Dear Experts,

I am working in a Company org. Our Company's Principle business is letting out property on rent & sale/purchase of shares, Debentures & Bonds. We had taken Term loan for purchasing shares in the last financial year 2010-11. We had applied for the shares of X Co & paid whole loan amount for the purchase. But till this year end there is no allotment to us. So we kept whole amount as Share Application Money.

We had paid interest to Financial institute on term loan taken. My querry is whether Income Tax Dept accept our claim for the inerest for deduction from Income for 2009-10 or not. If not why & what treatment should be given in the books to get the same?

Regards

Prashant

hey all, i have a quite confusing situation, plz help me on this...
if a manufacturing concern sponsors 20 students of some NGO then the amount so spend on providing sponsorship like bags, note books, pens etc. would be allowed as expense in its P&L A/c or it will be treated as Donation????

As per sec 16 (ii), the Entertainment Allowance is specifically taxable or exempt upto certain limits in case of Govt employees.
Can the Entertainment Allowance be considered for exemption under section 10(14)also?
What made me to ask this qn is that such exemption of a hefty sum is allowed in a Form No 16 issued by a well managed company

EXPERTS PLZ. CLARIFY FROM WHICH ATTEMPT THE DTC IS APPLICABLE IN FINALS?

any one clarrify my doubt

1. can the landlord claim any amount paid to vacate a tenant as cost of improvement while selling property.

2.Is the tenant liable for incometax if any amount is received from landlord

1) As per Sec. 32 of Income Tax act and rule 5(1) wind mills are eligible for an accelerated depreciation @80% under the head plant and machinery, without option.
2) As per the ‘ Guidelines for Generation based incentives’ issued by the ‘Indian Renewable energy Development Agency’ established under the control of Ministry of New and Renewable Energy, Government of India, now, from 2009, every new Wind mill owner has to get registered with the Agency for claiming Accelerated Depreciation or Generation Based incentives. They have now made it optional and both cannot be claimed at the same time.
3) Thus now the situation arises that if the Wind mill owner goes for 80% depreciation as per Income Tax act, they cannot claim Generation based incentives.
4) But the assessee intends to go for Generation based incentives. So what will be the position of Depreciation under income tax act? Can the assessee go for 15% general rate of depreciation applicable for regular plant and machinery?
5) Please provide your valuable opinion at the earliest.

Hello,

we are into logistics business incurre cost of freight charges which is Air Freight that again consists of following factors

Basic Freight(Tariff)
(Fuel Surcharge,Surcharges,X-Ray Charges)there are taxes that airline charges

So do we need to deduct TDS u/s 194C only on basic freight or freight including other surcharges also mentioned above.

Please revert.

Thanks,
Prashant

what will happen if a person forgots to pay advance tax or any of its installment or is unable to do so for any reason like out of india during that period etc.

plz reply soon...

Can anyone provide me the profession tax slabs for Andhra Pradesh,Gujarat,Karnataka,Kerala,
Madhya Pradesh,Maharashtra,Orrisa,Tamil Nadu,Jharkhand, Rajasthan
for 2010-11 and 2011-12 asap.
Thanks

My client was a director and shareholder in a pvt ltd company. My client wanted to leave the company because of mis-management of funds and improper working of other director (who is also the managing director). My client resigned from the directorship and also transferred his shares to this director. In return, my client was offered Rs. 20 lacs.