Any person joined any co. on 17.8.09. He is getting every month transport allowance Rs. 2000 which include in salary Rs.15000/-. In the joining month aug'09, he got transports allowance 2000/31*15 = Rs.967 for 15 days. Can he get exmption Rs.800 (under sec 10) total amount that month for calculating of Form 16? or he will get exemption on ratio basis i.e. Rs.800/31*15 = Rs.387 when calculating form 16.

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. SHALL HE HAVE TO MAINTAIN BOOKS OF A/C IF INCOME EXCEEDS 1,20,000 /-

3.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.

As per management policy employees/ professionals are given fixed telephone expenses and fixed food expenses. The employees/ professionals does not provide any supporting of bill while claiming the expense. Whether it is allowable as per income tax laws without any supporting and only on the basis of voucher stating telephone expense and food expense. What is the alternative solution if it is not allowable as per policy.

What is the procedure for partition of HUF having only movable properties in the form of Investments ?

What is the procedure of applying to chief commissioner of Income Tax for the purpose of clause (ii)(b)of the proviso to section 17(2)for claiming exemption in respect of medical facilities.

Is there any specified format of application and what are the other requirements for this. Please provide me all the requirements.

Thanks

had cut and sold trees on my land to clear the land for making apetrol pump.but it did not work out so the land was also sold in the same year.the land is agricultural.can this be treated as adventure in the nature of trade and be taxed as income from business and profession?

on what grounds can the release of jewellary siezed during search be rejected after the CIT (A) has accepted assesse's appeal but if the dept has gone into appeal in the ITAT?penalty proceedings were initiated at the time of assessment.

hello friendzzzzzz
plz help me out from this problem....
there is difference in valuation in value of building in cost incurred by assessee and valuation made by valuation officer.
now my quest is whether how much variation in terms of percentage is allowed b/w two valuations
example valuation made by assesee--rs50 lac
valua by valuation officer rs60 lac
we are of opinion that 10% variation is reasonable and justified
and there is no need of addition made by A.O

plz explain it with decided cases also,if any...
thankx

Whether withholding tax under Sec195 for Reimbursement of expenses on cost to cost basis would apply.

Please Advice Me whether a person whose income exceeds Rs 40 Lakhs by combining 2 incomes(One From Manufacturing Activity & Consultancy Services)is Covered under Sec 44AB??? Plaease mention the Case Laws for the refrence.