How exactly is the Taxability for NSS 87 ? I think I am holding units of this Scheme since 15-20 year or maybe even more . Is there any seperate treatment for the Principal Amount & Interest earned ?

Our company has purchase a car on lease from finance company. This is a 5 year lease and hence it is financial lease as co would get the ownwership of the car at end of the life. No service tax is charged in the bill.In other words it is a type of loan from Finance co.

Whether TDS would be applicable in this case?

If yes what is the TDS % and please give any supporting case laws.

As per New amendment in quarterly Eds statement Transporter details need to be furnished where no tds has been deducted as PAN number is avaialble.

My query is that detail of each and every invoice/payments needs to be given or lumsump amount during that quarter will also serve the purpose.

Reporting of Transport Contract payments without deduction of TDS
Finance Act 2009 had made an important change in respect of applicability of TDS on
transport contractors. Section 194C was replaced and the following two sub sections provided for
non deduction of TDS on transport contractors
(6) No deduction shall be made from any sum credited or paid or likely to be credited or
paid during the previous year to the account of a contractor during the course of business of
plying, hiring or leasing goods carriages, on furnishing of his Permanent Account Number, to the
person paying or crediting such sum.
(7) The person responsible for paying or crediting any sum to the person referred to in subsection
(6) shall furnish, to the prescribed income-tax authority or the person authorised by it,
such particulars, in such form and within such time as may be prescribed.
 In terms of sub section (7), now such transactions are to be reported in regular eTDS
statement.
 All such deductions to transport contractors where tax has not been deducted are to be
marked “T” in the column Reason for Non-deduction / Lower Deduction, if any in the
deductee details

Dear Experts,


We have a civil contract with ABC co. Ltd. As per BOCWA Act we have to deposit labuor cess 1% to Labuor department and the principal employer is liable to deposit tax to labuor department

Contractor is submitting his bills in this way example.
Bill Amount = 100
+Service Tax = 4.12 (Composite Method)
-------------------------------------------
Total = 104.12

Now problem is in which amount I have to be deducting Labour cess on 100 Rs or on 104.12 after tax. Please guide me and if you can send me any relevant section for same or any example then it would be helpful to me explain further.

Regards

Ravinder

How many Tax Audit can be signed by A CA,Individual,Propritor ?

MAY I KNOW ABOUT SECTION 139(C) & 139 (D) IS APPLICABLE TO ASSESSEE UNDER INCOME TAX ACT.

It is clear that 271B should be read with 44AB and not 139. Therefore is 271B attracted when Tax Audit report is mannualy filed with the Department before due date for AY 2009-10 and the return is filed on 5th Dec 2009.


Also Could you please share any caselaws which makes it clear that 271B is not attracted if Tax Audit Report is filed before due date and return is filed u/s 139(4)(ie after due date)

Dear all,

pls suggest :
If Cummulative Convertible Preference shares converted into eq.shares of the same co. then for the purpose of period of holding for calculating Cap gains, which date shud be considered. ?

Whether date of original purchase of Cummulative Convertible Pref shares or the date of conversion..

Kindly provide relevant section supporting your suggestion.

Deduction under 80E

I have started Repayment of Educational Loan in the current year 2010 (loan taken 2005)I have been in default in respect of holiday period at the time course but i paid all the holiday period interest as soon as i got the job (2010) whether can I claim the total interest paid as deduction under 80E?

Dear Sir
Pls advise me
I have paid exhibition charges of parties than i have deducted TDS on her charges amount or not and which rate & Sec.applied

Regards
Praveen