Whether intrest charged On Unsecured Loan
is loan accepted during the year

as loan taken during year 500000
intrest charged 36000

is loan taken 500000

or

536000

in colum of 269SS in Tax Audit.

Is Interest charged on Loan during the year

added Or not

in Loan Taken /paid during the year Colum

Plese Clarify

An individual has the following income structure for A.y 2007-08.
PGBP - Rs.100,000/-
B/fd Business loss of A.Y 2006-07 - Rs.200,000/-
He doesnt file Return of income for A.Y 2007-08.

For A.Y 2008-09 he has PGBP of Rs.250000/- and he files Return before the due date.
Issue:-
1) will the loss of A.Y 2006-07 be allowed to be b/fd?
2) How much will be allowed to be set off in A.Y 2008-09 :- the whole loss OR Rs.100000/- (i.e loss after setting off the income of A.Y 2007-08)? (if possible pls provide justifications for the answers)

Thanks.

Clause 21(b) of 3cd states liabilites of sum referred in section 43B not paid on or before the date of filling return is disallowed. However, if service tax payment is outstanding on 31.3.08 and not paid before 30.9.08 due to non-receipt of payment. Is this also diallowed u/s 43B. However, as per service tax act, service tax payment liability arise only when entity receives payment actually.

Sir,

If the company sold the a car which are in use of official work at a 50% of its WDV to its Manager . definetly co. will face loss for that, but tell me any other FBT coverage for sale of tangible assets

Dear Sir/Madam

A logistics company buys space for Rs.40000 and sells the same space in parts to three different parties from which they get Rs.55000. Whether the turnover to be accounted is Rs.55000 or the net figure of Rs.15000(15000 is their actual income, from which they deduct all expenses and arrive at the profit). Whether this accounting is acceptable as per IT Act?

Regards,

author : Pavan Faliya
Posted On : 8/31/2008 6:15:36 PM
Gross Annual Value is Rs.36000
Municipal Taxes paid Rs.50000
Net Annual Value Rs.(14000)

Query is whether 30% Deduction of Sec.24(a) Should be taken on negative NAV ?

We have practice of taking deduction of Sec.24(b) of interest on Loan even if there is no NAV.

Sec. 24(a) does not say that we can't take deduction from negative NAV.

Please answer.


Answer: In This Case Deduction Of Muncipal Taxes Will Be Available Upto Amt of GAV.

NAV Will Become Zero.

author : K.Sridhar
Posted On : 8/31/2008 7:20:17 PM
Dear Sir,

Suppose this is a Security Bill.
Amount Rs 21000
Service Tax Rs 3000
Total Rs 24000
How to deduct TDS u/s 194(c).Is it tds is to be deducted on Rs 21000 or Rs24000.Here Service Tax element is taken in to consideration or not?

Regards


Answer: Actually It Should Be Deducted On 21000/-
But Many People Opine That It SHould On 24000/-.
Anyways If U Deduct On 21000/- It Won't Tantamount to Any Non-Followance Of Any Law.

hi frnds pl. give me details knowledge about sec.40A(2) exp.&pay.not dedu.under act

Dear Sir,

Suppose this is a Security Bill.
Amount Rs 21000
Service Tax Rs 3000
Total Rs 24000
How to deduct TDS u/s 194(c).Is it tds is to be deducted on Rs 21000 or Rs24000.Here Service Tax element is taken in to consideration or not?

Regards