Hello.

An assesee runs a business as a semi wholeseller in color paints. the accountant has not written maintained the savings account of the assesee, wherein he is a joint a/c holder with one of his relatives. Neither the savings account has been disclosed in the assesee's books.

the other joint holder runs the same business on a very minor scale through the same savings account. He has filed his ITR.

the A.O has added back all the cash deposits made during the yr in the savings account and taxed in the hands of the assesee. Does the assesee has an eligible stand. Is the A.O's order correct ?

I need to discuss.

dear sirs
can i filed return today for ay 2009-10 because of there is my tds rs. 130000/-

Am an employee of a private limited, am staying in a hostel and paying monthly hostel fee of Rs. 1500. But my parents staying in their own house in another city. while calculating TDS on my salary, shall i take hostel fee paid as rent paid?

Please help me as soon as possible, on 31.01.2012 my HR will deduct TDS on my salary.

Dear sir, Pls guide me
Employee has 2 House Property

Intt. Repay Prin.
H.P. 1 1.25 Lacs 0.15 Lacs
HP 2 0.80 Lacs 0.20 Lacs
------------------------------------------
2.05 L 0.35 L

Que 1) While issuing form 16 what amt i should considered as LOSS FROM HP., as employee has not submitted me details of Rent received from H.P. ?

In the absence of Rent Receivable/notional rent can i show Rs. 2.05 L as loss from HP.
& Rs. 0.35 Lacs as principal repayment.

Pls explain me in detail.

Thanks:

RD

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.