Sir, one of my client had commenced windmill project during the year 2006-07 from april 07. He had claimed depreciation @40% instead of 80% and for the balance income after deducting the above depreciation he had paid Income tax. Whether can he claim depreciation @ 80% for the FY 2007-08 from the opening WDV or whether it is possible to file a revised return and get refund of tax paid for the year 2006-07

what is it

Please guide, how the TDS provisions are complied with if a company do not directly incur the expenses but makes the reimbursement of expenses to the staff, in the 2 situations mentioned herein below.

1. Invoices are in the name of employee.

2. Invoices are in the name of company but payment was made directly by the employee and later on reimbursed by the employer.

Whether thare are any amendment or any new changes in 3 CD form or 3CA or 3CB applicable to financial year 2007-2008( Assessment Year 2008-2009) as compared to financial year 2006-2007 (Assessment Year 2007-2008)for tax audit purpose ?

If yes, then please provide new form 3CA Or 3CB Or 3CD, if applicable.

Please provide immediate reply.

Thanks,

Snehal

DEAR SIR,
IN WHICH SECTION TDS IS TO BE DEDUCTED ON HIRING OF CAR & OTHER HIRE CHARGES LIKE ELECTRIC EQUIPEMNETS ETC.

AND ALSO PLEASE TELL ME THAT WHETHER TDS WILL BE DEDUCTED ON SERVICE TAX OR NOT??

THANKS AND REGARDS

VAIBHAV GORECHA

If any amount is deducted from a party wrongly and also deposited, then in such case how it can be adjusted or revised? can the money deposited wrongly be adjusted in any other party account?

On hiring of car whether TDS would be deducted as rent(u/s 194I) or as contract (194c)

REGARDING BONUS:

Computation of Bonus payable for the year involves an elaborate process. It starts with adjustments to Net profits earned during the period( Please refer Section 4 and Second Schedule of Payment of Bonus Act, 1965).


REGARDING TDS ON SALARY INCOME:

Bonus shown as payable to employees is taken into consideration for computation of tax on Salary income of employees . Further TDS deducted from salary is to be paid to IT dept before 7th April( For March month)



CONCLUSION:

It means the bonus computation is to be finalised before 7th April of a year. For this company has to finalise its balance sheet before 7th April.



ISSUE / QUESTIONS:



1) Can anyone please let me know how do companies practically manage to finalise a Balance sheet before 7th April?



2) Even if the company somehow manages to finalise its balance sheet before 7 April, there is possiblitlity of Auditors recommending some changes to finalised Accounts sometime later than 7 April. How do companies deal with that?

my client senr rs 5 laksh with his employee during f y 06.07 for purchase og goods .and the employee went abconding. this was shown in the books as receivavable from him.
now the police have arrested him and said that the amount is irrecoverable. the business was closed during the f y 07-08
how can he set off this loss
how to adjust this entry