X Co. has received money for business purpose from holding company and on certain sum, TDS was made and deposited with IT Dept. Subsequently X Co. turns into losses and lender, being holding company waives off the amount payable.
Now the question is - whether the amount waived off is to be treated as income u/s. 41(1)for X Co.?
Also, can X Co. claim TDS paid to the IT Dept as expenses? If yes under which section.
Kindly let me know relevant case laws in this regard.
Thanks in advance.

I have my client who is presently doing business transaction with the companies of Bhutan. The Bhutan Companies have deducted TDS on his income. Now the problem arises that while filing ITR 4, the TDS deducted at Bhutan is to be filled for claiming relief, the form requires the Article Number to be filled. I have requested the Income Tax Department to resolve the query but the answer was unsatisfactory. Please resolve my query.

If a sineor citizen make a bank FD of INR 20 Lakhs @ 9.1% pa. And he has submited form 15H at the time of FD opening in bank.

As interest income (INR 1,82,000) is below in slab rate, is bank will deduct TDS on it?

What will be Tax implication on it

Dear Sir,
I have paid Rs.50000/- to an Insurance Company on 20th March, 2013 to take out a Life Insurance Policy so that i can claim deduction u/s. 80C in FY-2012-2013. They have provided me a deposit receipt stating therein that the amount is eligible for deduction u/s. 80C & the policy which they provided later on confirms that part too. But the problem is that the effective policy date as per policy documents is 24th April, 2013. I want to know whether i am eligible to take deduction u/s. 80C in FY-2012-13 i.e. in the year in which i have paid the initial deposit or in FY-2013-14 since the policy comes into existence in this Financial Year only?

Mr. Madhur submits the following information for previous year 2012-13 relevant to the assessment year
2013-14:

1. Profit from Business A situated in Delhi 2,50,000
2. Profit from Business B situated in Bombay 80,000
3. Loss from Business C carried in New York (the business is controlled from India
but profits are not received in India) 40,000
4. Unabsorbed depreciation of business C 35,000
5. Income from house property situated in India 15,000
6. Income from house property situated in London (rent received in London) 20,000

Find out the Gross Total Income of Madhur for the Assessment Year 2013-14.

Dear Sir,
There is an assessee who is a sim card retailer and thereon he has received commission of Rs. 200000/- in FY 2012-13 and tds deducted is Rs. 20000/-.

After meeting business expences his net profit would be about 85000/-.

Whether he is liable to maintain a/c as he is out of Section 44AD due to commission income

or

He is not liable to maintain a/c from the purview of Sec. 40AA, as his gross recipts are below 10 lacs and net profit is below 1.20 lacs.

Please clarify.

Can we claim depriciation on a building which is rented out,,??

Dear Sir,

I have been trying to upload the 3CA-3CD forms for one of my clients along with signed pdf file of balance sheet nd P/L, the upload is digitally signed and shows as successfully signed and ask to submit. After I submit the forms, how long it should take to upload the forms? I find even after 20 minutes the upload does not complete. Pls give ur advice.

Sir,
I bought a land in 1987 for Rs 20000 only. But when in 2008 I needed money I agreed to sale the land to a friend for Rs 21 Lakh only. But when my friend registered its cost was Rs 45 Lakh as on stamp paper in 2013. But Since I received only Rs 21 Lakh in 2013 (this is also mentioned on registration papers). Kindly suggest what I have to pay as tax, the land was agriculture land when I purchased and sold, as mentioned in registration papers.

Sir

For the AY 2013-14
We filed return before due date but in that entered father name was wrong .we dont send acknowledgement (itr V ) still now . what to now give any suggestions in that ......