If a developer develops a land of some others(generally this happens in real estate business) what are the tax consequences in the case of developer and the land owner?

Below are my doubts in a case....

This is a case where the land of Mr X was given to a developer Mr Y in the year June 2008 under GPA for construction of flats for sale. As per the agreement the land owner is to receive 2 flats after the construction i.e., April 2009. The rest are to be with the developer for sale.

In this case... Is Mr X chargeable to capital gains? then which amount is to be taken as sale consideration... his land market value or the market value of 2 flats received ? and when he is liable to pay tax?

In the case of Mr Y... does there any issue of capital gains? If not then in the year 2008-09 as there is only construction and no sale, is it right to transfer his construction cost to WIP ? In the year 2009-10 he sold the rest of the flats with him.... so the entire sale value of flats including land value should be taken as business income?

Kindly any one give clarity to me in this regard.

Thanking you

The indian company is making payment in USD to foreign company established in USA.
The payment is for the participation in conference held/ organised in Sri Lanka.
Also the foreign recipient company is having Permanent Establishment in India.
Whether TDS to be deducted from the payment made to foreign company?

Can anyone tell me how much portion of Director remuneration is allowable as per Companies Act as well as Income tax?
& is TDS applicable if yes then on what basis deduction is to be made?

w8ng for reply.....

pls help on the following issue:-

In one Pvt Co. salary paid to one official is Rs. 560,000/- in FY 08-09.No TDS has been deducted as of now.
Company applied for TAN in JAN 2010 & got the same.
Now can they deduct tax now for salary incurred in FY 08-09 and claim the expenditure in FY 09-10 for tax purpose?

Indian Company wants to remit in USD to an foreign Advocate firm. the bill is in the name of a Law Firm. they don't have any branch in India.The services are rendered out side India. the bill description shows that the bill is for the discussion held by the foreign advocate with resident persons over phone.
whether TDS is required to be deducted

Dear Sir,
my question is,

1) Is TDS or Service Tax liable for any foreign commission paid to foreign co. (FC)...??? if yes, how much TDS to be deducted & how much service tax payable..???

2) Service tax paid on foreign remittance to FC, can we claim back or no...??

A company has sold the scrap on which TCS is made. However the sale is made to a roadside dealer who does not have PAN and no details such as name, address of the party is available. What details to be entered while filing TCS return? Please guide.

Is State Government liable to deduct tax u/s 194I & 194J of the Income Tax Act ??

Thanks & Regards

Can we file TDS revised return after getting Show cause notice

In case of sale of Agricultural Land situated in rural area what will be the tax treatment?
Whether it is capital Asset?
If yes,Whether it is liable to Capital Gain Tax?
If not,whether it is consider as income from other sources?