Mr X has purchased a flat in his name. He has also obtained a loan in his name for this purchase. Mr X is holding 60 % in his company Mr X Ltd. The payment of loan is being made by company only. As a result deemed dividend u/s 2(22)e is attracted. To avoid this, can we show that the company has purchased the flat , and it is held in the name of shareholder ?

We will disclose this fact in the notes. We will treat this as an investment and not claim depreciation u/s 32. Kindly advice

i have lost my password to login income tax site and at the time of reset password options are changed now:

1)Secret question
2)Acknowledgement No of A.Y.11-12 + Bank account last 6 digits
3)Pan Card details

Now, my problem is i dont remember the secret question, by using pan card detial option they send the password in my email ID registered in PAN which is not known to me, and the last when i m entering my Acknowledgement no and bank a/c no an error showing mismatch in ack. no is showing which i cross check is absolutely correct.

hence, i m unable to reset my password.

Plz help.. its urgent

Dear Sir,

Apart from my salaried income, I also receive commission from my Amway business.
I would like to know the type of ITR form to be used.
Also let me know the procedure/form to show the expenses incurred for my Business in order to claim the refund.

Thanks in advance.

Dear Experts,

An assessee has taken a Mortgage Loan(as recorded by bank)against his house property form a bank amounting to Rs. 1 crore, out of which Bank paid Rs. 50 Lacs for paying of his existing House property loan and remaining 50 Lacs has been given to him in cash.

Bank has issued a interest certificate mentioning that Rs. 500000 has been paid by assessee during the year. Noting has been mentioned that this interest is eligible for deduction u/s 24b.

The purpose of taking this mortgage loan that assessee wanted to pay his existing housing loan and remaining amount for his business expansion.

However, Bank has taken it as fully mortgage loan and they are denying to issue any interest certificate u/s 24b for the protion of the loan amount which was used to pay off his existing housing loan.

Now please suggest me that where assessee will get deduction of the interest paid and how and on which amount?

I(resident individual)purchased house property and in sale deed only my name is there and my wife is not the co-owner but i have taken housing loan in the name of my wife(resident women assessee)and i am also a co-applicant and repayment of loan is made from my S/B A/c. So loss under house property(interest payment)and deduction u/s 80C(principal repaid) is to be taken by whom?? myself or my wife??? plz quote similar judgement if any...

One of my friend is a (bachelor)handicapped person and working as a bank employee.He wants to file his return.
Can any one of u guide me under wht sections he himself can claim deduction.

One more his father pays a premium on his name and his father claims it as he is also an employee.

So now the handicapped person can also claim the deduction of premium while filing return or only u/s 80U and any more....
Thank u

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?