author : Vivek
Posted On : 8/29/2008 3:32:22 PM
Hi,

Please tell me whether TDS needs to be deducted on bill recd for extension in domain name.

I recd a bill of Rs.5000 saying Renewal of _____.net for 1 years.


Answer: Yes.

But Only if Amt exceeds 20000/- (single payment or 50000/-(in a Year)

author : V.RAVIKUMAR
Posted On : 8/29/2008 3:34:59 PM
pl.send me the income tax rates for the year 2008 -09.Assessment Year 2009 -10.
.

With Regards,
Ravi

Answer: Indivual Male Below 65
Upto 1.50 Lacs - Exempt
1.50-3.00-10%
3.00-5.00-20%
5.00 & Above -30%

Indivual female Below 65
Upto 1.80 Lacs - Exempt
1.80-3.00-10%
3.00-5.00-20%
5.00 & Above -30%

Indivual above 65
Upto 2.25 Lacs - Exempt
2.25-3.00-10%
3.00-5.00-20%
5.00 & Above -30%.

Company X Ltd avails services for repair of machinery on 30 March 2008. The service provider raises a bill dated 30 March 2008 on Co X Ltd for the services availed which is received by the Co X Ltd on 2 April.
The Co. X Ltd after being fully satisfied with the services availed gives credit to the party on 12 May 2008 and makes the payment on 23 June 2008 and subsequently deposites the TDS on 12 July 2008.
Is the policy followed by the Co X Ltd correct as per the Act?
Can a Company book an expense of a date different from the date of Invoice received from the service provider for the same?
What should be the correct accounting for these types of transactions?

Answer: No

TDS Is To Be Deducted At The Time Of Payment or Credit to the party whichever is earlier.
Since in your case credit in done on 12.05, TDS is to be deposited by 07.06 or else 1% Interest Per Month or Part Thereof Is to be Paid For Delayed Payment.

author : Rabindran
Posted On : 8/29/2008 6:11:47 PM
A direct marketing agent (Amway) got his commission (below 10 Lakhs) after deduction of TDS. He has not saved many bills although he has incurred considerable business expense.
Is there any percentage of Net Profit he must show so that he can get a reasonable refund without being hauled up for scriutiny

There is No Fixed Since Cases Are Selected Thru Computer Software.
There Is A Criteria For Minimum Profits in each area.
I Suggest U Not To Take Profits Below 7.50%.

author : JACKIE
Posted On : 8/29/2008 10:35:43 PM
is transfer of ca articleship within city allowed

Answer: Yes.

According to sec 245 A ,”case” means any proceedings for assessment pending before an assessing officer on the date on which application to the settlement commssion was made.
Assessing officer definition u/s 2(7a) does not include commissioner or commissioner ( appeals)
On the basis of above whether we can file an application to settlement commission regarding a case pending before commissioner or commissioner appeals?

According to sec 245 A ,”case” means any proceedings for assessment pending before an assessing officer on the date on which application to the settlement commssion was made.
Assessing officer definition u/s 2(7a) does not include commissioner or commissioner ( appeals)
On the basis of above whether we can file an application to settlement commission regarding a case pending before commissioner or commissioner appeals?

A direct marketing agent (Amway) got his commission (below 10 Lakhs) after deduction of TDS. He has not saved many bills although he has incurred considerable business expense.
Is there any percentage of Net Profit he must show so that he can get a reasonable refund without being hauled up for scriutiny

Company X Ltd avails services for repair of machinery on 30 March 2008. The service provider raises a bill dated 30 March 2008 on Co X Ltd for the services availed which is received by the Co X Ltd on 2 April.
The Co. X Ltd after being fully satisfied with the services availed gives credit to the party on 12 May 2008 and makes the payment on 23 June 2008 and subsequently deposites the TDS on 12 July 2008.
Is the policy followed by the Co X Ltd correct as per the Act?
Can a Company book an expense of a date different from the date of Invoice received from the service provider for the same?
What should be the correct accounting for these types of transactions?

Please clarify
(i) what is last date for any individual who have to take refund (no tax to deposit) file ITR for A/y 2006-07
(ii) is there is any limit of refund ??
(iii) what are the possible penalties if he does not submit ITR on time ???

thanks in advance