Dear experts,

I have following query regarding giving loan to wife .
This i am asking as i am earning saving bank interest in idle amount in bank and for that i have pay incometax at my tax bracket.

1) I am in 30% income tax bracket
2) My wife do not have any income

Can i give Loan to my Wife (around 1 Lakh) and make loan agreement in plain paper saying that loan is interest free and will be payable on demand.

The Loan amount will be invested in Fixed deposit in bank and as she is not having income , she will not be liable to Income tax.


Thank you.

OUR COMPANY HAS HIRED CONSULTANTS FROM ANOTHER COMPANY. APART FROM THE REGULAR CONSULTANCY CHARGES PAYABLE TO THE COMPANY, THE EXPENSES INCURRED FOR THEIR STAFF WHO SIT IN OUR OFFICE LIKE MEDICAL EXPENSES, STAFF WELFARE, CAR FUEL EXPENSES ARE ALSO TO BE BILLED BY THEM ON ACTUAL BASIS.
THEY RAISE TWO SEPERATE BILLS, ONE FOR THEIR CONSULTANCY WHICH IS AS PER A SPECIFIC AGREEMENT AND ANOTHER FOR THE REIMBURSEMENT OF EXPENSES REFERRED ABOVE.
MY QUERY IS 1.) WHEHTER SERVICE TAX IS LEVIABLE FOR REIMBURSEMENT OF EXPENSES WHICH IS ON ACTUALS?.
2.) WHETHER I SHOULD DEDUCT TDS FOR REIMBURSEMENT OF THESE EXPENSES WHEN I MAKE THE PAYMENT?
PLS ADVICE

Dear Experts,

I have only agriculture income, I know it exempted from tax.

but only one column is there for agriculture income

do i prepare p&L & BS for agriculture income or not ? or only net income from agriculture needs to shown in ITR ?

kindly clarify my confusion


thanks in advance

An Assessee is a resident but not ordinarily resident. He has interest income from deposits in Australia. Tax is deducted on such income in Australia. I want to know the tax treatment of such Interest?

hi

As an employer, we have paid excess profession tax in last month & we need to file monthly return of it

we had files the return without specifying the excess paid amount as we were not aware of it.

but now we have identified that, it was actually excess paid.

so can we adjust the excess paid profession tax in this month' liability?

& how to show it in the return?

pls help me as i need it urgently

Hello Friends can u help me out.
I am the flat owner in delhi.
i HAVE paid ground rent To DDA i addition to this i have incurred maintenance expenses for the same.
tell me whether both these expenses incurred are eligible for deduction from house property income?????

Thanks

What will be the Consequences under Income tax act in the following sitution..

1. If a private limited company accept unsecured loan without interest and use it for the purpose of its business?

2.If a private limited company accept unsecured loan without interest and the same amount is transferred by giving loan to some other party without interest?

Dear All,

Whether capital gain arising on transfer of rural agriculture land is to be included in income of the assessee as 'Agriculture Income' for rate purposes.

Is there any case law in this regard.

Please help...

My uncle is a Doctor(Professional). He has a car on which he is taking depreciation u/s 32(1). Now he wants to buy another car. Whether he can claim depreciation on such car also. (He is practicing alone)

Dear sir/madam,i want to file return of my uncle where he gets refund of Rs.50000.Please clarify me regarding time duration take by income tax department for refund of excess tax deducted.It takes long period or it depends upon situation.If it is genuine what is the duration where department takes please clarify
Regards,
Shivateja