One of my client is a goverment employee. During the year 07-08 he has received cash of Rs. 10.00 lacs from his brother (who is a contractor) for payment of labor. The cash received was first deposited in saving a/c and then withdraw on various dates and paid to labor on behalf of his brother. Now the case was selected for scrutiny and AO is asked for source of fund.
if we show the amount as advance received from brother for payment on his behalf to labor. Whether AO can evoke section 269SS/TT for received of advance in cash??? Please also suggest any other measure to safeguard the client.

My Question is relating to TDS on Import of Services.

We have to pay TDS on Import of Services or only on grossup Figure.

For Example'
A who is working for a Consultancy firm for Net of Taxes for Rs. 2,50,000/-(Equalent to Indian Rupees). If we grossed Up with Tds then the same come around TDS Come around 27777/-(assume 10% TDS) the total Consultancy Charge comes to 2,77,777/- and the ST comes to 28611/-10.3% on 2,77,777/-) i already considered for TDs 27777/-. But I had a doubt whether I have to pay TDS on 28611/- also please calrify

can anyone tell me that what is way to get pan card when there is no documents of pancard i.e.niether pancard nor acknowledgement nor any intimation letter from department.But the pan number is known

WE HAVE EXPORTED PETROLEUM PRODUCTS OUT OF INDIA, THROUGH MARINE TANKERS WHEREIN WHICH TIME CONSUMED FOR MORE THAN ALLOWD TIME OF 36 HOURS LEADS TO INCURRING OF DEMURRAGE. DEMURRAGE WILL BE PAID TO BUYER WHO IN TURN PAYS THE SAME TO THE TRANSPORTER.

PLEASE ADVISE ME ABOUT THE TAXABILITY OF THE SAME. IS PAN REQUIRED TO BE TAKEN BY BUYER?

Mr. A, B & C r having 1/3rd share in Partnership firm owing land & building. App. value 1 Cr. Mr. A is selling his share to Mr. B & getting Rs. 5 Lacs in addition to Capital. Post Retirement Mr. B will have 2/3rd share & Mr. C 1/3rd share. Position of tax liability in the hands of firm as well as partners. There is no change in Mr. C share. Whether goodwill A/c is to be generated in firm Books. Fair market value of Land & Building on change of Partnership is 1.25 Cr.

A firm as a three Partners. A partner is retiring. The retiring partner has credit balance of Rs. 10lacs in the firm. But firm is giving him 20 lacs. The Firm will enter into an agreement with the outgoing partner that he will not do the same business for 10 years and not entitled to use the firm logo and name.I want to know the following:-
1) Since the firm is paying him 10 lacs more than his actual balance, whether the excess amount is goodwili. Is firm claim that amount amount as an expenditure.

2) is partner has to pay tax on the excess amount.

Actual expenses incurred in performance of duties of development officer of LIC of india towards earnings of Incentive ,these expenses are claim deductions from incentive income to one of my client,

plese reply the if there is any case law or judgement copy in this regard

Dear Professionals

I am looking for the soft copy of Finace Act 2010 passed on May 08, 2010.

Can anyone pls provide the same.

best regards
CS. Deepika Bhardwaj

can anyone pls reply on the same??

If employee receive salary from more than one employer, and has changed the service say from employer X to Employer Y, then while issuing form 16 by employer Y, under which heading the salary received and TDS amount from employer X be shown??
as there is no such heading where the salary received from previous employer X be reported in form 16 by the current employer??

Hi!
There is a hospital(registered as partnership firm)of which returns have not been filed for the past 5 assessment years.Now the problem arised is that the hospital used to issue bills to the patients including the amount paid to the visiting doctors without deducting the TDS
on amount payable to the said visiting doctors.Now the contention of the IT department is that the hospital is liable to deposit all the TDS amount which should have been deducted from the amount paid to the doctors.
Whereas the contention of hospital stands that the amount included in the bill to be paid to doctors are collected by the hospital on behalf of the doctors in good faith(thereby treating it just as a remittance), hence should not be liable for TDS rather doctors themselves should pay taxes on such amount.
please suggest how to save TDS.