Dear Sirs,

I would like to know the procedure of converting Partnership firm to a proprietorship firm.

What will be the consequence as per Income Tax Act?

Will there be any capital gain?

Dear Sir
Our Company will be Credited the bonus amount for the year 2007-08 on 31-03-2008 to the employee personnel account and bonus payment will be paid in jun'2008.when we will deduct TDS on Such bonus U/s.192 in financial year 2007-08 or 2008-09 please clarify the matter is very very urgent

Is tds deducted on finance charges & if yes,under which section ? please answer in detail

Hi,
I am yet to recieve the refund of my TDS for year 2007-2008.Can you please provide the details of how I can check my efund status

Thanks everybody replying to my earlier query.
Yes in cash payments exceeding Rs.20,000/- technically/theoratically sec 40A(3) will apply where profit is calculated U/ss 44AD/ 44AE/ 44AF also. But how far it has teeth for an AO, as in such instances assesse can always claim that he has already taken such payments > 20,000, into account and while calculating the Profit and rate of Profit he/she has already adjusted the impact of non-allowable expenses u/s.40A(3).
CA Sampat Jain's reply/suggestion and citation[(CIT v. Banwari Lal Banshidhar [1998] 229 ITR 229 (All)] is also important.

Suppose i had purchased a diwali gift for staff worth Rs 10 lakhs, the bill is yet to be booked, so while preparing Advance FBT Return should i consider that FBT Amount or not. If i just make a provision for exp at the year end when the liablity for FBt will occur

Dear Sir,
We are a research firm, where our staffs members are suppose to travel and incur lot of other out of pocket expense like Telephone/conveyance etc. on behalf of the client. We get the reimbursement of these entire amounts from the clients on actual basis.

We as Company are under obligations to pay FBT on all these expenses; can we charge this too from our clients along with the basic amount? Is this legal? Like in case of sweat equity or ESOP section 115WCA allows employer to recover the actual FBT amount.

I am at present claiming medical claim for domicillary treatment. whether i can calim the amount received on the above under sec 80 D. At present iam taking the the amount recvd as perquisite for caliculation of itax.

Can i claim the deduction u/s 80C for the repayament of housing loan if house is taken on lease for 99 years.

IN THE FINANCE BILL 2008 PAYMENTS ARE MADE
IN EXCESS OF RS,20000/- ARE TAXABLE IN THE
HANDS OF ASSESSE
WHETHER I PURCHASE GOODS IN CASH IN A SINGLE DAY LESS THAN 20000/- BUT TOTAL PURCHASE IS RS 75000/-THAT IS FOUR BILLS
WHETER THE ABOVE PURCHASE IS TAXABLE IN THE ABOVE SECTION