Hi All,

I want to know two things

1.
Whether the new added remuneration ceiling for partners (Rs 300000/-) can be applied to the last financial year ie, 2009-10 (for which we submit the IT this year).

2.
Can the working partners take any amount, other than the remuneration or commission paid under the ceiling section 40(b), which will be treated as expense of the firm authorized or unauthorized by the deed.ie, By simple

if Rs 3 lakh is the total remuneration payable to the working partners according to ceiling of section 40(b). I want to know any other amount, other than this Rs 3 lakh can be paid to working partners as commission or any such, which will be deducted from the total income of the firm
please answer with appropriate section.

My accountant says there is a provision in the IT for the same. But when I searched for it, all answers says, all the amount paid to partners under any name comes under the ceiling of section 40(b). Is my accountant's view true. I am in a nightmare. I need an experts help.
Please help me!!


Thanks In Advance

As per exceptions given in rule governing section 40A(3) payment can be made in cash exceeding Rs. 20000 for the purchase of fixed assets.
My query is keeping above rule in mind whether payment in cash exceeding 20000 can be made during setting up of project (Construction period) as all the expenses incurred during the setting up of project are to be capitalized rather than being claimed as expense in profit & loss a/c

HI FRIENDS,

HOW ARE YOU, I HAVE A QUARRY WE ARE IN BUSINESS OF IMPORT AND WHEN WE ARE IMPORTING GOODS AND TRANSFERING ADVANCE MONEY AGAINST IMPORT OF GOODS WE SUBMITTED FROM NO 15CB AND 15 CA TO OUR BANK i.e BANK OF BARODA.
BECAUSE OUR BANK i.e BANK OF BARADA DOES NOT TRANSFERED MONEY WITHOUT FORM NO 15CA & 15CB. BUT AT THE SAME TIME THE OTHER BANK LIKE CORPORATION BANK, AXIS BANK THEY DO NOT ASK FOR FORM NO 15 CA AND FORM NO 15CB FORM TRANSFERIGN MONEY AGAINST IMPORT.

MY QYARRY IS WHICH BANK IS RIGHT OR WHICH BANK IS WROUNG. AS I HAVE PERSONALLY VISITED TO CORPORATION THEY TOLD ME THERE IS NO REQUIREMENT OF FORM NO 15CA AND 15 CB AS PER RBI CIRCULAR.

PLEASE I WOULD LIKE TO KN0W IF BANK OF BARODA OUR BANK IS WROUNG THEN I WOULD LIKE TO OPEN MY C/A WITH SOME OTHER BANK BECAUSE IT IS VERY DIFFICULT FOR US TO GO TWICE OR THRICE TO CA OFFICE FOR FORM NO 15CA. IF SOME TIME CA IS AVAILABLE WE CANNOT TRANSFERED MONEY IN THAT CASE.

THANKS IN ADVANCE WITH REGARD.

I have 2 home loans – one for the house Im staying in (Bangalore) and another rented out (Chennai). Last year I had classified my Blore house as self occupied and Chennai as rented out. Since the income from property (chennai) was lower than interest outgo I had claimed tax refund while filing return last year. Even after a year I havent got any till date. For this year can I
1)put my Blore house as rented and Chennai as self occupied because I have a higher interest component on my Chennai home which can be deducted from my taxable income (since this will be done by my office accounts – im sure to get this benefit unlike tax refund which I may never get !!

Is this allowed – considering I stay and work in Blore ?

2)How long do these tax refunds take ?

Which one is the easiest way to file IT Return Manually or Online ?

in the Purpose of Refund....?


How to track Refund Status online ?

Is refund status track useful for online filers or ITR-1,2 salary not for ITR-4,3,etc....?????

Pls Explain it in simple language

Dear All,

Please reply to my following query at the earliest:

"A SICK COMPANY AFTER SO MANY YEARS OF STRUGGLE ,COULD SELL S PROPERTY (BUILDING) ONLY TO PAY OFF THE STATUTORY CREDITORS.SO THE CASE OF SHORT TERM CAPITAL GAIN ARISES.HERE I WANT TO KNOW,IS THERE ANY CASE STUDY /CIRCULAR/NOTIFICATION AVAILABLE SPECIFYING THAT CAPITAL GAIN IN SUCH CASES ARE EXEMPTED?"

THANKS



Rupesh

is the any donation is made for the trust for the rehabilitation of physically handicapped person is eligible for the 100% deduction for the donor under the section 80G?

Hi friends plz help me......
I joined a Construction company on 4th feb'2010.
When i joined there i came to know there was so much tds miscalculation ........
we were making payment for security guards Rs.7500/- p.m & tds u/s 194C should be deducted. so i calculated the tds for whole year & deposited it before 31st march 2010. now problem is i forgot to deposit interest on the above tds before 31st march 2010. can any1 plz help me & advice wat should i do now for that interest? is there any remidy or way ......

The assessee is a specified employee i.e director of a company..Basic salary is 4,20,000rs.P.A.(35000rs a month) Please computer Income tax in such a way that tax liability is nil..No other income under any other head..I have taken 1,20,000 deduction under 80c,cc,ccd, and HRA, as deduction..still getting tax liability of around 3500/-...what other perqusite/allowance/deduction can be made to bring tax liablity nil?

Hi,

we have filled etds return for Q3 of 08-09, but its status is as "rejected" now, we find out that some other company has filled their e-tds return by mistake on our TAN no., I have checked with NSDL as well our assessing officer, but they are not able to help me, can you please guide me with the solution.

Nazir