My client has sold some of its house property for which incurred cost of improvement of Rs 145000.00,
The total area of House propert is say 3.5779 Acres and it has sold 1.6 acre in 2008-09, but incurred cost of improvement in the financial year 2009-10 when he sold .359 acres from the balance property.
What is the way to avail the cost of improvement for the part of property sold in financila year 2008-09 i.e. 1.6 acres.
Beacause my cllient promised all buyer to provide that facility at the time of sale in 2008-09. Please guide me on what stand i can get deduction of that proprtionate part of property sold before incurring of cost of improvement.

Thanks & Regards

DEAR EXPERTS

MY QUERY IS REGARDING SECTION 25 COMPANY RUNNING AN EDUCATIONAL INSTITUTION ON NO PROFIT NO LOSS BASIS (FOR CHARIATABLE PURPOSE) AND TURNOVER OF THE SAME IS LESS THAN 1 CRORE AS PRESCRIBED UNDER INCOME TAX ACT.

NOW MY QUESTION IS WHEN THE TAX AUDIT IS REQUIRED TO BE DONE AND WHAT IS THE FORM TO BE USED FOR 10 (23C)(iiiad).
SINCE FORM 10BB IS USED FOR THE EDUCTIONAL INSTITUTIONS UNDER CLAUSE iv, v , vi OF SECTION 10 (23C). BUT NO WHERE CLAUSE iiiad of section 10 (23c) is mentioned.

please reply.

Dear Expert,

we deducted the TDS u/s 194c which should be deducted as per sect 194I, now the ITO is asking us to pay the differential rate of tax amount to them.

But the service provider on whose amount this tds is done, has filed the return and paid the tax amount accordingly.

if we pay the amount as per ITO, it will become double payment of tax (service provider already paid on his sales).

hence in this case what i have to do?

one of my client made a loan of Rs 100000/-to her wife which was paid back to his HUF by the wife.Both are by account payee cheques.Will it attract section 269SS or 269T?

CAN COPYRIGHT OF MOVIES AND SONGS GENERATED/PURCHASED DURING THE YEAR BE AMORTISED OR/WRITTEN OFF IN THE SAME PREVIOUS YEAR AS PER INCOME TAX ACT, 1961.

PLS PROVIDE JUDICIAL CASE LAWS(IF ANY) AND RELEVANT PROVISIONS REGARDING THE SAME.

In Balance Sheet an individual has shown in Liabllities as 60 laks as capital account, and sundry creditors as 20 lakhs loan recd as 10 lakhs and tallied with Asset Side with 10 thousand as cash in hand, 1 laks at cash at bank and balance as land and buildings. For availing loan Banker is asking bifurcation of Capital Account. How to show details of capital account. Kindly guide. This is very urgent

Can Department use information gathered from private sources as evidence against assessee

PLEASE PROVIDE THE RELEVANT CASE LAWS ALSO.

hello sir i want to know whether duties, taxes, cess or any amt payable under any law will be added in valuation of closing stock as per sec 145A of IT Act if such duties & taxes r refundable i.e Input Vat, Cenvat etc. since these r not part of our cost hence should not be added in valuation of closing stock

one more ques is whether provision for excise duty is required to be made at end of year in respect of finished goods not removed from factory as per guidance notes of ICAI

if yes what will be its treatment & accounting for such provision
(journal Entries) & if we debit it in trading a/c will it constitute d part of closing stock value as cost of production ?

please explain d above point in detail in respect of AS-2, Guidance Note & Sec 145A of IT Act


Thanx in Advance

One of my client is NRI dureing F.Y 2008-09. In india he has Income from Dividend Rs. 189000/- (He receives this dividend as indian resident). He also have income from Interest on NSC, Bank FD and Savings Bank Interest.Rs. 100000/- and He has LTCG on Land Sold is Rs. 82000/- Please tell me his tax liability for F.Y 2008-09.

P.S He also have Income in US about $25000/-

A Ltd. is a US based company and B Ltd. is an Indian Subsidiary of A Ltd. A Ltd. pays salary to the employees of B Ltd. its subsidiary directly into their bank account. Please note that B Ltd. does not pay any salary to its employees. (All the employees are Indian resident)

In this case who is liable to deduct TDS on salaries of the employees?

Also A Ltd. has paid salary to the employees before the incorporation of its subsidiary i.e. B Ltd. Then on what amount TDS is to be deducted and by whom? Also suggest the accounting treatment of salary in the books of B Ltd.