I have a specific case in which we have to make provision for FOREX gains for bank balances in forein currency as on 31st march 2009.

Accordingly should we take the said FOREX gain as taxable while computing the tax liability. the company has its other income exempt under section 10A. when i see the MAT provisions it has not excluded the FOREX anywhere so i have to ask the client to pay tax on this unrealised forex gain.

Please let me know whether my treatment is correct. reference to case laws and sections will be appreciated.

deduction of capital expense is not allowed in sec 37

for eg
1. ROC fees for increase in authorised capital

If Santro Car purchased for business purpose in the period 01.01.09-31.03.09 eligible for 50% depreciation?
Since the asset is used for less than 180days, whether only 25% depreciation is allowed or 50%?
And what is the depreciation rate for that vehicle for subsequent assessment years?

My client got the 12A registration from Guwahati (Assam) and now when we tried to get the 80G exemption from Dibrugarh (Assam), the Commissioner has denied giving the 80G exemption on the ground that both 12A & 80G registration should be from the same place. How far is he correct?

One of my Group Company likely to form a Employee Welfare Fund (EWF) for the benefit of the employees.Company will deduct few percentage of salary from all the employees after the declaration and Company also contribute large amount of funds to the EWF. Now question is whether that amount is allowed as deduction under the Income Tax Act or not, if yes, under which section

Dear experts

Could you please let me know the language of certificate regarding 'opening balances' and 'balances of Debtors & Creditors' to be obtained from a proprietorship concern for the purpose of tax audit. The assessee is for the first time under tax audit.

Thanks in advance

SIR,
A PERSON HAS A NURSERY AND FROM IT HE IS SELLING PLANTS. NOW HE HAS NO ANY OTHER INCOME. WILL THE INCOME FROM THE BUSINESS BE TOTALY EXEMPTED?

Dear Sir,

I have purchased a flat jointly and now I would like to claim deduction u/s 80C for Stamp duty and registration. I will get possesstion of flat in November 2010.

Can both of us take dedctuion u/s 80C in the FY 2009 -2010.


Kindly clarify and oblige.

Regards,

Vijay

Does the cases chosen for scruitiny under CASS are only those which come under compulsary scruitiny norms issued by CBDT or other cases can also be selected in CASS? I ask this because I have received several notices for scruitiny this year and none of them as far as I can judge have any point to cover them under mandatory scruitiny. I would be highly thankful if someone explains the system of selection under CASS.

Dear Sir

We are paying Rs.3000/- to our 4 employees against reimbursement of petrol expenses. It is a part of their salary. Before this budget we paid FBT on the same, but after the budget FBT is abolished. Then my query is that now we are not paying FBT on it, then is that reimbursement is taxable in the hands of employee? We need to deduct a TDS on it or not?
All employees are submitting petrol expense bills for reibursement every month.

Regards
Anil