We are a Share Trading Company and we Purchase and Sell Shares on behalf of our customers.
In case of two of our customers we suffered heavy losses when the markets crashed in 2009, and finally after settlement in court they paid us 20 % of the amount which were due to us.
Can we treat the debit balance of the remaining 80% as bad debts for income tax purposes.
How.........

Dear Experts,

We are real estate developers. Developing a residential project, my query is we are procuring construction material for our project example steel and cement.
Now some quantity of steel we are going to sell through scarp because of some failure during steel text.


Query
1.Would TCS be applicable on same?
2.How will be calculating TCS amount on scarp value if scarp value is 10,000,00/-
3.How to deposit TCS to Government.

dear all
i want to know that it is compulsory for transporter when he did not deduct any tds from any other transporter. any notification regarding this subject issued by department or any clarification by department. if is it then share ur knowledge with me. thanks in advance
surendra kumar

IF A PERSON IS RESIDING IN A STATE OWNS A HOUSE IN THAT STATE ,ALSO A HOUSE IN DIFFERENT STATE THEN CAN HE TAKE DEDUCTION OF INTEREST AND PRINCIPAL ON BOTH THE HOUSES ?????
OR HE CAN ONLY TAKE THE INTEREST DEDUCTION????

Sir
1.Please tell me whether there is any need to deduct TDS on payment of Rs. 25000 made to any Pvt. ltd. co. for obtaining ISO registeration certificate.
2.Whether TDS is to be deducted on payments to entities engaged in warehousing services at Dry Docks.
Please do mention the section under which they fall

Hi
My question is if a person taken a Bar & restaurant on hire and he wanted to file the returns of the same can he filed the return based on his personal PAN or he need to Apply for new pan card as this bar is not registered in his name and what will the documents required to filed his returns

Waiting for the reply
Sitaram

M/s ABC Pvt Ltd company makes a payment of Rs. 100,000/- in cash towards purchase of Foreign exchange from an Authorised Dealer in Foreign Exchange. Is it an allowable expense?

The Land is purchased in my mother's name 4 years back. Now i want to construct the house. I am taking housing loan for it.

My question is can i take the tax deduction under section 80C for repayment of principal amount and also for interest payment under section 24?

And if not, Can anyway suggest the best possible way to claim deduction under 80C in terms of cost and convinience?

is 194c applicable on ocean-freight(air- freight)?

The amended section 194C, through Finance Act (2) of 2009, No deduction shall be made from any payments made to a contractor during the course of business of plying, hiring or leasing goods carriages, on furnishing of his PAN to the deductor.

Whether this provision is applicable for freight paid to Barge owners for transporting Iron ore? PLEASE CLARIFY.

With regards,
Pandit Shivanand
9822983420


Just quoting opinion published on www.simpletaxindia.org as below for your information:

"The Most FAQ about these new provision whether this provision is applicable on all types of Transport contractor or contractor covered under 44AF.The answer is that new section 194C refer section 44AF only for the purpose to define the meaning of Goods carriage so these provisions are applicable to all type of transport contractor and not restricted to person defined under section 44AF."