Hello,

We request any one to clarify this issue.

Our is an Apartment Owner association and we’ve collected Rs.1 crore from all members and Fixed deposited at Nationalized Bank.
Bank deducting 20% of our returns towards TDS. Our Auditor asking us to pay 10% advance tax in addition 20% of TDS since the Interest income should not be clubbed with any other income and this income may not be allowed to claim expenditure of Building maintenance, any other expenditure.

1. Why Interest Income need not spend for building expenditure or any other expenditure?

2. Is it mandatory to make advance tax 30% on all Interest returns?

Regards.
C.K.PRAKASH,

from october 1st 2009 no TDS has to be deducted on payment made to Transport contractor if he furnishes his PAN no. Deductor who make payments to transporter without deducting TDS ( as they have quoted PAN) will be required to intimate these PAN details to the income tax department in the prescribed format. I want to know what is this prescribed format ( form no. if any) and the last date for intimation about non deduction of TDS to income tax department.

Where machineries purchased by loan on hire purchase from NBFC repaid on EMI basis and the finance charges/ interest are debited to Interest Account at the year end, whether this interest/finance charges are subject to TDS u/s 194 A

Deduction u/s 80 IB (10)
If the land acquired by Banakhat and on the basis of development agreement, scheme developed and sold out to members by developer, deduction u/s 80IB(10) is questioned by the I.T.Deptt.as the land was not transferred in the name of the developer.
Kindly quote the judgement if any

Due to abolition of FBT, now the food coupons will be categorized as perquisites in the hands of employee if as per rule 3 value of meal exceed Rs.50 per meal.
Any one can suggest a maximum reasonable limit of food coupons we can give to employees per month as per rule? I am asking because I got an information from Accore serivces Website as follows,

"If you opt for Ticket Restaurant® Meal Vouchers @ Rs. 100/- per working day, instead of cash in your salary, the tax you save on Rs. 31,200 i.e. (Rs. 100/- x 26 days x 12 months)"

Is it possible to give Rs 100/- per day ?

For Ref: http://www.accorservices.co.in/ProductAndServices/TicketRestaurantMealVouchers/Pages/FAQ.aspx

Dear Member
I have an query regarding Partners capital Interest.
In Deed it was mentioned that 11% interest was allowed to partners.
During the year partnership firm did invested of sum amount in MF which is not its primary business and earned X amount. On that amount they paid Capital Gain tax.
During the year firm paid Interest To partners as per the Partnership deed.
Now AO is saying that he ll disallowed the payment of interest to partner on the ground that it is not a business activity.

Thanks & Regards
Niraj Chordia

how to give cash gift to parents which is tax exempted.
please tell.

We had electronically filed an ITR 2 on 26.09.2009 of an assessee who was the partner of a partnership firm liable for audit u/s 44AB. Although digital signature was attached with the return at that time, but on later review, it was found that digital signature was not properly attached. In the assumption of digital signature being affixed, we haven't send the acknowledgement Form V to Bangalore.

Now what is the remedy for the same ?

Whether ITO can add back the Cash Sales, when an assessee is not in position to give the name and addresses of all the buyers,, even though the entire sales has already been declared in the Profit and Loss a/c
Please do reply me at sarjiwan@in.com
+9855738904
I shall be thankful to all of you

U/S 44AE transorter is supposed to get his accounts audited only if he/she/it owns more than 10 vehicles in previous year.
Case - A transporter purchases 2 heavy vehicle and applies presumptive basis of income(3500P.M/P.vehicle).Next year it purchases 15 more vehicles thus falling under the ambit of tax audit. in such circumstances can he claim depreciation on the old(2 nos)vehicles on actual cost for tax audit purpose? Please help....Thanks in adavnce for replying

Dear Experts,

One of my client has availed house construction loan for one of its property. Only a year has passed since the construction is over. I have a query whether a person can claim deduction of unavailed Pre construction interest for the remaining period even if has sold its property

Kindly quote circular no or caselaw reference if any

Regards & Thanks in advance