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

If tds has been deducted by foreign country of person resident in india then we take credit of this TDS against Tax payable in india.
But can we adjust this credit against tax payable on any other income or only income on this tds has been deducted.

And if there is refund after adjusting tax credit then how it will be taken from department. whether from india or foreign.

Thanks.

Gorav Goyal

I have to prepare income tax return of an individual person. He has provide me the account statements for mutual fund investments made by him. Now, how can I come to know that mutual fund is a equity oriented type or other? And also how to know that STT is paid or not?
And if STT is paid than can we deduct STT from sale consideration?

ours is a proprietorship concern doing work on behalf of Banks,financial institutions etc such as verification of their clints loan documents, their financial informations, etc. Banks are paying us our charges as commision (TDS u/s194H), proffesional fees(TDS u/s194J). but we are excuting work through our no of semi skilled employees.my question is whether ours is a business or a proffesion. kindly clarify us. If this is treated as business than can we opt for 44AD for our Income Tax return filing. pls advice us.

Hello,
I have filed a return twice. The original return was filed manually. unknowingly i filed my return again for the same A.Y. for the second time , by online mode . and my income in both returns is different.

Please advice me of consequences of such act and remedy.

can deduction under 80c is allowable against long term capital gain on land under compulsory acquisition by govt.
and also tell me how to calculate tax if there is normal income, LTCG, & agriculture income

is PF and ESIC applicable on over time payment??