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."

we have education trust have reg under 80g, our certificate validity exprired on 1.12.2008 but renewal ceritificate applied late and new certificate date from 1.02.2009 , donation received whin this period time gap of { dec 08 and jan 09 ) is aligiable for dedcution...

Dear All

Can we deduct the amount towards Shortage in Notice pay in calculation of Income tax.

Notice Pay
the Notice period is 1 month but the employee relives in 10 days. Company Dedcuted the 20 days salary as Notice period pay

Hi,
Dear Sir,

please explain me regarding the tds deducted on the Computer Software Addition items. it is part of fixed asset. how tax tax treatment will be for this transaction

pls explain

My co has participated in promotional campaign of Times of India in which prizes were gven in kind to winners.Now as per sec 194B TDS need to be deducted from prizes paid by co.So my company is liable to deduct and deposit TDS.But Times of India is saying that they will collect and deposit TDS from winners.
Is it Okay or allowed?If is okay then what kind of proofs or justification we need to take from TOI so that in future at the time of assessment it can be proved that tds was collected and paid on Goods given free to winner.

Dear sir pls help my office have asked me this clarification I have no other place except my friends in our club –pls help
Clarification on Section 194-C

Problem:

Our customer is supplying us three items and we use these four in our some products and finally manufacture a different product using our own material also. Our customer is selling us the products on payment of excise duty and sales tax/vat (purely a commercial transaction).

When we sell the goods to our customer we also charge the excise duty, sales tax/vat and other levies (as applicable). These are purely a sales transactions and our customer while paying us deduct the amount of material supplied by him.

Clarification sought:

1. The transactions mentioned above are covered under the definition of “Work” or not. If not, How?
2. If covered, what declaration we have to give on the Invoice.
3. How value addition to be calculated? Whether it should be in proportion to Raw Material and BOP content (supplied by Sunbeam) in the Sale Price or some other formula to be devised.
4. Registered as manufacturer under Central Excise Act Sec-2(f). Can be termed as contractor?