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.

Please send me the entire fbt rates for P.Y. 2007-2008 If possile also send the calculator

please send me the whole list of ward , circle, range of income tax department or say the source of same from whare i can collect the same

If in FY 2008-09, we have FD's maturing on which interest worth Rs 10500/- has accrued and we dnt encash these FD's and renew them for 1 more year then in such a case when will the TDS Amount be deducted?? Will it be at the time of encashing the FD's in next year or will it be the time the FD's have matured(which is the current year) and we are renewing it for one more year.

My friend has FD's with certain branch of a Bank which are maturing in the year 2008-09 on which Interest worth Rs 8000/- will be paid to him.Now in this year (i.e. 2008-09) he wants to take another FD for a period of 1.5 Years(This FD will not mature in year 2008-09)on which interest upto end of March 2009 will be round about Rs 2500/- which will in fact accrue (as FD amount will not be paid upto March 2009).

Now my question is that if we dnt take this Rs 2500/- amount then interest amount is Rs 8000/- on which no TDS will be deducted.But if we take this accrued Rs 2500/- amount for the year 2008-09 then the amount of Rs 10500 is liable to be deducted?? I WANT TO KNOW THAT WILL BANK TAKE ACCRUED AMOUNT OF INTEREST FOR TDS PURPOSES??