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deposits and NSCs are closed prematurely What will be position of deduction claimed under section 80-C? Will it be withdrawn?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.

My friend form a trust & run a school 1.It's Gross receipts is Less than 1 Crore. wheather the trust should be registered under 12A?.
2.Wheather 85% of the fund should be expended in that year.
3.For claiming exemption u/s.10(23C)trust is to be registered under any section.

Regards,
Prakash.M

if there is n agreement btwn seller & buyer of a property for transfer of such property 2 months later & buyer has given an advance money of rs 100000 aginst thst property but now seller refuse to sell the property & repay to buyer rs 200000.

now my question is

i) whether whole amnt of rs 200000 will be taxable in hand of buyer or a deduction of rs 100000 already paid to seller will be allowed

ii) if it is taxable then under which head capital gain or other source

please give d computation of taxable amnt

sir if it will be taxable under capital gain then whether there is a transfer of right(intangible asset)

Respected Expert,

Which assessment year wil be applicable in May 2010 Income Tax Paper, PCE Examination ?

Is it 2009-10 or 2010-11 ?

Please clarify the same.

Regards,
N. Harish Ballal

Hi,

I am having STCL & LTCG from share trading. As per the recent amendment in Budget, can I add STT to purchase value and deduct STT from sales value and calculate STCG / LTCG accordingly.

Dear Experts,

What shall be rate of TDS for NRI who does not have/does not furnish PAN?

Request you to give your expert advice after considering section 195, 206A and section 90 of Income Tax Act 1961.

Thanks in Advance.
Juzer

1)Hello sir my grand father died in this year he puted two fd in icici bank, and that was due in sep.Or oct. My queation is we was gave form for senior citizen for nt dedut tds but bank did mistake and they didnt submit my tds form. And i loss of tds amount is 2400,he saying that they provide tds certificate. But i havent pan number of grand father because they didnt apply, so what i do? Can i apply 4 new pan number?Or any other option 4 recover my tds amount?Please say me.

2)Sir, my father is working person in private company , if i will use of him name for tds i want to file revise return and 2nd thing f.D intrest income is also add in my father income so its taxeble amount for my father and my father paid tax is 30000 this year mean 2009-10 and i m thinking if i will apply grandpa name of new pan card and then claim for tds in It and after 1 year ya will recive amount of tds & i will close grandpa bank account too after then all i will surander pan card .Is this posible?