Dear sir/madam,

Intimation u/s 143(1) was received for AY 2008-09 for Rs.2,17.611/- which ignored part TDS and entire advance tax paid,
which was evident from the form 26AS.

An application for rectification was made u/s 154 and thereafter a rectification order u/s 156 was received reducing the entire amount of demand to nil.

However during computerisation only the demand u/s 143(1) was uploaded to CPC Bangalore, ignoring the rectification u/s 156.

All further returns, submitted online and processed by CPC, adjusted any refunds against this outstanding demand
for AY 2008-09.

In March 2012 a letter was received from local AO again raising the issue of unpaid demand of Rs. 2,17,611/- and threatening
coercive action.

A copy of both the original demand and the subsequent rectification order was submitted to the office of the AO with a request to update the information on record. Receipt stamp was obtained on a duplicate copy, since AO was absent.

Now I have again received an intimation u/s 245 from CPC for AY 2012-13 regarding refund being adjusted against out-standing
demand for AY 2008-09.

Can any expert kindly provide any advice to resolve this issue. Also I am currently in Bangalore and my concerned AO is
in Pune. I am unable to return to Pune until June 3013.

Your advice will ne highly appreciated.

Thanks & regards

Mohan Karandikar.

"A" purchased a plot of Rs.5,00,000/- in 1995.
And constructed commercial building of 4 floor on that plot , construction exp was Rs.15,00,000/-. construction was made during FY 2011-12 ad 2012-13

Now if he gift 3rd and 4th floor to his son "B" where in gift deed he showed market value of 3rd floor Rs.17,11,000/- and 4th floor Rs.18,11,000/-.

Is he liable for tax ????????

if an individual earns an income of Rs. 25 lacs from sale of his/her kidney. what would be the tax implication? Will such income fall under the tax net.?

My knowledge says it is a personal moveable property and therefore not taxable. It will go untaxed .However, income from other sources is an area open to tax such a transaction. Would like to have expert view on this.

Regards,

Roshan Tiwari

Intt. on term loan is allowed only when actually paid. But if the agreement of loan provides that intt will be paid in the next F.Y. and we hav to account for it because we are maintaining accounts on mercantile basis. i wnt to whether intt will nw be allowed because we can not pay intt as per the terms of agreement.

plz reply alongwith recommend links so that i cn attach proof.

how the future contracts(derivative Market) are taxable

Mr.X Purchased one House in year 1998 which remained vacant till date of Sale 2013.
Now he wants to sells this Property and buy new one in name of his son and Wife.

What will be tax implication of this transaction?
Can he purchase new property in name of his son and Wife?
Can his son pay for new house from his account?

I am NRI and living at Dubai. I have NRO account and earned interest income. Tds deducted under sec 195 @ 12.5 % (because of DTAA) agreement on interest income. is interest income taxable under income tax act or not ?

Please advice how to not make tax liability on NRO interest income and reason also ?

Dear Experts,

I have purchased home in joint names with 50:50 share which is mentioned at sale deed.

I am paying the EMI of loan fully. So, can't I claim full deduction of home loan in my name.

If required, other sharing person can give the affidavit or certificate that he/she is not paying any amount of EMI of Home Loan.

Will this serve the purpose??

Regards,
Piyush Goel

Sec 36(1)(iv)
any sum paid by the assessee as an employer by way of contribution towards a pension scheme, as referred to in section 80CCD, on account of an employee to the extent it does not exceed ten per cent of the salary of the employee in the previous year.

the above exp is allowed u/s36,


My query is

does this amount is same as specified u/s 80CCD(2)

If yes, then we can say that it is case of double deduction i.e. to both employer & employee( it can exceed Rs1 lac limit)

I had purchase flat in Feb-2010 for Rs. 10,00,000 + Stamp Duty Rs. 59000 + Cost of Improvement Rs.50000.
I had sold it in May-2011 through Power of Attorny. Sale amount is Rs.750000/- by Cheque.
Please guide me for calculating capital Gain/loss amount.

thanks & Waiting for your reply.