assessee had already shown credit of Rs. 1,80,000 in his capital account for the year 2006-07 and on scrutiny declared such credit as gift received from non-relatives by submitting all the relevant documents as required by officer. AO make addition of such credit as gift u/s. 56(vi). Now is it the case of furnishing inaccurate particular of income entail penalty u/s.271(1)(c) ?

Sir,
A person has given the donation to a trust under the 85% Scheme.From such amount Trust purchase a Building for social purpose.can Trust can claim depriciation on such building.If yes,please provide appropiate judgement or any provision.

Can anyone give explnatory note on the section 195 amedment on issue of For. no.15CA and Form no.15CB ?

Whether these forms to be issued in all cases or only the cases of TDS liability ?

I have received the reply from Shri Aditya Maheshwari . That means the forms should be subitted even there is no TDS liability i.e. even in the case of purchases and sales ( exports and imports ) of materials where no TDS liability arises, then also Forms 15CA and Form 15CB should be submitted.

Hello Friends, i want a clarification on the following issue:

" Wether payment to a party Rs.30000 through net banking would be disallowed"
Please explain this.

a house property give on rent @ 100000 p.m.
by me and i also charge service tax@ 10.30% on it rent amount. lesee party is corporate assess. pls tell me wht amount of tds in this case.... i think tds rate would applicable 15% in this case..........?

WE HAVE PURCHASED FURNACE MACHINE FROM UK AND INSTALLED.AFTER SOME TIME THE SAID FURNACE MACHINE DAMAGED BY FIRE.FOR THIS THE ENGINEERS FROM UK CALLED FOR SERVICING THE FURNACE ON PAID UP SERVICES.THE CONCERN HAS NO PERMANENT ESTABLISHMENT IN ANY PART OF INDIA.WHETHER TDS IS APPLICABLE U/S 195 ON PAYMENT ? OR THE SAID CONCERN IS NOT TAXABLE UNDER BUSINESS INCOME UNDER PARA 1 OF ARTICLE 7 OF DTAA OF UK FOR SERVICES OF MACHINE.

I want to complete details of all deductions with allowable limits under this sections

Will anybody be able to provide the needful



Thanks in Advance

Tribhuvan Purohit

My client (Senior citizen ) is having Fixed deposits in Banks, Investment in National Savings certificates, etc., He has also invested in 5 year Tax Saving fixed deposits & Claimed exemption under section 80-C during the assmt; yer 2007-2008 & 2008-2009. Being senior citizen he has also filed Form 15-H to Bank for Non-deduction of TDS . Nominations for the said deposits have been made in the name of different family members like wife, son, daughter in law, grand children and daughters etc., Each year he is reporting the Income from the said deposits in his I.T. Return. As under. .

a)Interest in respect of Bank deposits is reported on accrual basis as per the certificate obtained from the Bank.
b)Interest in respect of NSCs reported as per the table provided in I.T. Ready Reckoner.
He expired on dt; 17-8-2008. My doubts are as under.

1) In whose a/c the interest received on the said deposits for the period after his death i.e, from 18-8-2008 to 31-3-2009 should be reported? Whether it should be reported in Nominees a/c OR Can we continue the I.T. file of the deceased person even after the death till the maturity of the said deposits. The said deposits will mature after the period of 3 to 4 years.
2) Can Nominee file Form 15-G for Non deduction of TDS ? The Bank wants to deduct TDS on the said deposits? In this case what will be the position. If I.T, file of the deceased person is continued till the maturity of deposits the Legal representative can claim Refund by filing I.T. Return.
3) If 5 years tax saving deposits and NSCs are closed prematurely What will be position of deduction claimed under section 80-C? Will it be withdrawn?
4) If I.T. file of the deceased person is closed on 17-8-2008 shall we debit the amount of Bank deposits, NSCs etc, to the personal a/c of the deceased person on 17-8-2008 and credit to the a/c of Nominees
Please clarify?

Asstt Year 2007-08
Co-operative Society registered under Co-op. Societies act, Govt of Bengal

Monitored by ARCS.( Registrar of Co-op Society )

Whether Income Taxable or Not ?

Banking Activities between members only witin a particular area.

whether Section 80P(2) OR Section 80P(4) is applicable ?
What is verdict of M.P State Co-op Society Ltd Vs ACIT ?
What should be the Tax Planning for years to come for Co-op. Society ?

Experts are requested to Send viwes with proper Information so that it can be furnished to DCIT ?

VERY URGENT
CA. Bikas Ch Saha

dear experts can i attain a scrutiny with the income tax officer on my clients behalf. my self a Gradutate form mumbai univesity, profession an accountant + as i have incometax knowledge i make client and file their income tax returns. plz help with sections and procedure how i can attain a scrutiny. thank yo all.