Dear Colleagues,
Mr.M (Italian citizen staying in Italy) is a director in his group wholly owned subsidiary in India.
He sits in Italy, takes all major decision sitting over there ( He Comes to India only for 5-6 days in a year).
He want company to pay directorship salary/remuneration in India which shall deposit in a bank
Account he will open in India.
Querry:
1)Is there any bar in making payment of salary to him?
2)Since the salary is going to be paid in India(but does not work in India), shall it be liable to TDS?
3)IF YES AT WHAT RATE?
Regards
c.a.paresh Zatakia
9833855518

WHAT IS THE RIGHT DEFINITION OF INCOME TAX ACT SECTION 35AD . ANY SPECIFIED INCOME . WHICH TYPES OF INCOME COMES UNDER THIS SECTION PLEASE CLARIFY

HELLO,

MY CLINT IS IN BUSINESS OF CONSTUCTION OF BUILDING (BUILDER) & SELLING OF THEM AFTER CONSTRUCTION

IN LAST F.Y. HE HAS A WORK IN PROGRESS , SO HOW IT WILL BE TREATED IN I.T. AS CAPITAL WORK IN PROGRESS OR ONLY WORK IN PROGRESS ? AND PLEASE EXPLAIN DIFFERENCE BETWEEN THAT

THANK YOU

sir,iam women(below65)assesse.have prop.business & covered in Tax audit for the yr 31.3.2011(A.Y.11-12)My net taxable Incomr is Rs.481830/.
i have not paid Any ADV TAX OR ANY PREPAID TAXES
AS TODAY HOW MUCH I HAVE TO PAY I-TAX? & ALL
INTERST sec 234 a b c & any penlty? reply soon thanks

Dear Sirs,

I am posting this query to get a clarification as to where Income Tax debited in profit and loss account is to be shown in the schedule “P&L” and schedule “BP” of ITR 4.

According to my understanding, profit before tax should be shown under column A1 of schedule BP. In PART A- P&L, Sl. No. 43 will show Profit before Tax and the amount of income tax will be shown against Sl. No. 44 and Sl. No. 46 will show Profit after Tax. Income tax debited should neither be shown under Sl.No.16 of Schedule BP nor under Sl. No 8 Ac of PART A- OI. As per the guide for common errors published by the Income Tax department, Profit before Tax should be shown in Sl. No. No. A1 of schedule BP.

According to one of the leading Income Tax return preparation Software, Net profit as shown in the P&L a/c (Profit after tax) should be shown in Sl. No. A1 of schedule BP and Income Tax debited to the P&L a/c should be shown under Sl.No.16 of that schedule (amount debited to profit & loss account to the extent disallowable under section 40). Similarly income tax debited should also be shown under 8 Ac of schedule OI. According to the Software, in PART A- P&L of ITR4, Income Tax debited to the profit & loss account should be Shown under Sl. No.34 (f) (“any other rates, tax duly or cess”) and Sl. No.43 will show profit after tax. There will not be any figures in Sl. No. 44.

When I suggested that the method followed by them is not correct they argued that the software prepares Income Tax Return (ITR 4) as per the Schema provided by the Income Tax Department.

Kindly inform which of the treatments mentioned above are correct.

One of my client company has incurred 5lacs (paid to an outside agency) for developing and maintaining website of the company. Whether it is revenue exp. or capital? pl.mention relevant judgement. Also reply in context with AS-26?

i want to know what are the loans covered under section 269T and 269SS of the income tax act 1961. whether o/d and c/c account are also covered ? whether secured loan from banks likes car loan and car financed from finanace company are also covered ?

As i had sold a flat dt.15.10.2010
& the purchaser sign the agreement by franking the document for Rs.1000/-only & mentioned that he will registered the agreement within 6 months which he has not done yet.

Against the above i have purchase a new flat dt.01-11-2010.
1)If the purchaser does not register the above flat do i have to payable the CAPITAL GAIN?
2) Still the possession of the above flat is with me because he is not register the agreement.

If a partnership firm does not make the provision for Expense of Municipal Tax for the year 2009-10 and pays the same in F Y 2010-11 then can the same be allowed as deduction for the F Y 2010-11 as we get deduction u/s 43B on payment basis, Please state the reason also

A company has incorporated in the year 2008 for Marble Trading but business is not yet started. It have a land from which it has earned income approx Rs. 30000/- also Interest received on deposit with Bank. Wheteher such incomes will adjusted with Pre operative expenses or other wise. Plz suggest its treatment in Balance Sheet and Income tax