Re: Credit card Transactions involving incidence of TDS.

Facts:-

A Retail merchant swipes a credit card for receiving payment from customer. The bill details and amount are then forwarded to the acquiring bank, which makes payment of the bill amount to the retail merchant after withholding its discount amount for providing this service to the retail merchant.

Query:-

Whether the discount so withheld by the acquiring banker be treated as being in the nature of commission, liable for deduction of tax u/s. 194H?

We have received advance in the month of March for the services to be invoiced in April.

Our client has deducted TDS on advance payment & will be issuing TDS certificate for the same, but we will invoice the services in next F/Y.

So, how can we claim TDS deducted in current F/Y against income of next F/Y

My company is going to ECB loan amounting to 35M under automatic route. And we will have to pay up-front fess to singapore banker and guarantee insurance premium to korea insurance firm.

In this regard please clarify what is the withholding tax applicable on

1. Up front fees payable in USD to singapore bank.
2. Insurance premium amount payable to korea insurance company.

For your information india is having DTAT with both the countries.

Dear Experts,

I want to file a partnership firms return u/s 44ad. As you all know ITR 4S is only for indivdual & huf, hence i can only file the firms return in ITR 5. My problem is that sec 44AD allows firms to claim deduction u/s 40(b) i.e. partners interest and remuneration after calculating profit @ 8%. Then after calculating taxable income as per sec 44AD and allowing deduction u/s 40(b) the taxable income is zero, which is allowed as per act. But there is no option for showing this in the ITR 5. There is only few rows for not maintaining books of accounts under balance sheet and p&l. If i show all the receipts and expenses are equal and the profit is zero, then there are good chances of the department issuing notice u/s 271B for not conducting audit. In such a case what are my options? Please help

DEAR SIR

MY SALARY RS.500000/- IN METRO CITY

A-HRA RECEIVED-36000
B-HOUSE RENT PAID-60000
C-MEDICAL ALLOWANCE RECEIVED-30000
D-MEDICAL EXP INCURRED FOR FATHER(65)-55000
E-MEDICAL CHECK UP FOR ME-RS-5000

I WANT TO KNOW HOW MUCH AMT IS DEDUCTIBLE AGAINST EACH ITEM ABOVE

Material A supplied by Harish Ltd to a sub contractor Ashok Ltd for welding activity. Material B is being purchased by Ashok Ltd from outsiders and material A and B are welded together. The same being send to Harish Ltd. Whether tax to be deducted at source on welding charge or also for material B under 194C.

A land is situated in a village area having a population less then 10,000 and 2kms outside from the municipality limits of a big town. Is it an agricultural land or not for the purpose of income tax under capital gain?

1. My client is a banker and credited interest as on 31st march, after deducting the TDS thereon, to the customer.
2. He has not remitted the interest but only credited to the customer a/c. TDS is remitted on 10th April by a challan.
3. IT Dept sent a notice for interest demand for delay in remitting of TDS stating due date is 7th April but as per my view it is 30th April since banker only credited the interest but not paid on 31st march.
4. Now Dept is a asking for revising the return by stating it as a book entry method.
5.But I can not revise the return as suggested by the IT Dept since book entry mode is applicable to Govt deductors only.
6. Is there any case law in this regard, to confirm that due date is 30th April but not 7th April in case of amount credited but not paid on 31st March.
7. Should my client pay the interest demanded by the Dept or submit rectification by quoting a case law to waive the interest demanded by the Dept.
Please guide me to act further

7.Thanks in advance

My client lost password and itr v but having intimation u/s 143(1) but e filing no is not mentioned in it bot fox refrence no. Is available I have sent login information to validateefleing but no response received from there. How can the password shall be change.

WHETHER HUF CAN GIFT TO ITS MEMBERS, OR IT IS INCLUDED IN 50,000 RS. FROM ANYONE?