CAN ANY BODY HELP ME THAT WHAT WOULD BE IMPLICATION OF AMOUNT WITHDRAWN FROM PF ACCOUNT i.e. SUPPOSE FROM APR 09 TO SEPT 09 HE IS CONTRIBUTIONG 12% Of HIS SALARY TO PF A/c AND IN OCT 09 CHANGING JOB AND WANTS TO WITHDRAW MONEY FROM PF ACCOUNT IN DEC 09. NOW WHETHER CONTRIBUTION TO PF A/c WILL BE CONSIDERED AS INVESTMENT U/S 80C. AS YEAR OF DEPOSIT AND YEAR OF W/D IS SAME YEAR.

XYZ is a company based in Germany manufacturing automated folding machine..


ABC (FROM INDIA)assist the sales of these machines in India to end-users, who are printers. When XYZ sells machines in India, they invoice the end-users directly and pay commission to ABC. Also for the spare parts sold to the customers, XYZ pays commission.

ABC in turn help them identify customers and inform the same to XYZ. XYZ also provide service to the machines during the warranty period.


The commission is received in foreign exchange

WHETHER TDS IS APPLICABLE ON ABOVE COMMISSION TRANSACTION? IF YES THAN IN WHICH CATEGORY? % WHO WILL DEDUCT THE TDS & AT WHAT RATES?

an exporter an resident in india is paying testing charges of its product to a party for testing charges in abroad(a non-resident) though EEFC a/c by DD in US $ and the product is sold at abroad wheather tds is to be deducted in this case before payment or not.

An Ao has in his order U/s 143 (3) made an ad hoc addition in form of 25% disallowance of expenditure of Car , Scooter , Telephone on a/c of personal use. Further a addition of Rs 180000 made on a/c of Houe hold expenditure , assessee declared a drawing of rs 120000 , AO adds RS 180000 and presumes Household expenditure as Rs 300000 .
Wish to appeal against the order , Case law support required.

SIR, PLZ ANS THE FOLLOWING QUERIES :

1. IF A PERSON IS 'PART TIME' ENGAGED IN INVESTING IN OPTION DERIVATIVE THEN INCOME,IF ANY,IS TAXABLE UNDER PGBP OR CG

2.IF PGBP, THEN IS IT SPECULATION INCOME OR NORMAL BUSINESS INCOME

3. SHALL HE HAVE TO MAINTAIN BOOKS OF A/C IF INCOME EXCEEDS 1,20,000 /-( WHAT IF SPECULATION INCOME? )

4.WHAT TYPE OF BOOKS ARE REQUIRED TO MAINTAIN AND HOW IT IS RECORDED IN BOOKS

5.FOR SEC. 44AB , LIMIT OF 40 LAKH IS TAKEN FOR CONTARCT VALUE OR GAINS ONLY BECAUSE BUYER OF CALL/PUT OPTION HAS TO PAY PREMIUM AND ON SETTLEMENT ONLY DIFFENCE IN PRICE IS SETTLED.( SEC 44AB APPLICABLE , IF SPECULATION INCOME)

6. IF IT IS SPECULATION BUSINESS INCOME THEN AUDIT IS REQUIRED OR NOT

THANKS IN ADVANCE

Please tell me the Depreciation rates for gold and silver vessels AY 2009-10.
And also tell from where you get the rates.

Dear Sir,

We have make the cash payment for Squarred of Vehicle loan of Rs.9 Lac to Kotak Mahindra Prime Ltd.

Pls help me its allowed under income tax act or create any problem for disallowance.

Its very urgent for take necessary step.

Regards
Baljinder Singh

My client - a partnership firm - runs a tyre retreading unit. One of the partners is having a bus unit in which all tyre retreading is being done by my client. The bus unit pays monthly by cheque to my client.

Now the bus unit has been advised todeduct TDS on tyre retreading sicne it is a contract.

For my clinet, there shall be too much of TDS and then will ahve to claim refund. Money will be blocked.

Does the bus unit have to deduct TDS. Any suggestions to plan this

REgarrds

The below text is from Taxguru.com. Any one can send me the full case law in this regard? My mail id is ghanshyam.joshi@epcos.com


Central excise refund is taxable and distinct from profit derived from industrial activity
Dec 4, 2009 Income Tax Case Laws

Tax dept says Central excise refund should be taxed because it is a benefit derived from a government scheme and is distinct from profit derived from industrial activity.IN A decision that could impact companies with operations in the north-east , Jammu & Kashmir and Himachal Pradesh, a tax tribunal in Amritsar has ruled recently that such entities will be liable to pay tax on Central excise duty refunds.

The November 26 decision by the Income-tax Appellate Tribunal (ITAT), Amritsar will enable income-tax authorities to claim nearly Rs 500 crore from companies operating in these regions.

Companies, such as Balaji Alloys, Raven Bhel and Pee Ell Alloys, moved the income tax appellate tribunal (ITAT) against an income-tax department notice that asked them to cough up the tax. However, the ITAT dismissed their plea late last month. Other companies awaiting an ITAT decision on the issue include Sun Pharma, Kashmir Udyog and Avita Mobile Industries.

Central excise duty refunds are part of a government package to promote industrial development in J & K, northeast states and Himachal Pradesh. Under this scheme, central excise duty a tax on manufacturing paid by the companies is refunded to them.At the same time, these companies in the region are given exemptions from income-tax too. Section 80 IB of the Income-tax Act provides for exemptions from taxation on profits derived from industrial activity in backward areas. In Jammu & Kashmir, Section 80 IB will continue to operate till 2012. In other areas, 100 % exemption is granted for five years after the setting up of an industry and only 25% of the profit derived from industrial profit is taxed for the next five years. Thereafter the profit is taxed according to the prevalent rate.

The tribunal, in an order on November 26, accepted the argument of the I-T department that central excise duty refund is liable to be taxed, even though the companies profit is exempt from taxation under 80 IB.

The department drew a fine line between excise refund and profit generated through industrial activities in these areas. It said Central excise refund cannot be construed as profit derived from industrial activity. The refunds are in fact a benefit derived from a government scheme and distinct from profit derived from industrial activity. Therefore, refunds are not eligible for deductions under Section 80 IB of the Income-tax Act.

I am taking coaching of DT from Mr. Vinod Gupta who said that Computer is a capital asset for an individual salaried employee. I thought there must have been a case law on this.