when there is no deduction allowed u/s
80 p in 2006-07 financial year for urban coperative bank ltd.then how its income gets exempted which u have last replied as follows
"which of you earnd that is important if urben co-op bank earns interest then it exempted from tax "
sir what means bank earns interest.
on which investment
or
loans sanctioned
does it gets exemption.
pls let me know it will be immense help for me for tax planning.
what is the meaning earns here

whether patholgy lab run by a BAMS doctor who is not a pathologist and mainly work as collection centre for Ranbaxy laboratories

Can any one solve the following


I am an employee of an Company in Singapore & deputed in Mumbai for project related work.My company is not registered in India and is registered in Singapore. I don't get any salary nor any allowances in India from Mumbai office. I get my salary in Singapore $ and is credited in my Singapore bank account, which i remit to India online as per need. My Salary Details are as follows.

My Basic Salary : 1500 Singapore $
Allowances anywhere in the world : 250 Singapore $

Total 1750 Singapore $.

In case of any further details needed please let me know.



Regards


yogesh

M/s.XYZ of Vizag buys goods from M/s.ABC Ltd of Chennai.
Can M/s. XYZ deposit cash in the bank account of M/s. ABC directly ?
Will the above cash payment attracts the provsions of Section 40(A)(3) of the Income tax Act?
Plase clarify.


PRASAD

Is Driver Allowance & Petrol Allowance provided by the employer to employye is dedutable U/s 10(14)from Salary

In this case when Bonds are exchanged into shares the same is not taxable in the hands of the non resident is clarified but whether the same could be taxable in the hands of the issuer since the shares are his assets and of other group company. Logically no but a view could be taken and what would be the reasoon if they are taxable and what would be the reason of noit taxing the same

Regarding query of TDS on reimb. exp. paid by C.H.A. on behalf of client like Custom Duty, Shipping Co. charges, Custom & Port charges etc., answer found is refer circular No.715-08/08/95 q.No.30 which say TDS should be deducted on this amts.

Now TDS on this reim. amt. is comes more than our actual agency charges which means. e.g. our agency charges (net income) is 3000/- per contract, but reimb. including cust duty paid is rs. 200000/- is comes more than 6000/- means we have earn our income by the way of refund from Income Tax. Is this resonable ??

In today's trend, for fast work, clients deposits amt of reim. directly in our bank a/c. from their city (core banking sys)and afterthat we r making payment on behalf of them, which shows that we worked only as a Mediator. But, TDS is also being deducted on this amt.

This amt. can't be considered as reimbursement exp. but we just paid as a mediator of two parties for getting work done fast.

In one seminar the Chief CIT also advised that TDS should not deducted on such type of reimb. pymts.

In above situation it is not possible to run business. A true fact : in previous year our gross income was 28 lac and net proift was 7 lac on which IT. comes abt.
2 Lacs. But TDS deducted by clients is 6 Lac.

Is there any clarification circular regarding this. Amt. paid as a mediator should not be considered as reimbusement of exp. and TDS should not be deducted on such amt. PLEASE HELP.

dear sir,
Employer company remits certain amounts monthly to a Trust created for the purposes of paying gratuity to retired employees. The Trust in turn remits these amounts to LIC annuity account . On each retirement , money is collected from the Trust and paid over to the Retired employee. Is the Trust liable to deduct TDS from the payments made to Company,s employee? If so at what rate ? Under which section ? On the whole amount or part of it?

the accumulated loss of a urban coperative bank was Rs.26,00,000 as on 31.03.2006.return was not filed for the financial year 2005-06.
during financial year 2006-07 bank earned profit of Rs. 27,00,000.
can the loss Rs.26 lakhs outstanding on 31.03.2006 deducted from profit 27 lakhs in 2006-07?
if not will the whole profit earned Rs.27
laks will be taxable in the year 06-07?

the accumulated loss of a urban coperative bank was Rs.26,00,000 as on 31.03.2006.return was not filed for the financial year 2005-06.
during financial year 2006-07 bank earned profit of Rs. 27,00,000.
can the loss Rs.26 lakhs outstanding on 31.03.2006 deducted from profit 27 lakhs in 2006-07?
if not will the whole profit earned Rs.27
laks will be taxable in the year 06-07?