Dear all
While making payment for repairs of motor cars,TDS will be deducted on the gross amount billed or on the maintainance charges.

how to treat the tree cutting compensation received from company on our own land.Whether Capital Gain or AgriculturalIncome

when we pay the interest for late payment of tds to gov.we are elgible to deduct interest as admissible expenditure?.if we can under what section.

IS there any threshhold limit of turnover
for furnishing report under section 92E
of income tax act 1961

Can capital losses be set off against business income? is there any new notification which says so?

In share trading, can we treat intraday profit or loss as capital gain.


If we treat this as Business income then how can we calculate the turnover for the purpose of tax audit?

Dear Sir,
i have a doubt about tax audit u/s 44ab if a person engaged only in agriculture activity and his turnover of agriculture business i.e. sales of vagitable/grains which are produce by him exceeds Rs. 40 lacs. is he lible for tax audit u/s sec 44ab of it act 1961? or not?

Sir,
can we adjust TDS which was deducted on advance payment last year i.e. before 31st march 2007 with the Bills raised this year.
do we have to deduct TDS again..

if the income is exempt from tax will FBT be applicable?

As per Section 15 of Bonus Act, if allocable surplus exceeds the amount of maximum bonus payable to the employees in the establishment under section 11. the excess shall, subject to a limit of 20% of the total salary or wages of the employees employed in the establishment in that accounting year , be carried forward for being set-on inthe succedding accounting year .

I want to know that

what means about Total Salary or wages of the employees - whether only basic or total salary including benefits & perquisites.

If company is already paying 20% bonus then also the same amount shall be c/f .

Please tell asap.

Thanks & Regards

CA. B.K.BANSAL