I got married on 02/12/1999. And I have two daughters,first one born on 28/11/2002.

I wish to use HUF as a tax saving tool.

1.. what should be date of incorporation/birth ??? date of marriage or date of birth of first born??

2.. How is the capital created in this account. Should i deposit cash in the new bank account (as gifts recd over the last ten years or should i put my cheque as loan ??)

3. can i take consultancy or commission income in this HUF account.

Suggest me a good website/book/info source for taking advantage of HUF as a tax saving device.

regards,

Dear Members

My query is

Mr. X (a non-resident) having a Sole proprietorship firm (X & CO.) in India, Mr. X is a professional artist providing services to ABC Pvt Ltd. through X & Co. like stage performances in their theater.

There is a contract between ABC Pvt Ltd. and X & CO. that on every Show ,ABC Pvt Ltd. will pay a fixed amount of Rs.2 lacs + 30% of profit* from the each Show.

*Profit is to be calculated by deducting particular expenses from the total income per show.

ABC Pvt Ltd. is deducting TDS @ 1% on such payments by saying that it is a contract which is covered under the provisions of Section 194C (TDS on Contracts).

My question is whether ABC Pvt Ltd. would deduct TDS @ 10% (TDS on Professional Services) as it is seemed that the above service is covered under the provisions of Sec194J.

Please solve my query and also quote any case law regarding this.



Thanks and Regards

Rahul

1)We introduce VRS scheme and paid VRS amount to left employee. What will be the accounting entry i.e whole amount debited to P& L a/c and second what effect on computation of income. pls explain

An Assessee has made the following transactions on respective dates:
Booking of flat - June 2003
Getting Allotment letter from builder - July 2003(paid 25% of total amount till this date)
Paid the last installment of the flat - June 2006
Got the possession of the flat - Feb 2007
Got the sale deed registered of flat purchased from builder - March 2007
Sold the same flat - March 2008.

Based on the above info, whether the capital gain on the sale of flat is Long term or Short term????
Quote case law if any....
Please post the reply soon, its urgent

A TRUST IS REGISTERED WITH COMMISSIONER OF TRUST OF MUMABI AND REGISTRATION U/S 12A & 80 G ALSO AVIAL IN MUMABI, BUT CHATITABLE ACTIVITIES IS CARRIRED OUT IN AGRA, NOW WE WANT TO TRANSFER OUR TRUST IN AGRA, WHAT IS THE PROCEEDURE ADOPTED

Please tell me under which head income of educational institutions is taxable.
Whether under "Profit & gains from business & Profession" or under "Income from Other sources"

Thanks & Regards,
Ajay
CA.

Dear All,

Can anyone assist me in letting me know about the online return of professional tax return and online payment of professional tax (of employees)???

company making payment in excess of Rs. 20k yearly will have to make online payment and file online return.. according to me, the online return/payment system will be applicable from feb 1, 2011..

i would like to know whether professional tax (of employees deducted by company)for the month of jan 2011 will be paid online of physically??? and again return of professional tax will be filed online of physically??

what happens to the Company if its networth falls below 50% and what are the remedies available with the company

there was survey conducted at the hospital (assessee is a company- a hospital).
Director voluntary disclosed 50 lakhs.
and the same is declared by assessee in income side of p/l. and the same is set off against the huge losses. as a result there is no tax as there is no profit.

But A.O. initiated Penalty proceedings against assessee.

Please give reference of case laws to avoid penalty.

I proud the our CA club experts.

In the income tax return we claim the income as agricultural income but in the assessment AO deny the such exemption and taxed the whole income and also issue a show cause notice under section 276B, 277 & 278 (i.e. prosecution proceedings)

Now the question is
whether AO action is justified?

if no what are the arguments that we can make and if possible mention some case laws also?

Please don't answer like AO is justified
IT REALY URGENT..