Mr. X purchased residential property Rs. 80 lacs from Joint Holder A (With PAN) & B (Without PAN)How can Applied 194IA for this Agreement? Whether TDS Done or Not ? Mr. A & Mr. B was equally partner of this property

Hello Sir,

Our director has taken a house property on rent for which the rent agreement is in the name of director.

Now, she wants to make a direct payment to landlord from company's account.

Are the TDS provisions attracted? If yes, under which section?

In books of accounts, should we show it under rent or as salary to director?

Thanks in Advance.

applicability of 54EC,the sections read as follows:
- After 1-4-2007, the investment made in long term specified capital asset i.e bonds u/s 54EC during any financial year cannot exceed Rs. 50,00,000.
-As per clause (b)of the section 54EC,in the case the whole sale consideration is not invested and only part of the sale consideration is invested exemption shall be allowed proportionately.
Thus on plain reading of clause(b), deduction is proportionate. In other words full Rs.50,00,000 may not be available and only a proportionate investment will be available.

Kindly clarify if there is any circular which allows full Rs.50,00,000 as investment. Since ceiling is introduced in the Act, proportionate investment will not arise.

Dear sir,
The organisation is carrying municipal solid waste management activities and registered under socieity registration act 1860 and having 12AA registration.

Q1 - These solid waste collection and transportation activities is coming under Charitable activities under preservation of environment the fifth categories of definition u/s 2(15). Gross receipt is more than 20 Crore
Q2- Can it be allowable u/s 11 of the IT Act or will be treated as a businees u/s 11(4A)

Dear All

Mr.X is a partner in M/s.XYZ Enterprises.Mr.X transferred his personal Machinery and finance amount to the M/s.XYZ Enterprises at an equal cost of Rs.1 Cr.

Now the machine is working on behalf of the firm and getting income as hire charges.The firm is not having any bill against transfer of machinery and finance amount.

Now my query is, is it eligible to claim depreciation and finance charges on machinery in firm books.

Kindly clarify.

can anybody guide how to create capital for newly formed HUF?

Can any one clarify me One my client has not filed his income tax return for the A.Y 2011-12 for which no tax was due.Now there is a option to file the return. Thanks in advance

We are a construction company engaged in construction of residential flat. We have purchased various electrical items required for electrical wiring in those flat from a dealer of electrical items. Now my question, are we liable to deduct TDS while paying the dealer. As per my knowledge TDS is not deductible for raw materials. please suggest me in this regard.

Can u please advice me regarding the case where payment is made by the debtor on behalf of the company to the creditor.eg Company purchased from A and makes sales to B.Now B is making payment to A on behalf of the company.Company passed the following adjustment entry

Creditors A/c Dr.
To Debtors A/c

Is there any Tax implications involved in the above case ??if yes what would be the consequence??Please do reply your views at the earliest.

How to treat and record the expenses incurred for the transaction Revaluation of of land & building ? In financial statements ? What is the cardinal principal of taxation?