We are planning Tax Clinic across India and looking for volunteer in all major cities. Would you be interested to work for the same. This will be during April to July 2008 and volunteers will be adequately rewarded. If you think you can , mail me at gandhiji@vsnl.com your name, email, dates of availability, your city and any other special skills you posses. Cheers

Hello EXPERTS,
ABC Pvt Ltd place a order for supply of kitchen equipment. As per payment terms of P.O.
Ex work amt 2987010
Exice duty 149351

sub total 3136361

sale tax 3% on 3136361 94091
Installation charges (Included)

Order Value 3230452

Installation of system will be carried out at cost included in above costso it is composite contract.

Now my query is that wether TDS will be done as it is composite order including installation i.e TDS will be done
OR
TDS will not be done as Sales tax is leived on sub total amount

fee of wards paid toinstitution like jetking for course of networking will be included insection 80c

Hello to all

I need to know that one of my assessee runs his business of lending money on interest for the last 20 years from 1980 to 2000 but due to recession and risk in the interest business he withdraw the money from takers and deposited it into the bank for FDR's, but regularly claiming the interest income in Business head. So my query is whether he can do so or not on the basis of that it is just suspension of business and not discontinue of the business. or also suggest any other answer.

Thanks
Regards
CA. Sanjeev Sharma

urban cooperative bank has invested funds as fixed deposit in other coperative bank.
it has invested with a condition that at the time of maturity the interest will be added to principal amount & again will be reinvested.what will be the treatment of interest accrued for the financial year 2006-07?
will it not be claimed u/s 80p from the profit of the bank as income derived by the cooperative society from investment made in other cooperative society?

urban cooperative bank has invested funds as fixed deposit in other coperative bank.
it has invested with a condition that at the time of maturity the interest will be added to principal amount & again will be reinvested.what will be the treatment of interest accrued for the financial year 2006-07?
will it not be claimed u/s 80p from the profit of the bank as income derived by the cooperative society from investment made in other cooperative society?

urban cooperative bank has invested funds as fixed deposit in other coperative bank.
it has invested with a condition that at the time of maturity the interest will be added to principal amount & again will be reinvested.what will be the treatment of interest accrued for the financial year 2006-07?
will it not be claimed u/s 80p from the profit of the bank as income derived by the cooperative society from investment made in other cooperative society?

urban cooperative bank has invested funds as fixed deposit in other coperative bank.
it has invested with a condition that at the time of maturity the interest will be added to principal amount & again will be reinvested.what will be the treatment of interest accrued for the financial year 2006-07?
will it not be claimed u/s 80p from the profit of the bank as income derived by the cooperative society from investment made in other cooperative society?

urban cooperative bank has invested funds as fixed deposit in other coperative bank.
it has invested with a condition that at the time of maturity the interest will be added to principal amount & again will be reinvested.what will be the treatment of interest accrued for the financial year 2006-07?
will it not be claimed u/s 80p from the profit of the bank as income derived by the cooperative society from investment made in other cooperative society?

Construction of the Property was started in June-2007 and it is completed in February-2008. Whether the Pre-EMI (interest) paid can be claimed in the current year as deduction or it should be spread over for 5 years?

Explanation to the Sec 24 says:

Explanation.Where the property has been acquired or constructed with borrowed capital, the interest, if any, payable on such capital borrowed for the period prior to the previous year in which the property has been acquired or constructed, as reduced by any part thereof allowed as deduction under any other provision of this Act, shall be deducted under this clause in equal instalments for the said previous year and for each of the four immediately succeeding previous years:

In this case there is no interest paid prior to the previous year of completion of construction. The commencement and completion of the construction is within the same previous year