EXPENDITURE ON FIRMS OPENING i.e. vastupuja expenses caterring and mondop expenses is liable for fbt if yes under which section

Dear Experts,

I have a doubt about payemnt of TDS.

As per the Act, TDS to be paid before due date ie 7th of next month. If i paid by cheque/draft before due date but cleared after due date.

Whether it will come under delay in payment? can u give your expert opinion with Circular reference.

I paid Mr.Das by cheque Rs. i,20,000/-
He repaid the money as cash in 2008, Rs.15,000/- each was given in 8 instalments.
Does the amount thus obtained(15,000*8=1,20,000)will be considered as my income in this financial year?,
Does the case attract section 269SS of IT Act?,
Is it necessary for me to recieve the amount only through cheque from him?.

This doubt has arised while reading the exception to SEC 269SS that it is not applicable in case of persons having only non taxable agricultural income.

TDS has to be remitted within 7 days from end of the months.

Does seven days mean 'working' days?

In case the seventh day is a public holiday/ a Sunday, will remittance on the next day be considered as payment within due date ?

I face to one problem, which is following.


I have doing a audit of Private limited company. Which is taking loan from it directores means whoes are the director appointed on the company, they are lending to company.
second part is, Director also taking loan from bank to lend to company.
company making payment of interest on behalf of Directors to Bank.
Is there made any liability of company to deduct TDS on payment on Interest?
second part is if the interest paid director firtly and then director paid to Bank in that case what is to be done?
if yes pls tell me.
or not also tell me as per income tax.

Details as follows:

01/01/05 - Loan taken from employer of 5 lac for construction of house for self.

01/07/07 - Loan taken from uncle for 7 lac to repay 6 lac to employer along with cumulative interest and balance 1 lac to deploy for construction of flat.

01/07/08 - Flat got ready. Two days later paid 7.7 lac to uncle along with interest and closed all loan a/c.

So now for FY08, assessee can claim how much deduction u/s 24B as pre construction + post construction.

Assessee worked as an employee for three year then he quit and started his own business. He closed his EPF a/c and got the refund.

For these three years he claimed exemption for the employers contribution towards EPF (within 12% of salary). So, will the total of employers contribution become taxable now

For three years he also claimed deductions u/s 80C for his own contribution towards EPF. Will the total of his own contribution also become taxable now?

What would have been the treatment, if, he had resigned after five year?

Hi all,

My company manufactures auto parts, but recently scraped and sold Rotary table (made inhouse from iron sheet cuttings could be waste) to one of its creditors and that creditor uses it as its asset, whether TCS is applicable, Rotary table was never capitalized. Please give opinion with discussion.

Regards,

Rakesh Aggarwal

Dear friends,

Please clarify me the provisions for applicability of Tax Audit on share trading transactions. Please also give me the reference of the relevant section/circular/ notification or clarification thereon.

Whether for the purpose of determining the turnover figure for the purpose of tax audit, the total value of sale & purchase transactions would be relevant or gain/loss would be considered? Please advise me.

Thanks

Dear friends,

Please clarify me the provisions for applicability of Tax Audit on share trading transactions. Please also give me the reference of the relevant section/circular/ notification or clarification thereon.

Whether for the purpose of determining the turnover figure for the purpose of tax audit, the total value of sale & purchase transactions would be relevant or gain/loss would be considered? Please advise me.

Thanks