A pvt comapny has given guest house to its director .can guest house expenditure (like Rent,maintainance exp, kitchen expenses) will be allowed as an expenditure as per IT act /Company act?

What is the tax implication on director

Pls clarify

Regards
Madhuraj

Query: As per Section 10B of Income Tax Act, - apart from other conditions mentioned in section 10B one of the condition is deduction is available only to those business which is not formed by splitting up or reconstruction. So my query is what does the word RECONSTRUCTION means? If a propritorship firm is converted into Partnership firm does this tantamount to Reconstruction? Propritorship firm created in 2003-04 and converted into partnership firm in 2004-05. Are there any case laws available on this issue?

if a house property is self occupied so its value shall be decided as on valuation date.

Hello sir,

A employee journey done by himself and his son (Air Ticket cost Rs. 19,212/-) and other journey after two month (wife & Son Air Ticket cost Rs. 12,874)by Air.

My question is that whether concerned person is elligible for exemption for both the journey.

Hi ALL

I want to dissolve a partnership firm "at will" which carries out the business of investment in shares ans securities. I want to know procedure for dissolution of partnership firm with minimum tax liability

The Finance Act, 2006 amended s. 80P whereby the Co-operative banks were not eligible for deduction. My query is that whether co-operative banks may be treated as primary agricultural societies/ rural development bank to claim deduction u/s 80P as they lend money to their members who are agriculturists and also carrying out the activites of development in the rural areas.

X is a citizen of India. Is working in US since 3 years. He has ESOP shares of American Company. He is planning to come to India in this year. He wants to sell those shares after coming to India once he gets good price of his shares

Whether gain is capital gain? Whether this gain is deemed to be arised in India or US? what is nature of treatment?

I have purchased a property in Nov-2003 in joint name. my share was 40% which cost Rs. 1896012.00 & the same I have sold out in Nov-2009 with my share value of Rs. 2201200.00 (Sale consideration) but at that time it's present market value was Rs. 6248880.00 Pls tell me weither It will cover under Capital Gain Tsx or Not.
If yes how capital gain tax will be calculated (Pls describe me with illustration)
If there is any chance to save the Capital Gain Tax. (Pls provide me the complete procedure in detail.)

The Assessee is a real estate broker. He receives commission/ brokerage on the properties that he sells. Also, as a part of the real estate business, sometimes he has to pay a certain amount from the brokerage/ commission that he receives to the ultimate seller, so that the seller benefits in terms of discount (i.e. the amount given by the broker from his commission). AO holds that the discount given to seller is a diversion of commission and therefore, TDS is to be deducted. Is the AO justified in doing soor not? Are there any pertinent case laws similar to this situation?

Can any one provide a case law for disallowance by an income tax offices on the basis of the NP, GP ratio.. which can fight against such disallowance...

please send..