80GG- Whether for salaried or all assesees?????


80DD- If exp.& Subscription is less than 50000/750000 whether even then 50000/75000b will qualify for deuction??
What will happen in case of blind member (HUF) no exp. has been incurred???

RESPECTED SIR,

IN A REF. BOOK I SHOW ONE EXAMPAL, THAT IS ONE NSC PUR. AT 10000 RS. DATED 12/12/2000. AT THE TIME OF COMPUTING RETURN FOR THE P.Y. OR FINANCIAL YEAR 2000 - 01, CALCUATION OF INTEREST FOR THAT NSC FOR THAT REMAINING PERIOD ( FROM 13/12/2000 TO 31/3/2001 )IS NOT TAKEN IN COMPUTATION. AND IN F.Y. 2001 - 02 INTEREST IS CALCULATED FOR THE WHOLE YEAR AND GOES ON FOR OTHER F.YEARS.

[ Q.1 WHY FOR THAT RAMAINING PERIOD ( FROM 13/12/2000 TO 31/3/2001 ) INTEREST IS NOT CALCULATED AT TIME OF COMPUTATION ? ]

[ Q.2 THERE IS ANY RULE THAT FOR CALCULATION OF INTEREST AT THE TIME OF PUR. YEAR INT. IS NOT TAKEN INTO CONSIDERATION ? ]

[ Q.3 INT. IS CALCULATED ON CUMULATIVE BASES ? ]

Hi,

One of our clients, 'A' provides infrastructure to another company 'B' and B deducts TDS u/s 194I and pays infrastructure charges to A.

But A also pays various other charges, like Security, housekeeping, professional charges to third parties and raises a debit note on B towards its share of expenses.

Is TDS applicable on above. If yes, at what rate?

Would there be any difference if there is a contract to this effect?

Please tell me the Income Tax rate for PY ended on 31.03.06 for Individual along with surcharge & cess applicable

Letter of Credit(LC)is opened by the buyer in favour of the supplier for supply of goods, which ensures the payment to the supplier at the end of the period of LC.Since the money is not immediately received, the supplier discounts LC with bank and realise the money. The supplier pays LC discounting charges.

As per the terms agreed, the buyer reimburses the LC discounting charges to the supplier.

Queries:
1. The LC discounting charges reimbursed by the buyer is in the nature of interest. Is it correct?
2. If it is correct, is it subject to TDS?
3. The buyer in his books of account does not show the Suppliers account in creditors but shows the LC account under acceptance creditors since the LC is opened in favour of the supplier? Is it correct?

we are paid TDS for the month of Nov'07 on 07-12-07, but in this mistakenly on challan 94I written instead of of 94J.

sir please required solutions for change the challan.


sir immediately.

While availing loan from bank, we need to make some Front-end fee which is income in the hands of bank.

What is rate of TDS to be applied on such payments and under which section such deduction is covered (which sub Sec of 194 does it relate to)

WILL INTEREST BE CHARGED FOR LATE FILIING OF RETURN EVEN IF THERE IS A REFUND

I own 2 House Property one of the Property is a residential Property where i am actually resides and another one is a commercial property which is neither been used for my own business or proffession nor it has been let out to others and therefore it remains vaccan for several years now the question is that whether the Assessing Officer can treat a commercial property as a " deemed to be let out " u/s.23(4)because Sec 23(4) talks about if the assesse owns more than one residential property.

For the last 2 assessment years, the expenditure on which tax has not deducted at source/not remitted within the due dates needs to be disallowed in its entirety.

This is particularly severe in cases of 194C deductions wherein the entire expenditure is disallowed if a small % i.e. 1%/2% is not deducted / remitted under the said section.

I would like to know if anybody has filed any suit questioning the legality of this draconian provision.

regards,
Sankaran