Dear Experts,
we have received a notice from Income tax depp U/s 201(1) for short deduction of TDS in f.y 2008-09.
(
rs.40930+ interest 660, now we will pay this short TDS amount in this year 2011-12 what are the entries which we have to pass in the books (2011-12) since we can not change the audited balance sheet of 2008-09,
Ist entry
1) expenses DR
2) TDS on proff CR
3) Party CR
(narration Short TDS for the year 2008-09)

IInd Entry
1)Tds on proff services DR
2) interst on TDS
2)Bank A/c CR
(Being TDS Deposited)
Now my question is shall we also file a revised return for 2008-09 & fresh form 16a should be issued to party.
& if he already filled his return for the f.y 2008-09 , can he take credit of this revised form 16a .
thanks ,
Nitin Bhatt

A company (XYZ) purchases electronic items from Company ABC for the purpose of resale. On purchase of items worth certain predetermined amount, Company XYZ receives reward points for the same from Company ABC. These reward points can be redeemed from a third party (Company DEF). What will be the tax implications for the same for ABC,DEF and XYZ.
Can I know the relevant section or case laws for the same.

Thank You,
Ankita

The return was e-filed. The balance tax (total tax - tds - advance tax) was wrongly deposited under the code 400 – TAX ON REGULAR ASSESSMENT instead of code 300 – SELF ASSESSMENT TAX due to which credit of this tax is not allowed by CPC and demand for the same amount is created. The rectification return is filed but of no use. On contact the CPC advised to get the challan code corrected by bank. The bank was contacted for this correction but bank could not do the correction.

Pl advise now what to do.

i received intimation from CPC bangalore u/s 143(1)

in that intimation they computed correct refund claimed rs. 149452+8964 = 158416.

but not issued REFUND they ADJUSTMENT OF REFUND AGAINST DEMAND OUTSTANDING FOR 2008-09.

BUT IN A.Y 2008-09WE CLAIMED RS. 127360 TILL DATE NOT RECEIVED. OR NOT GOT ANY DEMAND.

MY QUERY IS THAT.
1) CAN I FILE U/S 154 RECTIFICATION FOR A.Y 2010-11 ONLINE. ? IF YES THEN REQUIRED TO SEND .xml FILE AGAIN.

2) A.Y 2008-09 REFUND NOT GOT . ?
I MEET AT WARD OFFICER THEY TELL ME FILE APPLICATION FOR THIS ONLINE. ?

CAN I FILE APPLICATION ONLINE. ???

PLEASE GUIDE.. URGENT....

Whether i am liable to deduct Tax at source on payment of Sales promotion Expense beyond Rs. 75000??? Should i treat it as a contract????

Respected Experts

I want to know that whether incentive bonus received by LIC Devlopment Officer will be allowed to deduction of 30% of 40% deduction??

This incentive bonus is generally received due to the good work done by them and for such work they are frequntly arranging the training and awareness programms for agents and for clients as well so this include huge cost so can it be claimed as deduction?(as far as i know it is allowed flat at the max 30%)

Further can LIC D.O. claim depreciation on car used for the LIC business and also car insurance premium??

Actually they are receiving the salary however his duty is to train agents and many time to go wid the agents for any calls or many times they need to use the vehicles for the various claims. so can they claim depr and ins of car?

Plese help me....
Waiting for your reply.

Thanks in advance.

whether int on tds is required to be reported in 3cd...
whether it is compensatory or penal in nature

If it is b/c of late payment of tds[compensatory]
If it is b/c of non payment of tds[penal]].......

whether the above pts r correct or whether any int paid under DT laws r disallowable whether they r compensatory or penal.

pls clarify the situation

Hello frnds... Kindly provide ur valuable suggestions the issue!!
The brief facts are:
The company is in the business of Hybrid Seeds. The production of hybrid seeds is done from foundation seeds supplied by the company. The production is given to various organisers who are basically like a middleman/ Team Leader with a group of Farmers in an area under him.
Company deals mainly with the organizers only. The company supplies foundation seeds to the organizers with agreement to supply the hybrid seeds as per the quality parameters of the company. The production taken by the organizers with various farmers is continuously monitered by the company's production team. Advances are also given in some of the crops from time to time on achieving certain milestones set out, this amount is debited to the account of organizers.
The foundation seeds supplied to organizer is billed to him by debit to his account and shown as sales in P&L account. The company pays consolidated price per kg to the organizers towarsd procurement of of quantity that has passed the quality parameters of the company, which is credited to the account of the organizers.
Question
1. Whther as per the amended sec 194c, the supply of hybrid seeds as per the requirement of the company by the organizersusing material of the company is liable to TDS provisions?
2. If yes then at wat amount, if organizer gives invoice by splitting the amount into seed cost and his contactor's remuneration or service charges or commission on purchase?
Kindly guide on the same.

Dear Experts.

Say someone purchased a capital asset (eg. shares) in a foreign country.

At what Fx rate is on required to pay tax on the profits realised, if the money is still in a banks in the US.

Example. Made a profit of $100. Now for paying tax, what FX rate in india will be used?
The cost of transferring the FX or closing rate?


Thank you for your time.

I have filed my return with CPC, Banglore. However, I was denied the credit for Loss on Income from House Property & demand was determined. I filed the rectification return (e- filing) but the same was rejected. I have not received the revised order and the system is not allowing me to file for another rectification with the same communication number

Shall be grateful if anyone can guide what should be done in this case