Dear Freinds,

I need your opinion regarding TDS on Interest.
We bought material from our vendor and we use to pay by way of LC. So if vendor discount the LC then he will get less amount due to discounting charges.
To get full amount as invoice value, we have issued LC of such amount which cover invoice value and amount of Discounting charges.
After dispatch of goods Supplier submits the Bill of Exchange covering the Invoice value and one Debit note stating interest for 90 days at specified rates which almost covers his discounting Charges so he gets amount from bank almost equivalent to his Invoice Value.
Now at the time of retirement of LC we will make the payment of LC (LC amount=Invoice Value+Debit Note)to the bank.

In this case we are making the payment to bank equivalent to Invoice value and Debit note which says Interest.
Now our query is whether payment to bank against such debit note will attracts TDS?

For Eg: A bought material from B. Bill amount Rs. 29026676. A given LC of Rs. 29799660/. B present LC for discounting to his discounting bank along with DN for Discounting charges stating as interest for 90 days at specified rate of Rs.772984.B will get full amount of his invoice Rs. 29026676.

Now at the time of LC retirement A will pay Rs. 29799660 to the Bank. So please let me know whether A has to deduct TDS on debit note amount which is interest for LC.

IT Dept issued notice U/s 143(1) Dt 18.09.2013 demanding payment of tax of Rs 33,000/- + Interest of Rs 3201/-. I replied stating that my employer (Andhra Bank) has deducted entire tax liability of Rs 60,002/- as TDS from my salary and reported Rs 27,000/- against my PAN and remaining Rs 33,000/- might have been reported in some other PAN.I also informed that I had requested my employer to rectify the mistake.Now I have received notice U/S 154 dt 03.10.2013 with an advise to submit Response Sheet.Kindly advise at the earliest.

Hello everyone,

one my salaried client has filed his ROI for AY 2011-12 and now he has received the above notice requiring him to produce too many documents ( family tree, names of relatives dependent, their bank accounts and their assessment details etc)

I have to produce these documents on 5th november 2013 but all the doucments are not ready since client is out of station but i have POA signed in my favour. This is my first scrutiny case and i want to handle it myself.

My question
1. Is notice valid since ROI is filed ?
2. Is it mandatory to produce all the required deatails on the first meeting ?
3. Any other things that i should take care ?

waiting for the views of the experts.

My friend has sold the residential property in last week amount 64,34,000 and stamp duty was 450650.Date of Construction as per the Deed was 2005 -2006 but property was registered on 14.08.2008. Purchase value was 2,435,000 and stamp duty was 1,61,450. REpair and maintenance was 1,00,000 in the year of 2008 and 1,00,000 in 2009.

Can any one tell me what will be the Capital gain in this case?

I have a client of mine who is NRI. He sold his property in India in Last week. Purchaser of the Property Deducted 1% TDS on the property and give him the Cheque in INR. NRI Deposited the Cheque in his India Bank Account. Now he wants to take these funds to UK. In this case Both the REmitter and Remitee is the same So what is the process to b followed to transfer of funds??
Shall i need form 15CA and 15CB for that or any other alternative??

SIR,

I AM A CA. WHEN I LOGGED IN TO MY ACCOUNT IN IT SITE, ON MY DASH BOARD THERE IS A LINK LIKE "CLICK TO VIEW NOTIFICATIONS". WHEN I CLICK ON IT THERE IS SOME NOTIFICATIONS ARE VISIBLE BUT IT IS NOT MATCHING WITH THE NUMBER OF TAX AUDIT REPORTS FILED BY ME.
THEN WHAT WILL BE THAT TRANSACTION IDs. CAN ANY ONE HELP ME?

Dear Sir,

Pls tell me that what is the purpose of Form 15G, 15H, 16G, 16H
Regards,
Rahul

Hi,

Someone may please see the following and IF POSSIBLE, give reply:

Query(s)

What is the interest rate or penalty or any charges, if PF payment is made after a period of one or two months from the due date.

Ans : ………………

Thanks in advance for your replies.

sir,
iam paying freight to vans & autos for delivery of my goods. what is the limit for each individual for deducting TDS if they dont provide PAN card?

Dear Sir

I am paying the house rent at two places as below:-
1. Paying house rent Rs.9500/- at Chandigarh where i am doing my job.
2. Paying house rent Rs.7000/- at Kanpur where my wife and children staying/or studying .

Now i want to know that can i claim the HRA exemption for both or not.

Regards
Satish Kumar