Whether Insurance taken on car is liable for FBT? The car is purchased by the company on loan. I know that Interest on loan is liable for FBT but want to know whether insurance is also liable irrespective of whether car is purchased on loan or without loan??

A Company which has its core business as manufacturing of industrial equipments, had some excess
funds during some part of the year which it deployed in Mutual Funds and earned handsome returns
therein. Same were shown as STCG and tax was paid accordingly. However, ITO has claimed that the
same should be treated as business income and tax should be paid accordingly. Is there any case
law/section to support assessee's intention of getting the gains taxed as STCG?

For the A.Y. 2005-2006, any person having income below taxable limit(I.e. Rs. 50,000/-) and having agricultural income of Rs. 4,00,000/-. Can he file the ITR before March 31, 207 without attracting the penalty clause of not filing the ITR u/s 139 (1) which require the filing of ITR if it exceed the exemption limit. Becoz he is not supposed to file under this section, so i think, penalty of Rs. 5,000/- should not be attarcted.

What are the detailed provisons regarding leave travle concession in India under income tax act (Sec. 10(5)) Please don't give the refrences of books

Further let me know the provision regarding LTC in case where the person has joined in Jan'06 & resigned in Dec'07
As Ltc Applicable from Apr'07 & payment made for 8 month.

what deductions are availble if a housing loan has been taken on joint names?
can they avail deduction U/S 24 and SEc 80 separately?

Please clarify
thanks
Srilakshmi

Suppose , a man takes takes a loan from the outsider for the trading of shares, they agreed on the following terms....

monthly installment as a repayment of the principal amount i.e., fixed.
And he agreed that he will share only 10% of the only profit and not the loss made by the other as a commission not the interest.
Is this commission will be allowable expense under the capital gains or not....??????

What is the meaning of term "Intermediary" used in section 92A of Income Tax Act, 1961? Actually It has not been defined in the Act itself, but what meaning should we take having due regard to judgements of various courts ?
For Example, if One person is importing goods from foregn concrn and his NRI brother is the partner in that foregn concern, then both these concrns are "Associated Enterprise" as defined under section 92A ? Please explain with logic and reference of case law etc.

As per sec 28(v)of the Income Tax Act, 1961 partner's salary should be taxable as a business income(under the head incomes from business or profession)while filing the individual return of the partner. why cant it be taxed under the head incomes from other sources? wat is the logic behind that? in either, ultimately cases the salary will be taxed. so i want to know the logic behind that.

hi sir,
i have a client of salary he has withdraw the salary of rs, 65000 p.m. how can i make the tax planning for that person please make the tax suggestion to the extent of lower tax liability

An individual (not liable for Tax Audit) paid total tax as Self assessment tax before the due date of filing his return for AY 06-07 that is before 31 July 06.He filed his return for AY 06-07 in the month of December 2006.The AO levied Interest U/s 234A for late filing by applying rate of interest on the tax paid before 31 July for the delay in filing the return.The Assessee contends that the interest should be Zero as tax payable was 0 and 0 multiplied by any rate of interest will be Zero.Who is correct?Why?

The Section 234A does not give credit of SA Tax in such a situation.What about natural Justice? Is natural justice demand by assessees tenable in tax laws?if yes ,why? If not,Why?