Hello Experts,


1) Under which section Interest paid for late payment of TDS is disallowed

2) Under which section amount debited to profit and loss account relating to previous year is disallowed.

e.g. If in last year provision for telephone bill, electricity bill or any other expenses is not made and debited to current year P&L account, under which section this amount will be disallowed. (OR whether this amount will be disallowed or not ?)

3) Any excess or short provision of previous year, transferred to P&L a/c, whether disallowed or allowed in current year.

4) If an society want to claim deduction u/s 80P, but didn’t filed return of income since it’s incorporation (From last 12 years), But now the society has filed ITR for FY 2008-09, can he claim deduction u/s.80P for FY 2008-09.

In this case what is about ITR & section 80P for last 12 years. (Note there is tax audit applicable to society till date, i.e. turnover is not exceeded more than 40 lacs.)

5) can we debit to P&L account loss on account of Futures & option.


Please give me answer (s).

I lost my FBT challan, I want the detail of that challan, any body give me the answer how to get the detail of the challan
Is there any website to find the Detail of FBT Challan

I've query on ESOP Trust. Pls guide me me on this.
My client is a listed company. They have created a ESOP Trust ( Employee stock option trust) for alloting shares under ESOP scheme. Shares have been alloted to the trust in the year 2006 at Rs .51/-. Now the shares are transferred to the eligible employees at Rs. 211/- as per the Esop scheme. I would like to know how the difference between Rs. 211/- and Rs 51/- will be dealt in the books of the trust. Is it taxable as long term capital gain.

I'm of the opinion that it is not taxable by applying the principle of mutuality. Since the beneficiaries are employees and the transfer is being made to the employees, the difference of income is not taxable. Is my view correct? Kindly give your opinion.

Dear Experts,

According to AS-5 Prior period items is to be disclosed separately. What is the impact of these items under Income Tax Act and Companies Act? Whether it will be allowed if tds is deducted under I.T. Act, and what is the significance under Companies Act?

Regards,
Shashi

There are three snario:

1) Expenses booked under the head rent during April ,2008 and TDS deducted on the same at the time of booking the expenses but deposited during April 2009.

2) In the above case the assessee has depoisted part of TDS on due date and balance during April , 2009
3) In the above case only CESS and Surcharge remains to be deucted during April ,2008 which has been deducted on 31.03.2009 and deposited ON 07.04.2009

What will be tax treatment in all above cases.

A company has acquired plant and machinery, in the py 2006-07 eligible for additional epreciation u/s 32. however company did not take additional depreciation in the PY.
can the company now claim additional depreciation?

is there any provision or judgement which says that additional depreciation can be claimed in the initial year of its acquition only??

Respected Sirs ,
One of my clients rcd show cause u/s 271(1)b of the act , after rcving we realised that notice was served u/s 143(2) on the wrong address and returned back . since notice was not served in limitation period at the right address , we didnt attend scrutiny proceedings , assessee filed affidavit stating no notice has been received . AO says he will issue show cause u/s 148 . my question is ...can a show cause be issued u/s 148 , when initiation ( by issuing a notice ) of proceedings is commenced u/s 143(2) . can he start 148 before completing 143(3) . His issue is he cant complete 143(3) cos we have challenged his notice and not attending . i told him 144 is a better choice by taking us as assesse in default . Any advices ?

Dear All,

One of my client (Individual) had paid for installation of electricity transformers, ownership of which was transfer to mseb immigiatly. Now the subject matter is that, whether is it treated as capital or revenue expenditure?

If it is treated as capital expenditure at what rate depreciation is to be charged?

Dear All,

What is the kind of Gratuity (approved / unapproved)provision that is disallowed u/s 40A(7) and 43B?

In Form 3CD if we disallow gratuity provision u/s 40A(7),do we need to show the same amount in annexure related to items disallowed u/s 43B.

Thank you