X takes a shop with rent @ Rs. 25000 per month from Landlord Y on 1-4-2011.

X takes a loan of Rs.5 Lacs from Landlord Y @ 18% pa. Also the monthly rent of Rs. 25000 is to be credited to the Loan account.

My question is

How will be the Interest calculated fro period of 1-4-2011 to 31-3-2012?

1. Whether 18% annual Interest on Rs. 500000 and 1.5% monthly Interest on Rs. 25000 per month ?

OR

2. Whether 1.5% monthy Interest on Monthly Loan a/c Balance ?

OR

Any other Way

Please Guide.

Respected Members

I am into my transport business and own 3 Heavy Motor Vehicles ( Trucks ).I want to know that can I show Net profit of 6 Lakhs in my Balance sheet and still file the Income Tax Returns u/s 44 AE @ 5000/- Per Trucks per Month.

Please solve my Quiries by giving some refrences of case studies if possible.
Thanks in advance.

Hemant Sureka

The assesse manufacturing unit in haridwar sidcul industrial area.
his registered office in south india & he is filling the income tax return with claiming exemption of 80 ic in south india.
they manufactured the goods in haridwar & transfer the goods to branch office in south india.
now The assessing officer asking about how is you claiming the expemption of 80 ic in south india (instead of haridwar).
i need the any decided case law for the same for satisfying the assessing officer. Aseesee is company.

1)If a firm providing websites by subcontracting them to other firms whether it would be included in definition of Profession?
2)Can a firm show receipts from Subcontract and Receipts from Professional consultancy seperately for the purpose of I.T. Audit, as the limit for professional is 15 lacs and for business is 60 lacs?

one of my client has produced a notaried (Notary)affidavit , in which his brother gives him Rs 2,50,000 from 2008 as a part or share of his agriculture income out of 30 acres of land
they are all living in joint family.
Can i consider it is an agriculture income ?

Film distributors acquire movie rights from producers, in turn they license these rights to subdistributors entering in to a contract to use those rights in all the ways in which distributors can use. Subdistributors help them in getting the revenue share from the theatres by distributing the films prints to theatres located in their area of operation. In turn,subdistributors receive a share normally 10% from the collection after deducting the share of theatres in which movies are distributed.balance 90% share is given to distributors. on this share of 10% to subdistributors will the tds be applicable? May be as commission or any other section?
the argument is the above contract is on principal to principal basis. the share is termed as revenue share and not commission etc.

I have done auditing of a private firm I have prepared the audit report before 30th sept but failed to file the return on time, please let me know the max penalty in case of late filing of Income Tax return for audit case.

Thanks

The car is registered in the name of the director. However the car is being used by the Company and the purchase of car is also financed by the company.

Now during the sale of car, the capital gain will be taxed in whose hands?
a. Company or
b. Director

Kindly provide some supportings (For E.G. Case laws or sections)

Dear Sir,

(1) From which date (FY) this Direct Tax Code is going to be applicable ?

(2) Pl. give me details :how capital gain on investment in equities , is treated ? For short-term & long-term, how much is the period of holding ?

thanks
anckoora

I want to know the basic understanding of this section.Thank you