Dear Sir,

My friend is getting LTA @1250 pm, is this wholly exempted or taxable. Pls let me know the calculation of exemption and as he has already paid 40K as IT for march 08 as deducted by his employer. Now while preparing his computation, he found that tax to be paid is 15K more. So if he files IT as on 31st july 08 within duedate and pays 15K also, then also is he liable to pay any interest or penalty. pls suggest

Dear Sir,

My friend is getting LTA @1250 pm, is this wholly exempted or taxable. Pls let me know the calculation of exemption and as he has already paid 40K as IT for march 08 as deducted by his employer. Now while preparing his computation, he found that tax to be paid is 15K more. So if he files IT as on 31st july 08 within duedate and pays 15K also, then also is he liable to pay any interest or penalty. pls suggest

What is the maximum penalty IT dept can impose on assessee (not requiring audit) if he fails to file IT return by 31st July.

What is the recent trend.

If I am making the Interest Payment by passing Book Entries & Ded. TDS on same in March 2008 but Paying to Govt. Treasury on or before 31/10/2008. My Question is wheather Interest Debited will allowed as an Expenses in F.Y. 2007-2008

Dear Sir,
A persson earned ins commission.
whether he shoul pay tax on whole ammount earned as per TDS certificate or He can claim some expenses towards that income
If yes the what should b percentage because he is not maintaing books of account

Assessee filed return of loss and carried forward to next year. If assessing officer made addition in that year which is resulted set off of losses and Assessee has filed appeal to tribunal which is still pending is assessee take benefit of set off and carry forward of lossess?

An educational institution, which is expempt under income tax,made fixed deposit with a private bank. The bank had deducted TDS for 2007-08 and issued a TDS certificate.
When approached they said since it has alredy deposited with the income tax authorities and informed that for the year 2008-09, we should submit exemption certificate so that the bank does not deduct tax at source for 2008-09.

Query

(i) Is there any possibility we can ask bank to refund the deducted amount.
(ii) If not, how and what manner we should take up the matter with Income tax authorities so that the deducted amount is recovered.
(iii) The education institution recoveres TDS from different payments(contractors, professional services etc.). Can we adjust with this amount (for say August 2008) against the tax deducted by bank during 2007-08 and pay less for August 2008.i.e to say TDS recovered during August 2008 by the educational institution Rs.1000
Less : TDS deducted by bank Rs.100
Paid to August 2008 Rs.900.

Payment has been made to UK Kimited as Exhibition Expenses for organising Exhibition at countries outside India.
Regd. Office is in UK.

Whether TDS Liability u/s 195 arises on the part of the party receiveng services or not.

If no, how can we verify about the Permanent Establishment of the UK based Co. as per DTT with UK.

what is stamp duty exactly?wat r the modes of payment of stamp duty?if we purchase a 100 rs stamp paper,is that mean that we have paid 100 rs stamp duty..?on what amount its depend on?how to calculate.?tell me clearly...
who r responsible person to calculate stamp duty?

A Doctor is running a Pathology Testing lab. His receipts during a year is 25 Lacs.
Will be liable to Tax Audit under 44AB.
In case he is not liable can you court some decided cases in this favour