Dear All,

One of my senior colleague is a retired Colonel and is receiving Pension from Government of India since last one year. Now this year, he will be filing return of Income Tax towards salary receiving from current organisation.

Should while computing the Gross Taxable Income, pension received from Government would be considered as a taxable income or is it tax free, being paid to ex-serviceman?

Regards,
Umesh Mishra

The closing stock of traders is valued at cost or market price, whichever is lower. I want to know that what is the meaning of “cost price” for any item which remains unsold in the second consecutive year. Is it same the price at which it was valued at the end on the preceding year (as it is the input cost for the current year), or the actual cost incurred in the preceding year.
Kindly suggest that which is the cost price of share of a company XYZ.
(A) Actual cost in Financial Year 2005-06 : Rs. 10,000/-
(B) Market price on 31-3-06 : Rs.6,000/- (considered as the value of closing stock and brought forwards in the Fin Yr 2006-07).
The item remains unsold in Fin Yr 2006-07.
(C) Market price on 31-3-07 : Rs.8,000/-.
What should be considered as Cost Price while valuation of closing stock as on 31-3-2007 : (A) Rs.10,000/- or (B) Rs.6,000/-.

Whether tax to be deducted in case of supply of food/tea by a hotel at office premise. assuming payment crossing the limit.

It is not a catering type of arrangement

No doubt serving food at restaurant is not covered U/s-194C.

Just because person (Labour/waiter) coming and providing the facility. is it necessary to deduct tax ?

Dear Members

Plz give me solution

My Co. wrongly deducted the TDS from the party means the said party was an real estate broker so insted of sec 194H, I had deducted under sec 194I @ 20.60%.

So, how can i deposit the TDS amount(i.e in Bank) and how can I set up this problem?. How can the party will get back the excess amount????????

Plz give proper solution

Dear Members

Plz solve this Query

My Co. wrongly deducted the TDS from the party means the said party was an real estate broker so insted of sec 194H, I had deducted under sec 194I @20.60%.

So, how can i deposit the TDS amount(i.e in Bank) and how can I set up this problem?. How can the party will get back the excess amount????????

Plz give proper solution

Please clarify!What abt dividend received from foreign subsidiary in case of calculation of book profits in MAT!!Is it taxable under MAT as it is taxable under normal provisions of Income Tax.

A Compnay who is 100% subsidary of foreign company. The foreign company is engaged in business of online sale of goods. The Indian Company has been set up to maintain and design software and website and its related work. It is decided that out of five method the fifth method Margin to Markup i.e. certain percentage on total cost incurred by the company will be charged by it. This compnay is doing only work for it holding company. Could you please advice the safest percentage of mark up on total cost it should charge from holding company taking into consideration average weighted margin in similar type of company. If it could be supported with some data for our record then it will be good.

hi member could u please tell me what is new in this recent budget for income on minor,
thanks with regard

hi member happy belated holi

our company was paid rs.26250/-(single bill) to Mrs.Assocham New Delhi for subscription for membership fees on that
tds deducted or not and this payment entered in tally in the head of books & periodicals, this head was correct or not, please tell correct head

To the same party Rs.35000/- paid towards advertisement on that tds effected or not please sir. (this was single tranasction throughout the year )