hi to all can anybody tell me till nw i was filing the returns from lucknow and got recently shifted to delhi do i need to send the requiste documents to lucknow after efiling and hw should i find out that in which range i will fall and which address i need to give delhi or lucknow.

whether expenditure incuured for mobile phones bills under corporate poliy will be liable for T.D.S or not . If yes then under which section and if not then related case law.

Hi,

I just wanna know that in Form 26AS

What is the Meaning of "Status of Booking (P/F/U) @ "

Thanks & Regards

Praveen

Whether the provisions of 139(9) relating defective return have been amended?

MY CLIENT WILL BE RUNNING VESSEL OWNED BY FOREIGN COMPANY ON COASTAL TRADE IN INDIA. FREIGHT IS PAYABLE BASED ON CARGO LOADED AND RATE FIXED AS PER CHARTER PARTY AGREEMENT BETWEEN MY CLIENT AND FOREIGN OWNER.
AFTER EACH VOYAGE THIS PARTCULAR FREIGHT HAS TO BE REMITTED TO FOREIGN OWNER.
MY QUERY IS WHETHER WHILE REMITTING ANY TAX HAS TO BE DEDUCTED AND UNDER WHAT SECTION

Dear Sir,

A company is into money lending business. however it lends money to its subsidiary company without charging any interest. My query is that is it possible for the company to lend money/ advance loan to its subsidiary without charging any interest? What will be the legal implications for this?

My client sold a piece of land for Rs. 2 lac to her husband. Both are happily married and the same was not a consideration to live apart.

The circle rate of the land was Rs. 15 lac. The ITO after applying section 50C added Rs. 13 lac in the income of assessee and initiated penalty proceedings u/s 271(1)(c).

My client always remained under the bonafide belief the she is making a gift to her husband (which is apparent from the value of consideration).

That it will be not out of place to add here that instead of executing a clear ‘Gift Deed’, she executed a ‘Sale Deed’. It was a technical lapse but my client still rely on the legal opinion and judgment of the Hon’ble High Court that ‘a Sale Deed executed for an inadequate consideration shall be a deemed gift’. Merely because a Sale Deed has been executed, it does not take away the character of the transaction as gift. In this context reliance was placed on the judgment of the Karnataka High Court in the case of Sanjeev V Kudwa vs CIT (1981) 127 ITR page 354

She remained under the bonafide belief that exemption u/s 47(iii) of The Income Tax Act is available to her which excludes Capital Gain on transfer of property under a gift.

My question:
1) Is the ITO right in adding 13 lac to the assessee’s income ?
2) Is he right in initiating penalty proceedings u/s 271(1)(c) ? (keeping in mind that she never hide or furnished inaccurate particulars of her income as the same was disclosed in detail by way of note in the computation of income in Form 2D for the assessment year 2006-07).

…thanx

let me know the tax implication in following case.

my client is providing clearing & forwarding services in india and also getting cleared & forwarded by clearing & forwarding companies outside india.

Situation :
My client got a consignment cleared from custom by an american clearing & forwarding company.
the american company raised a bill for providing service in america but my client credited his account for the bill amount but did not pay in monetary form because there was mutual agreement that my client will provide ticket whenever american company's employee comes in india.
the american company employee came and my client provided ticket and debited his account for the cost of ticket.

Please suggest me tax implication keeping in view DTAA with America.

HI... This is Karun, Nwe user here.
I just want to know that if we are deducting TDS for Professional Charges from any Party's payment, how could we get that whether the party is coming undr the surcharge slab or not............

for example.....
ABC co. deducting TDS from the Professional Services provided by YZ & Co., a firm..... & now i dont know whether TDS cut should be 10.30% (without surcharge) or 11.33% (with surcharge).

If we have quoted wrong pan of the vendor in filing TDS return for previous F.Y. then what to do in that case ? Do we have to file revised return for that single vendor for whole last year or is there any other way s there for rectifying that mistake like by giving a letter in writing to vendor.