In some books, leave travel concession is made taxable for secified employees(V.K.Singhania student's guide page122), but nothing such is mentioned in neither income tax rules nor act. moreover, now perquisites falling under section17(2)(vi) are taxable for all employees.
Iam confused over this topic,please help me.

Sir,

please clarify whether "Leased line chrges for lines used(owned by BSNL) for data transmition by a company to BSNL comes under perview of TDS under IT ACT.

If yes under what section


yours faithfully

G RAMESH BABU

If the assessee is an NRI and US resident and has taxable income in India then how much exact(in Rs) deductions can he claim u/s 80C-80D for following items:

1. Paid US$ 200 for life insurance on 25/6/07 to US insurance co

2. Paid US$ 100 for medi claim on 20/09/07 to US insurance co.

3. Deposited US$ 1500 as 5 yr FD in US bank on 10/01/08

4. Repaid housing loan principal amount US$ 1250 to US housing finance co. Loan is taken for self occupied flat in US only. Will he be allowed to show this flat under income from House property and claim interest deductions as well u/s 24b

i have to file the return but i dont have party's pan card. i want to know the date of formation of that firm. what should i do to find the same

My friends business is retail outlet of Reliance communication ltd. In this business his trading of Mobile is Rs. 24.00 Lacs and trading of E Voucher, top up is Rs. 1.21 Crore which is service item trading on commission basis on behalf of Reliance Communication under the name M/s. XYZ Communication. I want to know whether audit u/s. 44 AB is applicable on this business for the Asstt. year 2008-09

Dear Friends,

Payments made for hotel accomodation taken on regular baisi will be in the nature of rent subject to TDS under Sec 194-I,

Where year marked rent rooms are let out for a specific rate and specifed period or where a room or hotel has a legal obligation to provide such types of rooms during the currency of agreement construed to be accomodation made available on regular basis.
Circular No. 5/2002.

My query is :

If hotel is booked by the organisation for some trainings/Confereances, do we need to deduct tds if the room bills are raised in the name of participants but paid by the organisation.or will constued as rate contract agreement accopancy is on ocassional or causal. There is also no legal obligation on the hotel to provide rooms.

Frequency of such trainings are once in two- three months however each payment is more than Rs.120000/-. rooms are occupied for 5 or 6days for on each such occations

As per Circular No. 8/2005, dated August 29, 2005, FBT would be payable in the year in which the expenses are incurred. Therefore, FBT would not be payable on payment of advance towards expenses to be incurred in the future.

Hence FBT is not payable on prepaid expenses..

reviewing the same point again...

if FBT is not payable on prepaid expenses...the column 'ACCOUNTED FOR IN THE BALANCE SHEET' in the FBT Form is for what figures..?

Please clarify as i have observed in usual practice FBT is being paid on prepaid expenses also i.e. on payment basis...

we purchased the material from the vendor." having spicific printing and recording on cd and material is used by the vendor himself and he makes the bills by charging vat on the tatal value.
whether the tds u/ s 194c has been applicable on it or not . pls give also some evidence/ notification / circular/ section / case study. its urgenct.

maens the subject matter of printing is given by us to the vendor. pls suggest now.

Hi, Myself Pradip. We are paying to Security agency on contractual basis. Now on which amount we have to deduct T.D.S.? Is it on total amount (i.e. including service tax) or on basic amount (i.e. excluding service tax). Kindly help me in this regards.

Suppose, Mr. X is an employee of A Ltd. where there is a practice to give 3 months prior notice in case an employee wishes to leave his job.Else he will be required to compensate the company for the shortfall in notice period, if any, which is treated as notice period pay.

Now Mr.X got a new job offer from B Ltd. Mr X has served prior notice with A Ltd. but he has been pressed hard by B Ltd. to join as early as possible for which B Ltd has agreed to pay the notice period shortfall compensation, if any directly to A Ltd for the early release of Mr X from A Ltd.

Now the query is:

1)who will be liable to pay tax on this notice period pay paid by B Ltd.directly to A Ltd.

2)Can B Ltd. deduct TDS from Mr.X salary in B Ltd. for this notice period pay.

The querist shall be glad if the above querries are aptly replied.