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

During the previous year March 31,2009,Mohan a salaried employee(age 40 years)received Rs 3,00,000as Basic Salary and Rs 20,000as arrears of bonus of the Financial Year 1994-95.During the Previous Year 1994-95,Mohan has received Rs 50,000 as Salary. Mohan deposits Rs 2000(during 1995-94)and Rs 10,000(during 2008-09)in Provident Fund

Pls give me solution regarding this.

THANKS®ARDS.

GIRISH

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X (Indian) company have an agreement with Y (foreign) enterprises for technical support. Now, X company want to pay technical fee. At what % the TDS Should be deducted. (AS per the IT ACt the agreement should be either as per industrial policy, or its should be approved by the central government.) how to check whether its as per industrial policy or not please give the details and suggestion.

An assesse defaulters with the bank having mortgaged property is auctioned by lender institution and has capital gain not realised but adjusted towards dues of the defaulter with lender. Taxability in the hands of defaulter assesse in view of the fact that consideration has not been realised to the assesse and no other source to pay taxes.

Hi All,

If a Company is a Section 10B Company (STPI Comapny) covered under MAT Section i.e. Sec 115JB, liable to Pay Tax @ 10.30% on it's Profits.
At what Rate should the Calculation of Interest u/s 234 C be done for Qualifying Amount on which Interest is to be Calculated.
For e.g. If Advance Tax Paid on or before June 15 is less Than 12% of (Tax on Total Income Declared in Return of Income Less Tax Deducted At Source)----Amount on which Interest is Payable is = 15%(Tax on Total Income Declared in Return of Income Less TDS Deducted Less Advance Tax Paid till June 15)
Now, for calculation Tax on Total Income Declared in Return Of Income -- Rate should Be Normal 30.90% or MAT Rate 10.30%?

Please advice.

Thanks
Mohit

I am a broker between manufacturer & buyer for certain restricted item, wherein the transportation cost is to be borne by me but the Invoice is raised in the name of the Consignee. The transportation charges are payable in CASH only.

Niether the manufacturer, buyer or transporter is ready to enter into a written agreement of any sort.

The commission is paid by the manufacturer through a/c payee cheque.

How should i record transportation cost in my books?

Clearing & Forwarding agent has given a bill where expenses incurred by him & his service charges are mentioned. He has given the bills of parties for Expenses incurred on behalf of company attached with the combined bill .Now tds should be deducted on whole bill amount or only his service amt. Please reply .

Dear sirs,

I want to know If I didn't file my Business Return for the Year 2006-07 but I have file till 05-06 and tring to file till 2008-09.
I think we should file return for the year 2007-08 & 2008-09.but what about 06-07 ? by paying Panelty of Rs.5000/- can we file the return or not ?
If panelty has to pay, where we have to pay all the panelty from which challan ?
if its ch.280 or other ?

Pls help me ?


thanks in advance

is there any circular/ notification in the matter that, where a survey u/s.133A has been conducted & the income disclosed thereat is more than the income of preceeding year, than such assessee can not be taken up for scrutiny???

if yes, where can i find that notification/ circular?

thanks