My client is cooperative patsanstha. Its profit as per p&l account is 360987. It invested some amount with co-operative bank and some amount in nationalised bank as fixed deposit. It received interest of rs. 150000 from those deposits ( rs. 100000 from nationalised bank and rs. 50000 from co operative bank. Please guide what is the treatment of this interest while computing deduction u/s 80P

I filled tds return of 24Q Q_4 FY 15-16, in which I quoted 4 challans correctly. CPC raised demand against an unmatched challan after return processed. When I gone through justification report I found the challan details were totally correct which I feeded in tds return, the confirmation now has been very strong when I cross verified unmatched challan on Oltas. I have few points which I want to know.
1) Why CPC has given demand for unmatched challan, when in that case challan details was totally correct in tds filling return.
2) I went for online correction through traces & tried to tag challan. I found there were the option of two financial years 15-16 & 14-15, but in both the years, the unmatched challans were not showing. Why?
3) When I traced unmatched amount of challan through CIN. I found it is matched but challan's year is changed from FY 15-16 to FY 13-14. And challan is in my hand, FY 15-16 is printed here.. In that case can mistakes be done through Bank?
Please advice me for above issues.

is tds to be deducted in case of payment to govt...????

If Employer (Company) paid such amount to Employee as loan without interest , and employee paid some rupess deducted on his salary so this loan amount should count in advance of salary , if yes so and of the year we calculate his salary + loan = and deducted TDS ?
Example:

A Yearly Salary :2,50,000
Loan without Interest :50,000 ( monthly Paid via Salary of Rs.5000/=)

So His Total Income 2,50,000 or 3,00,000
Reply Urgent

will the finance act of 2016 be applicable on income earned during the F.Y. 2015-16 or the income that will be earned during F.Y.2016-17? That is, does the finance act give rates for the past earned income or the one that would be earned in the new financial year ?

Sir,
My relative has been received a notice from income tax department about excess cash credits in savings account and ask him to submit the response through efiling under compliance tab.

While submitting the response selected wrong option, and rectified the same within 45minutes.

Now my doubt is which one would be selected by the income tax officials as a response.

Either revised one or original one.

Please clarify my doubt and guided about this situation.

Thank you.

Dear Sir,

Assessee became owner of Residential Property which is taken on Lease for 54 Years (From 1950 to 2004) from Bombay Municipal Corporation (BMC). Now BMC transfers ownership in favour of Assessee few years back.

And Later Assessee transfer the right for Redevelopment in favour of Builder. Builder will pay 1 New Flat and Some Monetary consideration for it.

Now what shall be the cost of asset for Assessee while determining LTCG for Monetary Value received ?

Market Value as on 01.04.1981 can be considered as Cost of the asset for Indexation purpose ?

Thanking You in Advance.

Dear Experts,

our company have a xerox machine for rental basis. Every month we are paying the rent and deduct the TDS . Here , i have attached the calculation, whether deduction of TDS is correct or not. pl. clarify.

TAX INVOICE
Printing Charges - 11400
(75% of material consumption on 11400 = 8550)
(70% Labour charges on 11400 = 7980 )

Printing charges = 11400
Vat 5.5 % =470.25
Service Tax14.5 = 1157.10
Total =13027
TDS 2% on (11400+470.25 ) = Rs.238.
Making Payment ( 13027-238 ) Rs.12789.

TDS of Rs.238 , is correct or not ? Pl. help & give a clear clarification

For AY 2015-16 a return was filed ITR 4 where Salary income and speculation loss was claimed. The speculation loss comprises of intra day share loss of Rs. 6000. The same is shown in ITR as speculation loss to be carried forward.
Return was filed in time.

Now, Department issued a notice of defective return stating that since loss is claimed in profit and loss from busienss profession, audit report to be submitted or profit more that 8% to be declared.

What should be done in this case as in my opinion its not a business but intra day loss but as per provisions to be claimed as speculation loss.

under which head income from space given for hoarding/advertisement on the top of the building are taxable and what about tds on that