Salary payment ( Rs. 7500/-)made by company to the personal employee of the director on behalf of director (i.e. debited to director account)by cheque.

Is the responsibility of the company to deduct Profession Tax on same? (Maharashtra State)

Is the liability of the director to pay P.T. on salary ?

Thanks in advance.

Regards,
Mahendra.

1.We cannot make a single payment or several payment in a year in cash above RS.20000/- but i want to know whether we can recive amount above Rs.20000/- in cash.

2.If No, can i know the relevant income tax section under which it is not allowable?

3. For eg a company is selling a scrap of waste material which is not his regular business.The company has made excise bill of Rs.42,000/- the company receives the amountin cash from the party to whom the scrap was sold.

Can we show a single receipt of Rs.42,000/- as cash received for sale or is their any way to show the same.

Can some one give me ITR 1 to 4 in excel format for Asst year 2008-2009?

Dear all,

If you know then please help me. What is the differece between Amusement Tax/Entertainment Tax and Luxury Tax?

Dear friends,

I'll put forth my doubt here.Sec. 54 of IT Act is applicable w.r.t sale of a residential property and investment in another residential property.What will be the consequence if a person owning 3 flats with separate door nos. (within the same compound) sells all of them and invests in a single residential property.Also explain the wealth tax perspective of this transaction.
thanking you in advance,
srivatsan

As per the provisions of Sec. 40A(3) if the payments were made by otherwise then account payee cheques / bank draft are disallowed.

1. Wheateher purchases also covered?

2. if some one has deposited cash in Creditors account through core banking system, wheather it is to be disallowed as per provision of Sec. 40A(3)?

As per Sec145(3) on Income Tax Act, if AO is not satisfied about the correctness or completeness of the accounts of the assessee, or where the method of accounting provided in sub-section (1) or accounting standards as notified under sub-section (2), have not been regularly followed by the assessee, the Assessing Officer may make an assessment in the MANNER provided in section 144. Is this means that in this case only best judgement assesment under Sec 144 will be done? In other words can best judgement assesment be done in cases other than specified in sec144?
Q2.Can refund be granted u/s 144. If yes, in what conditions?

Whether interest paid to PNB Housing Finance Ltd. is covered under the provisions of Section 194A?. Also whether the exceptions mentioned in Subsection3(iii) applies to PNB Housing Finance Ltd. since it is a wholly owned subsidiary of Punjab National Bank.

Perquisite given in the form of Car maintenance i.e driver salary, repairs any, fuel etc. Is it exempted to the employee or employer?

Whether TDS should be deducted at reimbursement of travelling expenses of professional/auditors.