I want to about HUF formation,bank A/c opening,gift from realtives friend and any other for formation of HUF , intiial capital for HUF and source of income shown in ITR for the purpose of making white money only.No business carried out actually in name of HUF.Please help me.

Sandeep Gupta

A person engaged on full time basis in trading of Shares i.e purchase and selling of shares only, shoud file ITR for business income or for Short/Long term capital gains? Need he to get tax audit u/s 44AB as his yearly transactions will be much more than Rs 40 lakhs.?

while filling out ITR-2 i noticed that there was nowhere i could state the professional tax paid(have to use ITR-2 coz LTCG and salary).As a result of which the professional tax paid will be included in my taxable income.I am baffled.What do i do?

dear sir/madam

if the organisation is Partnership Firm

is it manditary for epayment for tds amount - for the F.Y 2008-09?

any payments relating to Income Tax is must epayment?

any consultance service is there for epayments (like NSDL)?

what is the epayment last date?

regard.
balu

Can someone please confirm what is the maximum amount can be given to employees as food allowance per day? Earlier it was Rs. 50/- per day. Is there any new limit been set?

As we are giving Sodexho food vouchers to our employees Rs. 1500/- per month and we want to increase the voucher amount, we want to confirm whether it does not get taxable to employees.

1. Generator
2. Air Compresser & Circulater

3. Motor lorry for transoprtaion of company employees.

4. truck of company which used for supply goods of the company.

5. photocopier machine
6. cycle shed
7. tools and implements
8. Attandence data processing system
9. water Air Supply System

Please clarify :-
As per Income tax provision, if payment to contractor exceeding Rs.20000/-(single payment) or 50,000/- (one year), we will deduct TDS 1% with applicable sc & cess for Advt. contract. As per circular no 715 reimbursement expenses can not be deducted out of the bill amount.

If one company pay the entire advt. exp (say Rs. 250000) and reimburse from other group companies in share basis. If the share of the one company exceed the minimum amount which is not required to deduct TDS ( say Rs. 55,000).

What amount to be deducted as TDS for the Main company (entire amount or his portion) and Partipating company for its payment of Rs. 50000/- ?

There is a land in the name of individuals. The current owners of the land planning to set up a partnership firm (“the Firm”) and contribute the land in respect of the proposed development into the Firm as their capital share of capital contribution. The land contributed would be revalued by the firm based on a market valuation report and this amount would be credited to the current account of the partners. The Firm would be converted into a private limited company under Part IX of the Companies Act, 1956. On conversion, the partners would be issued shares in the Project Co in respect of their fixed capital account balances and the balance in the current account of the partners (representing the revaluation amount) would be recorded as a loan from the shareholders in the books of Project Co.

my client has purchased a plant of Rs 100000/- in f y 2007-08.The balance amount of rs 50000/- paid in 2008-09.Whether Dep will be provided on Rs 100000/- or on Rs 50000/-.Pls reply

Loans and advances out standing by Rs. 75,000/= as on 31.03.2008 is recived in the current year by cash. Section 269SS & 269TT applicabel? Section 269SS & 269TT is also allpicable in case of balances out standing is less than Rs.20,000/= or If outstanding balance is more than Rs.20,000/= but during the year payment received Rs. 15,000/= only by cash, then section 269SS & 269TT is applicbale?