I AM GIVING SALARY TO MY ACCOUNTANT @ Rs 15,000/- PER MONTH & I HAVE NOT YET DEDUCTED TDS.
TELL ME WHAT AMOUNT OF TDS I HAVE TO DEDUCT ON HIS MARCH PAYMENT.
ALSO TELL ME THE DEPOSIT DATE OF TDS.

Where a firm is succeeded by a company in the business carried on by it as a result of which the firm sells or otherwise transfers any capital asset or intangible asset to the company will not be transfer :

Provided that -(b) All the partners of the firm immediately before the succession become the shareholders of the company in the same proportion in which their capital accounts stood in the books of the firm on the date of succession; and

(d) The aggregate of the shareholding in the company of the partners of the firm is not less than fifty per cent of the total voting power in the company and their share holding continues to be as such for a period of five years from the date of the succession;

Here firm is converted in company as chapter IX co.There should be minimum 7 subscribers to form co. under chapter IX.

As per income tax, one condition is all the partners of the firm become the shareholders of Co. on the date of succession. and other is partners who become shareholder must hold at least 50% till the expiry of 5 years .

My question is that whether it is compulsory that all 7 shareholders should hold the shares till five years. if any shareholder wants to transfer his share to exising shareholder or to new person he can do so or not provided due care should be taken that original partners should hold at least 50% voting rights.

If i invest in ELSS scheme in my name, can my spouse claim the 80 C benefit in case i have not claimed it from my end?

An AOP was formed on 01.04.2005 by virtue of a un terminatable lease deed for 25 years . It contained two
individuals father and son, Father died.

The lease deed contain a clause that it cannot be terminated by any means.

It means that now surviving son will be the leassor.

But son wants to continue the AOP taking his son in place of his father

My question are :

What will be the Fate of that AOP do we have to surrender the PAN No. alloted previously and apply the new Pan No.

or there will be only rectification of PAN

If i applied for job and because of gender discrimination, the company denied me to give a job for some particular post and if i claim against that company. and if result come in favor of me then company have to pay compensation for not having a job. it is capital receipt but question is that there is not employer -employee relation between us. so how it can be treated as profit in lieu of salary under section 17(3)

TDS OF F.Y.05-06 CLAIMED IN F.Y.06-07 AND INCOME ON WHICH TDS DEDUCTED SHOWN IN F.Y.05-06 BECAUSE FORM 16A ISSUED BY THE DEDUCTOR IN F.Y.06-07 . ASSESING OFFICER REFUSED THE TDS CLAIM.PLEASE ADVICE

A 15 gm gold coin/medallion worth Rs.14300/- was given to all employees by my public sector company to commemorate its golden jubilee. It is not shown in IT return & no TDS deducted by company. I have received a notice from IT dept. saying that this income has escaped from assessment within the meaning of section 147 of IT Act,1961.
May pl.advice.

A Government Employee, having only Interest income (chargeable to Income fromOther Sources) other than Salary, receives Rs.25 lakh on retirement under various heads - Gratuity, Leave encashment, Provident Fund, etc which are exempt from tax.
1.Which is the appropriate form of return - ITR-1 or ITR-2?
2.If he is required to mention these receipts in Return?

NEW TDS RULES DECLARED IN FEB 2010 ARE APPLICABLE FROM 1ST APRIL 2009 ONWARDS OR FROM DATE OF NEW RULES BEING DECLARED. THE CERTIFICATES (I.E. FORM 16, FORM 16A) WHICH ARE ALREADY ISSUED WILL HAVE TO BE ISSUED AGAIN IN THE NEW FORMAT? PLZ REPLY SOON.

During the F.Y. 2008-09 total Transportation Charges under various purchase bill of material was accounted where transpiration was part of entire bill and accumulated amount was Rs. 1,21,000/- and TDS was not deducted on it as the same was considered as purchase of material.

Kindly let me know that.

1)Is TDS gets attracted on this?
2)If yes, now at what rate TDS to be deducted and paid to govt. as rate of TDS in both the F.Y. are different?
3)At what rate Interest & penalty needs to be calculated and under which section?

Regards,