Dear Sir,

I have a very urgent query regarding the term "Moratorium Interest".

1. What is the meaning of moratorium interest?
2. When it is charged?
3. What is the difference between Moratorium Interest and Simple Interest?
4. Is it deductible under income tax act?


Please sir help me as soon as possible.
Waiting for the suggestion and explanations.


Thanks in advance...
Nitesh Bind.

Dear sir,
My query is that can AO asked for supportings for cost of improvement made 14 years before?as per Rule 6F assessee liable to carry books of accounts for 6 years.
please suggest me on that and please give me some reference of case laws related to such matter.

sec. 51 dealt with earnest money which will forfeited by seller on default of buyer, and this forfeited amount is deducted from cost of acquisition. i want to know that the excess amount(earnest money. COA) will treated as a capital receipt not taxable? and if COA nil then no indexation and all sale consideration taxable?

I have to pay 2,70,000/- to the goods Seller party for that I make payment to Jawahar Shroff in cash, and Jawahar Shroff issue me Demand Draft after charging his commission. ITO want to disallowd cash payment made to shroff firm.

If a company pays Rs 5000/- via interbank transfer to all employees on occasion of Diwali.

What is the tax treatment in hands of employee?

What if employee submits the bill of
purchase of gift worth Rs 5000/- ?

Sec 56(2)(viic)taxes an individual on the shares purchased by him if the FMV is higher then the consideration he is paying.

So my query here is,
when in future an individual sells the same shares he will be liable for Capital Gains Tax.If we assume the Asset(Shares)to be a long term asset and the computation for the same is done under Sec 48,the Cost of Acquisition would be the price he paid for purchase of such shares.

Isn't it unfair to first pay tax u/s 56(2)(viic) because the consideration paid by the individual is less than the FMV and again on selling such shares the benefit of COA will just be the purchase price paid.

For eg:
FMV Rs 50
Consideration paid Rs 10
So tax U/s 56(2)(viic)=50-10=40*30%=Rs 12
Again when the individual sells the shares-
Selling price Rs 100.
So the computation U/s 48 will be as under
Full value of Consideration:100
Less:Cost of Acquisition: (10)
Taxable Income: 90
Tax-90*20%=Rs 18
So the individual ended up paying Rs 12+18=Rs 30 as Tax.

what about Budget 2014 ? in income tax any changes ?

if a sugar trader is paying rs 5 /- per bag for loading and unloading to casual labour(no contract,jst hire on need per day wise) in cash and it amounting to rs 12-15 lac annually. my question is is there any complaiance that trader have to comply regarding any act labour income tax etc..??

Dear experts,
My father is a senior citizen and doing a service of machine & tools designing as profession with income of 20000 p.m. fix on contract base. The TDS also deducted 2000 p.m.
The other source of income is interest on FD & Saving account balance which may be 30000 in year approx.

Kindly know me that can he get benefit of all the exemptions which mention for salary income, please explain which exemption he can get to reduce tax and get refund TDS or provide any material or link regarding this.

Please also know me that which ITR should he filled for this?

Thanks in advance.
Regards
Ashish

Dear sir/madam,
How to make a refund re-issue request for expired cheques