I understand that an accountant's report on Form No.3CEB to be furnished by an enterprise that has international transaction with its associate concern during a given accounting period, pursuant to section 92E of Income tax Act.

My company has not filed such report for the past two years, where we had international transaction with our overseas JV about Rs.3.75 Crores per year

Our Tax consultant says if the auditor of the company is of the opinion that the company has computed its tax having regard to the arm's length price, then the report is not necesaary to file.

a.Can anybody authoritatively confirm this contention of our consultant?

b. Also what is prescribed documentation to be kept as a proof of the same.

Whether TDS should be deducted under section 194 C or 194 I in respect of hotel room rent.

Fact :A partnership firm is engaged in the making a movee and some actress stay in hotel on behalf of partnership firm(not on regular basis) for different period and there is no agreement between hotel and partnership firm.

Wheather TDS is to be deducted on the amt. of Hotel room charges if the amt. exceeds RS.20000 in single bill or RS.50000 in aggreegate? ASSUME THAT THERE IS NO ANNUAL CONTRACT. Also state the rate at which TDS should be deducted in this case (i.e. 2% or 15%/20%).

thanks
Best Regards
ASHWINI

i am a PCC student.i want to ask whether is there any hard and fast rule to remember all the sections.i am not able to remember the sections. so, please help me with some better way to remind the sections.it will help me to save my time as well as my mental stress.

If a trading / manufacturing company has entered into a forward currency contract for realising sales revenue from the bankers, the profit / loss generated from such transactions and how to treat such income or loss either under the head "Business Income" or "Income from Speculation Business"

Suppose an Indian citizen working in indian company went abroad on 1st dec 07 for official work and came back to india on 30th nov 08.

During the stay of outside India he receives living allowance from his company to meet living and housing expendiutres per month.

He manages to save some money out of those allowances received and brings it back to india along with him.

What is taxability of that money in the hands of that resident?
Is it taxable or not? if yes under which section and provision of Income tax Act

If an assesse has not entered into rent agreement but have given residential house property on rent for some amount.How it can be shown to Income Tax officer that rent was acutalof that amount that he recieves?

Dear All,

Please Clarify

A proprietory concern was liable for tax audit for A.Y. 2006-07 and A.Y. 2007-08.

For A.Y. 2008-09, they are not liable for tax audit.Whether he need to deduct TDS for financial year 2008-09. i.e. for A.Y. 2009-10 since in the preceding financial there was no tax audit

We are engaged in manufacturing of goods. We have purchased during the year 2007-08 panesl board for electric installation. Please let me us about rate of depreciation for this itme.

Rate of Depreciation applicable of income tax purpose

what is last date of filing IT returns