DEAR SIR,

ONE OF OUR EMPLOYEE IS A PHYSICALLY HANDICAPED WITH MORE THAN 40% AND HE IS WORKING IN OUR COMPANY FROM LAST FIVE YEARS
TILL NOW HIS INCOME WAS BELOW LIMIT BUT IN F.Y 2010-2011 THE INCOME EXCEEDS THE LIMIT AND LIABLE TO PAY TAX. PLEASE ADVISE CAN A COMPANY GIVE THE EXEMPTION U/S 80U (PHYSICALLY HANDICAPED) TO OUR EMPLOYEE AND ON WHAT CONDITION THE COMPANY MAY GIVE THE EXEMPTION.

One assessee have been allotted two PAN number by mistake;

It was noticed only over a period of time; and
in the last year surprisingly two IT returns were filed by the same assessee with his two PAN number..

Is there possibility to have rectification u/s154 or what is the remedy..or consequences..

If a salaried employee has taken housing loan but he could not get the possession of the property in the first year while he paid the first installment of principal & Interest.
Then he can take the tax benefit on that amount in the following 5 years as 1/5 each year.But please tell me if that person pays off the loan just in 3 years then what will be the treatment of the left 2/5 portion of housing loan int+ principal.Can he claim it in the third year only.

A ( propreitor) transfer all its propreitor ship firm's assets(including land & Building) & liabilites to a partnership firm (having A, B, C, as partner)in which A holds more than 50% of share. [ B & C are son of A]
After the period of 2 years A expired and other partner (B&C) continue the business.

Quirey: whether any capital gain tax liability arises.if yes comutation of consideration.

Dear Sir,

What is the last date for payment of TDS for the month of march, for TDS deducted on

Salaries u/s 192.

If we take March 2011 salary into Gross Salary for the year 2010-2011, what is the last date for payment to Central Govt A/c?

Please clarify sir.

Thank you,

Dear Sir / Madam

The old metropolitan cities in india are Delhi, Mumbai, Kolkata & Chennai.

Recently, 4 more have been added to the list.The newly added metropolitan cities are Bangalore, Hyderabad, Pune and Ahmedabad .Hence as of November 2010, there are 8 metro cities in India.

here my doubt is for HRA calculation Bangalore to be considered as Metro city or not...?? AY 2011-12

Thanks in Advance

Hello friends,

Our client obtained a flat under scheme of allotment,Possession of which is to be given after some time.Our client paid amount of Rs 5700000 against such allotment.Such disbursement of Rs 5700000 is made by obtaining a loan from bank.Now my query is that whether our client is eligible for deduction u/s80C against the principal amount repaid during the year against such loan.I have a doubt because our client does not have any possession right now i.e. he has only the right in property as only allotment is made to our client.So please consider the same & reply me as soon as possible,as i have to file the return for the same.

I have received a notice from income tax to send my bank account statements. However, it does not specify if i need to send only the bank statements for the accounts where i am the first account holder (tax accrued on me) OR all the bank accounts where i have a signing authority (tax did not accrue in my name).
Do i have a choice to send only the ones where i am the first account holder? Please guide.

Is the money held in the NRE account treated as foreign exchange ?
And will the Bank FDs bought from the money in NRE account be treated as specified asset for the purpose of Section 115E ?

You may reply to this on iqbalsrcc@gmail.com..

Regards
Iqbal

I had invested some pocket money in company fixed deposit . At the time of redemption, even after submitting form 15G , TDS got deducted by the company.

As my annual income is not huge, so filing IT return is not compulsory for me.

Can I hold those TDS certificates until I become CA myself or is there any time limit to claim REFUND ?

Just like a cheque expires after six months from writing it , is there any expiry date for TDS certificates ?