Suppose X is a director, the company by virtue of the terms of agreement pays directly the mediclaim premium to GIC. Is it taxable in the hands of employee and can he claim section 80D deduction or it is a business expenditure of the company?

Suppose, y is an employee who pays the mediclaim premium and submit the receipt for reimbursement to the company. Will it be taxable in his hand? Can he claim section 80D benefit?

I received some amount from my PF withdrawal acount from earlier employer(TRust fund).They deducted TDS 30.9%.

Where can i show this PF withdrawal amount in ITR 2? for eg ( Salary(which head), Income from other sources)?

are interest from US 64 Bond and RBI Bond tax free

is it possible to submit audit report prior to submission of return?

thanks

Dear Sir/Madam
There are only two partners and partnership is at will. Both decide in month of Sept,09 to dissolve the firm and accordingly firm is dissolved in the month of OCt.2009. One of the partner retains the asset and the business, while the outgoing partner receives consideration amount. However the balance sheet is drawn only till 31/03/2009. Thus the query is that can the outgoing partner pay its capital gain tax on the basis of particulars stated in balance sheet for the year 31/03/2009?

A Partnership firm is having accumulated loss to be carry forward and current year also the firm is having loss, but the return for current year is not filed with in the due date, so he is not eligible to carry forward the loss of current year, but is he eligible carry forward the accumulated loss?

What will be the treatment of Prior Period items in Income tax.

Whether the income will be taxed in current year or in the year to which it pertains ?
Please quote relevant reference. Thanx.

kindly sujest what will help to pass the exam of income tax as no couching availableand i am not so good at it

plz reply as soon as possible

Dear Sir,

If any person, who is a member of any housing society or co-operative society, has paid all the consideration amount before 1.10.2009 and wanted to get registered the property in his name from society, will the amended clause of section 56 2(vii) applicable to the buyer ?

One more question, is section 50c of the Income Tax Act'1956 applicable to housing or co-operative society, if it sells property at value less than the guidelines value ?

Our company reimburses to employees in cash the Maintenance and Petrol cost incurred on the vehicle.The vehicle is owned by employee himself. The company reimburses Rs.20 as petrol & maintenance cost for every kms travelled by the employee during the month for the official purpose.The most of the travelling kms includes travelling from Residence to Office , factories, customers, etc..

The company also maintains the records/details which includes the date of journey, destination mileage in Kms and amount (total kms X Rs.20 for each Kms).

The reimbursement amount of Rs.20 for every km is fixed on following facts:-

Normal Taxi or Meru( Cool Cab) if hired for the day will charge fare of Rs.14-15 per Km. But considering the more comfort of employee in his own vehicle the company has decided to give reimbursement of Rs.20.

We would like to have your opinion on the following:-

1.Whether there would be any taxable perquisite in hands of our employee. If the answer is No, will any kind of taxability arise to our company in view of FBT being abolished from 01.04.09 , as earlier the company was depositing FBT on this reimbursement.

2. Whether our companies contention to reimburse the employee on the basis of the above facts will hold good.If the answer is No, what can be acceptable rate of reimbursement as per Income Tax Act whereby the employee or our company could not be taxed.

3.Whether the records maintained by us are sufficient w.r.t. Rule 17.

Please give me your valuable feedback on this matter.