what will be the depreciation amount as per incometax act for following example.

RATE OF DEP. 10%
same block
W.D.V as on 1/4/09 of asset "A" Rs.1,00,000
pur.of asset "B" on 1/6/09 Rs.1,00,000
pur.of asset "C" on 1/12/09 Rs. 25,000
pur.of asset "D" on 1/12/09 Rs. 25,000
pur.of asset "E" on 1/12/09 Rs. 25,000
pur.of asset "F" on 1/12/09 Rs. 25,000

SALE OF asset "E" on 1/03/2010 Rs. 25,000

Mr. A is Having TDS certificates of Rs. 50,000/- for the A.Y. 2007-08 but he has not filed his income tax return for that period.

Is it possible to file the return for that A.Y.?

He is realy to pay Penalty of Rs. 5000/- along with Interest, if any, as applicable..?

There are two person i.e. Mr. X and Mr. Y. both having only one Machine each as Fixed Assets. The value of Machine belonging to Mr. A on 1.4.09 was Rs. 100000/- & that of Mr. B was Rs. 70000/- at the same date. On 1.10.2009, they have decided to exchange their machine to each other.There is no other consideration.
Now,what will be appropriate accounting treatment for the above transaction in the books of Mr. A & Mr.B.????(Is their any "AS" prescribed for the same)
Further, is their any capital Gain/loss as per provisions of Section 50 of IT Act,1961 ???

in case there is no employee having taxable salary & company is not making any deduciton for TDS,is still filling of form 24Q mandatory?

Dear Professionals

Please help in solving the following query:

A Company has deposited TDS on Commission and filed return for the quarter ended 30th Sep., 2009 and 31st Dec., 2009.

Now it has come to the knowledge of the Company that it has deposited excess TDS during Sep’ Qtr and Short TDS during Dec’ Qtr. However TDS Certificates have been issued to thge parties of the amount actually deposited.

Please guide if it is possible to adjust the amount of excess TDS deposited during Sep Qtr with the Short payment of TDS in Dec Qtr.

What would be the procedure if it is possible to adjust. And if it is not possible what remedy is available with the Company.

Thanks & regards
CS. Deepika Bhardwaj

can anyone tell me that where i get amendments of tax and audit . i am ipcc student plzzzzzzz it's reallyyyyy urgent

Is it necessary to deduct TDS for warehouse rent paid to any State Warehouse corporations?

Ours is a small AOP formed for the purpose of local charitable activities. We have kept some deposits with local banks and so far, we were giving 15G

However, so far, we have not applied for PAN since our income was below taxable limits

Now Bank is insisting on PAN or else they will deduct TDS at higher rate.

Is it compulsory for us to apply for PAN or can we just give 15G.

We are not interested in applying for PAN since it is a small organisation.

Sir,
I paid Rs. 12,45,640/- (including interest Rs. 1,33,460/-) on 14/05/2010 for MVAT for the month of Feb 2010. Whether interest Rs. 1,33,460/- paid on 14/05/2010 allowed in assessment year 2010-11 or 2011-12. Please also provide section or provision reference.
Thanking You

is service tax covered under clause -1 of section-43B e.g.- tax,cess,duty etc.


like excise duty, customs duty, service tax is also allowed on payment basis.