I had not make a payment of TDS which is due from Sept-07 Rs.11000 if I m going to make this payment on 27.04.2008. what the interest amount i have to pay & what is the rate of interest. if this is 1% monthly then how i calculate because 7th of the next month is due date. will this be calculated on daily basis.

please tell me the amount of interest on the above

What are the consequences of late deduction of TDS ? Which Section of Income Tax deals with it?

IF

1) TDS deducted late in a month but paid to IT dept. before 7th of next month


2)The gap between payment to party and deduction of TDS extends beyond 1 month?

My client has different departments with one TAN (Tax Deduction Account Number) he want to file separate tds return on form 24q for pension department and separate 24q TDS return for salary department how it is possible ?

What's the due date for issuing TDS certificate to employees in Form 16 for Tds deducted during the year?

What is Logic Behind TDS ?

Why TDS on Service tax And Why not on VAT

Amount deposited in a Fixed deposit for 5 year or more is deductible under section 80C.
But if the FD is the assesse’s name and payment is being made by another person suppose his spouse or parent, whether this amount would be deductible or not under section 80C.

(2). If FD is in continuance from A/Y 2006-07 for 5 year or more and now we want to renew that FD with more amount whether it would be deductible or not.

Regds/-
Anil Jain

Sec 24(b):In case of co-owners, each co-owner is eligible to claim a dedcution of interest on housing loan to the extent of Rs. 150,000/- in case of self occupied property.

Do share any supporting case law for the above.

Also, do clarify whether restriction of interest to Rs. 150,000/- is inclusive of pre-construction interest also.

A was having a flat of 500 sq. ft. for last 10 years. The building was revedeveloped and he took extra 100 sq. Ft. by paying some consideration to builder. Now he sold that flat after one year of redevelopment.

In this case how the capital gain will be calculated? how to treat the extra 100 sq. ft. purchased? whether to treat it as new house purchase or else will be treated as cost of imrpovement?

Sir,
In one of the cases the A.O. has disallowed the depreciation on a motor cycle on the ground that the Motor Cycle was procured on 31/3 and was not registered in the name of assessee. He has also proposed penalty u/s 271(1)(c) on the addition so made. Is he justified in doing so? I have read somewhere that in such a case the penalty should not be imposed. Please provide me the details of any related case or the provisions.
This is urgent.

Thanks in advance.
Mahesh

Suppose a person is paid Rs.60,000 on a day for a contract. All conditions for TDS deduction u/s 194C are met but TDS was not deducted.

1) If next day, an entry is passed debiting the party and crediting the TDS payable account with the TDS amount - will it amount to tax deduction at source, eventhough the amount is not really deducted from the total amount payable?


2)If the answer to the above is YES, will it amount to late deduction of tax ?

3)If it amounts to late deduction of tax, what are the consequences?


Kindly answer the questions for each case separately and quote section/rule/sources if possible.


Thanks.