A specific section of Inome tax act excluded co-operative societies(bank) from the surcharge on income tax. But in case of FBT co-opertive societies are not seperatly defined in Finance Act 2008.

Surcharge on FBT is governed by the 4th proviso of section 2(3) of the Finance Act, 2008 that reads as follows:

"Provided also that in respect of any fringe benefits chargeable to tax under section 115WA of the Income-tax Act, income-tax computed under this sub-section shall be increased by a surcharge, for purposes of the Union, calculated,—
(a) in the case of every association of persons and body of individuals, whether incorporated or not, at the rate of ten per cent of income-tax where the fringe benefits exceed ten lakh rupees;

(b) in the case of every firm, artificial juridical person referred to in sub-clause (v) of clause (a) of section 115W of the Income-tax Act, and domestic company, at the rate of ten per cent of such income-tax;

(c) in the case of every company, other than a domestic company, at the rate of two and one-half per cent of such income-tax."

If we refer some books on FBT and Income tax and some programmes calculating income tax/FBT liability they indicates no surcharge on FBT for Co-operative banks. But if we read the above extract of Finance Act its plain menaning is as Co-operative societies (Banks) are assessed as Artificial Judidcial Person they are chargeable to surcharge of 10% on FBT.

I am working in a co-opertiave bank. One assessment of the Asst year 2006-07 is already comleleted and AO had not charged any surcharge on FBT.


PLease clarify wether surcharge on FBT is capplicable to Co-operative banks or not.
Waiting for reply.

Can I File My Salaried IT Return For the year 2008-09.
After 31/07/2008.
For This There is any penalty to be paid by me ?
Pease Inform me as early as possible .

I had bought a under construction in mumbai in July 2004 (Registration / agreement date)and fully paid to the builder.
The possession however was taken in the month of Mar 2006 after recieving the possession letter from the builder. I currently stay in the same house.
I plan to sell this house now (Aug 2008) and invest the entire net proceeds into buying another house and wish to move there.
Need to know
1) Whether I would fall under the capital gains taxation or not?
2) Is the buying /selling date from the date of registration (agreement) or from the date of possession?
Thanks and Regards,
Gagan Tandon

Can I file the acknowledgment with the nearest Income Tax Office?

Thanks & Regards
PT

I am working for an organisation and i have to visit clint places on behalf of my organisation.I usually spent conveyance exps. during visit which are reimbursed by my organisation to the extent incurred by me.Will this reimbursement will be added in my income or not?

Regards

Girish Kumar Mittal

I am working for an organisation and i have to visit clint places on behalf of my organisation.I usually spent conveyance exps. during visit which are reimbursed by my organisation to the extent incurred by me.Will this reimbursement will be added in my income or not?

Regards

Girish Kumar Mittal

I am working for an organisation and i have to visit clint places on behalf of my organisation.I usually spent conveyance exps. during visit which are reimbursed by my organisation to the extent incurred by me.Will this reimbursement will be added in my income or not?

Regards

Girish Kumar Mittal

We have deducted tds on professionals and paid to the dept. but subsequently we have recovered the amount paid to the consultant.what to do with tds deducted deducted and paid to the dept.

what is the meaning of contract?

In a case if an regular return filling assesse dies in may 2008. what should his family to do ? should they have to file the return of F.Y. 2007-2008 or not ?
They have to inform income tax department or not ?