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

One of my friend is insurance agent co whose agency has deduct tds from the commission but while filing return for 2007 2008 and 2008 2009 assesment year wrong pan card no was mention in return by his C A while pan card no mention in tds certificate is right he came to know about this in july while filing his current year return ,his C A has asked him to write letter abt the same but he had got no reply from his c a now what to do he wil not be able to get tds amount refund for the both year now what to do further pls advise to get the refund ( it is too late to file the revise return)

Dear Expertji

A domestic company wants to remit USD against TESTING CHARGES to a company registered in US and doing operations in China. The receiver company do not have any connection or permanent establishment in India. My question is whether TDS is applicable, if yes at what rate.

SIR,
I HAVE CLAIMED DEPRICIATION ON AIRCONDITIONER,FAX MACHINE, REFRIGERATOR,TELEPHONE & WATER COOLER @ 15% BUT THE ASSESSING OFFICER HAS ALLOWED ONLY 10% DEPRICIATION ON ABOVE SAID ASSESTS. I WANT TO KNOW THE CORRECT RATE OF DEPRICIATION ON ABOVE SAID ASSESTS AS PER INCOME TAX ACT .
GIRISH KUMAR

suppose and individual purchase a under construciton property and paid stamp duty for its registration can he claim the same as deduction u/s 80c even the property is not errected till the end of the finacial year.