Due to oversightness in TDS payment double payment has made for TDS on rent in last financial year . During F.Y. 2008-09 payment has already made for TDS on 7th March 2009 for February month, but the same payment has again made on 7th May 2009.

Kindly suggest how we can adjust the same in our books of accounts and claim refund for excess payment of TDS.

Is it necessary that the new residential property bought should be in India? If it is purchased in Foreign Country,Exemption allowable or not?

All the other conditions fulfilled.

Please Reply. Advance Thanks..

Manikandan.A.V

Suppose a person books a house,which is under construction and the possession will be given in DEC. 2010. There is an agreement to sell. (Down payment for booking being Rs 4 lacs).

Now, till DEC. 2010, the person stays in a flat from 1st April 2009 to 30th Nov.2010, which is hired by him (rent being Rs.10,000 /- p.m.) and the company pays Rs.12,000/-. p.m. as HRA.

Loan from bank (Rs 24 lacs) is taken on 1st Oct. 2009 @ 10% p.a.

1) How the Total Income will be computed for A.Ys. 09-10 and 10-11 ? (Assume salary is Rs. 35,000/- p.m.).

2) Also, if in the case of the flat taken on rent, the deposit amount of Rs.30,000/- and rent is paid in cash, can the benefit be claimed in IT (is it sufficient to show the agreement) ?

Sir,

As per sec 40(a)(ia)

Any interest, commission or brokerage, rent,royalty,fees for professional services or fees for technical services or contract money which is PAYABLE, to a resident
on which tax is deductible at source under Chapter XVII B and such tax has not been deducted or, after deduction, has not been paid during the pervious year, or in subsequent year before the expiry of the time precribed under section200(1), shall be disallowed as a deduction in computing the income from business or profession.

My quary is that if the expenses is actully paid during the financail year without deducting Tds then also Sec 40(a)(ia) is applicable.

What was the last date to file the return in case of individual for the assessement year 2007-08. who is the director in a co whose accounts should be audited.

My Client have filed his ITR on 30.09.2008 for the AY 2008-2009 my question is now he is in receipt of Notice u/s 143(2) & 142, whether it is valid notice or not. in view of new circular regarding Selection of Cases for Scrutiny. Please sugest me
Thank you
Zafarulla khan

HOW CAN WE FOUND THE PAN OWNER`S DETAILS (ATLEAST NAME)THROUGH PAN NUMBER?

PLEASE TELL.

THANK YOU!!

An employee in a company requests its Finance team to deduct TDS from July Salary onwards and not from Apr itsel. His total tax liability for the year will be more than 50000. Can the company do so or there is any rule that TDS be deducted every month?
If Company agrees to his request, will not the provision of Advance Tax deposit be considered as not obeyed? Who will be considered as on defalut then?

Hi,

If a Company purchases some furniture say 1 executive chair costing Rs 4000/-. Will this need to be capitalized as per either Companies Act or Income tax Act.?
What if there are 10 chairs purchased in single bill totalling an amt of Rs 45000/-?

What if it purchases 10 chairs of different dates via different 10 invoices of Rs 4500 each?

Experts pls keep query OPEN after your replies to let other also to comment.

An employee receives Salary from his employer which does not include any component by name of Medical or LTA but can he still claim Medical benifits upto 15000 and LTA expenses as per IT rules while filing his ITR?