Hello everyone,

it is normal in case of a pvt co. that members who are also directors transfer funds from company's bank a/c to their personal bank a/c for personal use.

since loan or advance by a company to its directors holding more than 10% of shares is treated as deemed dividend and is taxable in the hands of the director and company is also supposed to deduct tax at source.

can we do the following tax planning
1. appoint another person as member with say 1% shares and whenever director/members need funds they can do so by first transferring from co a/c to to his a/c and then they can withdraw from him.

Is it practically possible or there is any better way of tax planning ??

waiting for the views of the experts

Company purchase a assets in the name of director but payment had been made through company bank account
In that situation weather can capitalised asset in Company books of account and any dis closer is required for that

what should be done in that situation

Dear Expert,
An assessee sold plot of land and not offered the same to tax at the time of filing his Return of Income, later he received notice for assessment U/s 143(3). In assessment proceedings A.O. added Capital Gain Income into his total income and assessed accordingly. Due to that addition there was additional tax liability, which assessee paid after assessment proceedings. Now AO issused notice under Sec 274 read with 271(1)(C) to levy penalty u/s 271(1)(c). What is the way out to avoid penalty or at least reduce it to minimum.

Dear Sir(s),

My query is that what shall be the treatment of excess amount that we pay to the retiring partner over and above his capital contribution in the partnership firm.....

For instance, there is already a firm having a capital of say Rs 1000/- and now some new partners shall be inducted who shall introduce the capital of say Rs 1500/- and then the old partners shall retire from the firm and shall be paid by the firm Rs 1500/- against their contribution of Rs 1000/-...

My query is what shall be the treatment of Rs 500/- extra/premium paid by the firm to the partners in the hands of the partners?????

Also what shall be the tax treatment, is the firm liable to deduct some TDS etc on such an extra payment????

Please reply ASAP

Thanks & Regards

Sir,
Please suggest us how to calculate the rebate of 80G.

Regards,

Sunil Pareek

The director of our co. has 1 HUF and 1 Charitable trust. While filing return of HUF it applied for deduction u/s 80G for the donation made to its charitable trust.
But the department has disallowed it any specific reason for disallowing the same...
please reply urgently.

What is the Tax implication of Buy back of shares on the company as well as on the shareholders. please elaborate.

thanks in anticipation

sir plz guide me..

2 brothers and 3 friend (total five) purchase a land jointly without defining their individual share in registry papers.(but on IT return they have defined there individual share)


now after two years if they sell the land defining their share and all 5 receives their share amt in cheque from purchased.. (5 cheque)..

i consider the owner as co-owner
but AO is of view dat its an AOP and will be taxed flat at max.rate of 30%
is there any justification to AO remark.

I am asking an query by an example.

If company A gives loan to company B which is also shareholder of company A (voting power is more than 10%). And another shareholder of company A is also shareholder of company B (voting power is more than 10%). Then on whom tax liability of deemed dividend generates ? whether it is only on company B or also on another shareholder ?

Can we claim stamp duty and registration charges paid for transfer of plot and other investment?explain all conditons for availing benefits of stamp duty paid.