HR Recruitment & Consultancy Company having Gross T/O above Rs.10lacs, Whether it should be considered as profesional services and it's under the tax audit brackets.????

Hello Sir,

In CIRCULAR NO. 8/2005, DATED 29-8-2005 issued by CBDT as Explanatory Notes on the Provisions relating to Fringe Benefit Tax There are few FAQs. One question is

Whether employer-employee relationship is a pre-requisite for the levy of FBT?

The answer is 'Yes'.

My question here is whether a Managing Director of a private limited Company who is owning 60% of the shareholding is considered as an employee of that company for the purposes of FBT.

Thanks and Regards,
CA.R.Tharangini

if income tax return is not filed on time , whether short term capital loss can be claimed and carried forward or not ? please explain with reason and sections.

wat is the difference betn beneficial ownership n legal ownership?

Dear Expert(s),
My father has been alloted a flat by a co-op Hsng socy and that is the leagal ownerhip in this case. We have availed a home loan where i m co-borrower. My father has contributed to the extent of 40% of cost and rest is funded by way of a loan where I will be practically paying the whole of EMIs. Since i m not a co-owner i propose to receive some share in the house property from my father as gift. I propose to receive a nominal share as gift, as higher share would entail higher stamp duty payment. Now my questions are as under:

1) Will such gifting certain share by the owner (father) to me (Son), without adequate consideration, will create co-ownership in my favour.

2)Will any inter-se agreement where the Owner recognises me as co-owner with definite share say 60% and relinquishes his right to claim house loan deduction,executed on a 100/- (or Rs.200/- as an affidavit) stamp paper will create ownership in my favour?

2) For claiming deduction u/s 80 C as well as u/s 24, will my deduction be restricted to my share in property or it will be max. Rs.1,00,000 for principal and Rs. 1,50,000 for interest ?

Mr.A is a employee of software company.

He worked in india for 2 month. His salary is Rs.30,000 p.m & tax deducted say Rs.3000.
Thereafter his company send him to uk for the remaining 10 months. Salary is paid in foreign currency & credited in foreign currency bank a/c. Tax also deducted as per UK tax laws.

1) Whether he has file the return for the income earned outside india?

2) If no, whether he can get refund for the tax paid in india since his income doesn't exceed the basic exemption.

Clarify the above query with relating supporting

Firm providing security guard in different company can firm file return ITR-4 having tourover Rs five lac?

My client has paid Rs.1,30,000 for an exhibition to have a stall in that exhibition to demonstrate his product. Whether TDS provision is applicable if he is covered under section 44AB? if yes, then in which section TDS should be deducted? and at what rate??

If a company paid only one instalment of advance tax of rs 11,00,000 on 16.03.08. Having tax liability after complition of assesement in september Rs 10,50,000 then is the intrest under sec. 234B will be for entire period of 6 month or there will be any relaxation, as advance tax paid till 15 march is nill. Is such advance payment is considered in calclation of intrest u/s 234B and C

GOOD MORNING. MY QUERY AS FOLOWS:

WE ARE HAVING A SHED IN MUMBAI AND PURCHASED ONE MORE LAND AND BUILDING IN ANDHRA PARADESH. NOW WE ARE PLANNING TO SELL THE SHED AT MUMBAI AND WANT TO INVEST THE COMPLETE SALES VALUE OF THE SHED IN CONSTRUCTION OF ADDITIONAL BUILDING ON THE NEW PLOT/BUILDING PURCHASED IN ANDHRA PRADESH.
WE WANT TO KNOW THAT ANY INCOME TAX IS PAYABLE ON THE PROFIT EARNED FROM THE SHED SALES.

WHAT INFORMATION WE HAVE IS THAT IF THE SALES VALUE IS INVESTED IN NON MOVEABLE ASSETS THAN INCOME TAX IS NOT PAYABLE. PLS CLARIFY

THANKS

D.K.SHAH