i have paid rs. 20000, 20000 four time to my contractor 20000*4, 80000/- as follow........
20000 on 15/10/2015 ( No TDS)
20000 on 10/1/2016 ( NO TDS)
20000 on 17/2/2016 ( NO TDS)
20000 on 30/3/2016 ( 1% TDS deducted on full 80000/-) query......plz tell me how these said transaction will be disclose in TDS return...... weather this transaction will be disclose as follow.... amt. paid transa. date TDS
20000 15/10/2015 NO
20000 10/1/2016 NO
20000 1/2/2016 NO
20000 30/3/2016 800
like this or it will be disclose combined as paid amt. 80000/- date 30/3/2016 with 800 1% TDS, pls solve my query,
expecting your valuable reply,

Thanx & Regard
Akhil Garg

my father retired last year on march 31 2015. presently he is earning monthly government pension and l interest income from saving bank account and also from Senior citizen saving scheme. kindly advice on tax compliance and provision applicable for assessment in this year. thanks regards

Hello can interest on compensation award by the order of court, taxable ? can assesses claim benefit under section 57 ?

In TDS challan instead of AY 2017-18, it was selected AY 2016-17.
Is there any way to correct it ?

Dear Expat,
I am a senior citizen I filed my Income tax return on 20th July.2014 for the assessment year 2014-2015 wherein my Gross Total income was shown Rs. 26581 ( commission Income form LiCI ) for Tds refund claiming . But at the time of return filing I inadvertently selected the option foreign transaction ( 94A) as yes and actually I had not any such foreign transaction it was a silly mistake. Now I.T department noticed me to disclose regarding foreign transaction and all other income. Then I replied by writing a letter that I had not any such transaction.
and I also honestly declared all the undisclosed Income such my pension income montly Rs. 1284 X 12 = 15408/- and F.D Interest Rs. 19688, S.B Intt. 5330/- and Gratuity rs. 100000/- ( deposited in my pass book ) .
After adding all the come ( commission + pension + F.D interest ) = 26581+15408+19688 = 61677 it is fully non-taxable Income .

(a) Now my question is whether I have to pay 10% of undisclosed income
( 15408+19688 )= 35096 *10/100= 3510 + Intt. as per section 271AAA.

(b) 30% of 35096 = 10528 + Intt. as per section 271AAB ?


(c) S.B. Interest rs 5330/- and gratuity rs. 100000/- will be included in total undisclosed Income ?

I shall remain grate to expat who will contribute his valuable knowledge to me and advice me how handle this situation ?

Dear sir,
on 1/4/2015 in our block the wdv is 6628625/-
but in fire tragedy we have lost one assets this assets wdv was 816244 as on 1/4/2015
however only RS. 250000 received from insurance company, query...1) on which amount dep. will be calculated....2) weather the loss of assets is allowable in profit & loss account,

regard
mukesh rajan

Dear sir,
Plz tell me....1) what condition
Should be fulfill to claim addition
Depreriacition...2) will additional depreciation
Be charged once or every year if every year..3)
Assume A machinery was put to use on
10/12/2015 as per the rule only 10% addtional
Dep. Can be charged in AY 2016-17 and rest
Of 10% in AY 2017-18 if addtional dep. Will
Be charge every year then in AY 2017-18
30% Additional dep. Will be charged..right,

Expecting reply soon..

Thanx & Regard
Mohan singh

how does make HUF?

I have a case where one of my income from other source was doubled by a CA when he submitted the Tax returns for AY2012-13. Now I realized this in 2015 and at that time revision couldn't be submitted.
When I tried to rectify this online under section 154 I got this response from CPC - "rectification cannot be handled by CPC and is being transferred to the Jurisdiction AO" The AO also was not able to rectify this and only gave credit for TDS mismatch. Then I was advised to request for condonation of delay for supplementary claim of refund under section 119(2)(B) to the Principal Commissioner of Income tax. I was called for a hearing at the PRCIT office and he passed the order for providing credit again u/s 154. So it went back in full circle to the AO. Again the AO says he can't rectify the income u/s 154. Its pending in that state. If anybody on this forum has any solution to this please do share.

Dear Members,

I want to know that if a pvt ltd wants to incorporate its wholly owned subsidiary, then what will be treatment of preliminary Expenses? can business loss of WOS can be ksett from income of Holding Company.
Thanking you