Income of an RWA is exempt from tax based on the concept of mutuality. However, income from non-members such as renting of a space to a shop, collection from non-members for advertising on the notice board is taxable in the hands of the Resident Welfare Association. What is the rate of taxation applicable to RWA. Is is the same as individuals (as per the slab) or a flat rate of 30%.

Regards,
SP

Professional Tax for AY 2007-08 to AY 2012-13 was booked in AY 2012-13, but the same was paid in AY 2013-14 before filing return of income. Whether the same will be disallowed, if yes, in which section it will be disallowed?

Sir,
How much penlty we have to pay if we have delayed in return TDS.

My client was charging depreciation on building property right from the date of its purchase but it was disallowed by tribunal in one of the assessment year (AY 2007-08) as it was rented property & considered it as Income from house property.

Now I want to write back the whole depreciation which was claimed as business expenditure in the current previous year i.e 31st March 2013, can i directly credit it to profit & loss account?

If yes, is it to be considered separately as exceptional item of normal income?

Kindly support this with relevant section under Income tax act & relevant case law if any.

Thank you.

Sir,
please solve my doubt that what is treatment of repayment loan form bank or borrowing from outside for the purpose of expansion of business or as like additional capital for business and interest thereon

Can an Educational Society give salary to its Director for the services he renders to the society?

Will it be allowable as an expense to the AOP?

Please reply.

The assessee holds a manufacturing unit within Falta SEZ since 2006 and has been incurring losses since beginning and finally the unit was closed down in the year 2011.

Although the unit was within the FSEZ and eligible for 10AA exemption the same was not availed and unit has been allowed to carry forward the lossess including depreciation allowance to the tune of 600 lacs.

The unit has since being acquired by the another company which is also engaged in export business. The acquirer plans to sell out the existing plant & machinery relating to particular product manufactured earlier and instead is in the process of setting up the new plan at the same factory premises.

The acquirer would like to merge the acquired company with itself.

The query relates to the following:-

1. Whether the carry forward loss consisting mainly of unabsorbed depreciation allowance will be allowed to be adjusted with the income of acquirer.

2. The merged entity was although eligible for exemption u/s 10AA, opted to not to avail the same and therefore business loss allowed to be carried forward and assessed as such can be adjusted with profit of acquirer having taxable business income from various other units.

Dear members

One Mr. A Who is a Proprietor of ABC & Co in India, he went to Foreign country for attend a Exhibition.

This situation He Can claim the traveling expenses?
If He Claim what are the Supporting Documents should produce for the Income tax?
How Can he compute the Indian Currency value of the Foreign bills and others?

Kindly help me

We are auditors of Reserve Bank of India.

They make brickels of mutilated notes and sell them as scrap.
Last time they sold them for amount around 170000. The income of the buyer is falling below the exemption limit.(declaration has been received from buyer regarding his income)

My querry is that:
1.Wether RBI is required to collect TCS or not.
2.Wether brickels of mutilated notes fall in the definition of the scrap.
3. Wether RBI falls in the definition of SELLER in case of sell of such scrap.

Want to know about applicability of TDS provisions on payment of loading and unloading charges, which also inlcudes freight.