Subsidy is received on setting up plant in backward area, so is this subsidy a capital receipt or revenue receipt?
What are its tax implications?

Is the differed salary is taxable, the following information are as follows.
-for current f.y. he is a resident.
-all past year he is NRI working in abroad.
-differed salary is received in current financial year in abroad and transfer to india
-differed salary pertaining to last financial year.

The assessee claimed a refund in his return. The amount was refunded, even though scrutiny proceedings were intiated. The AO passed an order, 2 points contested with CIT(A), 2 points not contested. With the effect, the refund creditted has to be paid back alongwith 234D Interest.

My Q: Can the assessee go on appeal with CIT(A), before paying the refunded amount with interest as applicale, as he's not contesting that addition.

Hi Sir,
I joined the company on 14 June, 2011.I saty in Noida and my basic salary is 10,150, HRA is 5075. Can you please tell me how should i calculate my taxable income for FY 2011-2012.
i also have a medicalim policy and insurance policy from the company's side, will it come work as a tax saving option.

Waiting for the answer.
Thanks in advance

Dear Sir,
We seek your opinion on the matter on deprection under Income Tax Law and issue related to capital gain.
The company purchased assets under deferral payment basis (installment system) and capitalised assets for2.50 crores cosisting furniture and interiors work. After some time the assets was taken back by the hire seller. Under block of assets of Furniture there were some other items. Now the furniture which were purchased under hire purchase has been transferred back at50 Lacs.
WDV of the block of assets of furniture as on 01/04/2010:-1.82 Crores
A) Furniture:- 2.00 Lacs
B) Furniture purchased under Hire Purchase:- 1.80 Crores
Addition made under furniture during the year :- NIL
Sale consideration for transfered of funiture back :- 50Lacs
How to taken care for provision of depreciation under income tax act and income under the head capital gain.

As per Section 201, if the person fails to deduct tax at source, he shall be liable to pay simple interest
a)at 1% or every month or part of the month on the amount of such tax from the date on which such tax was deductible to the date on which such tax is deducted
b)at 1.5% for every month or part of the month on the amount of such tax from the date on which such tax was deduced to the date on which such tax is actually paid.
Further, As per Section 271C, if person fails to deduct TDS he shall be liable to pay by way of penalty a sum equal to amount of TDS.
My question is whether both the provision can be applied together and if yes, total amount can exceed the amount of total tds dedutable and payable to the account of central govt.

sir
please guide me whether agricultural land situated in urban area (agricultural activity is carried out) is covered as an assets under wealth tax act or not.

Dear All,

What is tax implication (Spl. Capital gain)on dissolution of partnership firm (all partners retired simultaneously by selling firm to other persons)in the hands of the partner.

Thnks in advance,

Regards,
Mahendra

A Director of a Company who holds the shares of the Company had sold the Shares during the time of selling the Company.Such differential sale proceeds are taxed as Capital Gains. However the Director has claimed exemption for using the money towards his company related expenditure ( payment towards settlement )
which is also a part of the Sale Purchase Agreement. This is ruled out by Comm of Income Tax ( Appeals )stating that the expenditure is for the Company and an individual cannot claim exemption.
My contention is that a Director will be holding shares on behalf of the Company and therefore all gains and losses pertaining to sale/purchase of shares on behalf of the compnay should be allowed.

Require experts comments on the above please

Dear all,

The X ltd. has declared an interim dividend for FY 2011-12 and paid DDT at the rate as applicable for FY 2010-11 i.e. @ 15% + 7.5% + 3% but the rate applicable for DDT in FY 2011-12 has changed to 15% + 5% + 3%.

Now the question is can X ltd. can claim the higher tax paid.

Thanks & Regards,
Akhil