Suppose we have to deduct TDs on transport for a Contractor say ABC and the Bill received is for Rs. 25000/-

The usual Entry will be
DR CR
Transport charges 25000

ABC 25000

and later on we pass TDS Entry as

ABC 515

TDS Payable 515

But now they want to pass only single entry

Transport Charges 25000
TDS 515
ABC 24485

If this is correct or not and How will the Service Tax be effected if it has to be paid by us.

and the same if we pay the amount first as advance then how to make the TDS deduction

Assessee makes payment for transportation charges for carrying machinery from the place of manufacturer to his own place Rs.250000/- and TDS not deducted on payment.
What will be the effect u/s 40 a (ia)?
What will be amount of dis allowance because assessee has capitalized the transportation charges in machinery account?

what is the fringe benefit tax . what type of expenses included in fbt. what are the rates . please tell me

Sir,

1) The assessee is a registered firm engaged into the business of construction of residential and commercial premises and also holding a two star hotel.
2) Due to financial indebtedness it has almost closed the business. Most of the properties are either auctioned or attached by the banks and financial institutions
3) It has filed its returns for A.Y. 2004-05 and 2005-06 on 31/3/2006 declaring the losses of Rs. 24 Lacs and Rs. 18 Lacs.
4) Out of the above return for AY 2004-05 was selected for scrutiny. The assessee (Managing Partner) being in financial and consequently mental trouble failed to respond to the notices.
5) Best judgement assessment was made and tax liability of Rs 15 Lacs was determined. No apeal was filed within time permitted.
6) TRO had started the recovery process and considering the facts of the case had given the concession to make the monthly payment of Rs. 25000/- most of which are paid by the assessee regularly.
7) A order imposing penalty @ 300% is also passed by the AO.
8) What are the remedies available now at this stage with the assessee.
9) Can a penalty be imposed against the additions made at random during the best judgement assessment.


Thanks in advance.

Sir,
I have taken loan from my relative for purchase of House. i am paying interest to him and claiming deduction u/s 24 for interest on self occupied property. Can I show it to my employer and claim loss u/h house property at source. I think u/s 192 employer can consider income including loss u/h House property. Please guide.
Thanks
CA. Sandeep Aggarwal

what is the procedure for distinguishing Share s trading income to be taxed as business income and Capital gains Income?

An assessee deals in business of selling plot launching schenme containing Terms & conditions of scheme are as follows
1. Scheme tenure is of 41 months
2. The person who wants to purchase the plot has to becomes the member of the scheme by depositing Rs.1000/- per month up to 41 months
3. Ownership & Possession of the plot will be transferred to him after completion of tenure of 41 months
4 I want to know that, what would be the treatment of the amount received in advance per month as per I.T. Act 1961?
1. Whether it has to be treated as income or advance?

TDS on Contractor / professional fees is deductible if the bill amount exceeds 20,000 or exceeds 19,999

what is the Fringe Benefit rate for conveyance & Tour & travel?

person having salary from pvt ltd and she is just a teleoperator and he gets form 16A for TDS statement and natute of payment showed in 16A as Fees for professional service, which ITR form can applicable to this ? and she is joint on probational for 3 month.