My client deduct TDS at lesser rate than mention u/s 194 C- for partnership firm TDS rate is @ 2% as against they deduct @ 1% now traces show me demand of 1% of TDS which is short deduction. Is my client require to pay short deduction? provided my clients's Contractor claim in their return of income tds credit of only 1%. if suppose I paid the 1% of TDS which is demanded by traces /AO is my clients contractor getting credit for that after revising return(so that I can recover the amount from Contractor)? What deduction shall my client get u/s 40(a)(i).
please reply?

A is an assessee who is going to marry on 24th feb 2014. He is importer and exporter of industrial tools. On the ocassion of his marriage the supplier of the assesee which are basically from hong kong, taiwan and dubai wants to gift fifteen lacs rupees.

Now the query is whether such amount is taxable or not in the hand of assessee in India?

I have read section 56(2)(v) according to which it is exempt but is there any other provision under which such gift is taxable and any other provision of income tax is applicable on him?

Hi...

Can u pls tell me what r all d areas I need to cover for payroll team interview?

Dear Sir,

My client is ROR working (deputed as Project Manager) in India and paid by foreign (Belgium) Employer for Project coordination Work

To file his return I understood that I have to use ITR-2 and use column of TA_FA & FSI and get tax credit on tax paid in Belgium by his employer.

My questions

He is getting fixed Compensation allowance which is mentioned as nontaxable amount ( as compensation allowance) in his Belgium pay slip and also not mentioned in yearly Statement of Income from Belgium. Can he consider the same amount nontaxable in India?

Regards,
Pranali

as we all know that ca final books are upadated upto a certian period so untill the next amedmend not available we have to wait so i would like to know the sites from which i can update my books on timely basis

Hello Expert,

Requested to kindly forward me draft format of Memorundum of Association & Articles of Association of a Fashion Indutry (like Lakhme Fashion or India Bridal Fashion)

what are the points we can consider while deducting TDS of salaried employees.. can we consider their house propery loss???? or only 80C deductions are to be considered????

Respected All, I filed itr4 form AY 2013 - 2014 efiling on 26/12/2013. I made a mistake regarding income details, I kept NILL in this section. should I file revised return now immediately. what is the procedure to file a revised return. kindly give the details sir. Thanking you sir, Regards, Sandiip

Dear Sir,

My client is ROR working (deputed as Project Manager) in India and paid by foreign (Belgium) Employer for Project coordination Work

To file his return I understood that I have to use ITR-2 and use column of TA_FA & FSI and get tax credit on tax paid in Belgium by his employer.

My questions

He is getting Fixed Reimbursement amount for his travelling from home to office, same is mentioned in nontaxable amount in pay slip. Can he consider the same amount nontaxable in India?

Regards,
Pranali

Whether profit on sale of personal car (not used in bussiness) is chargeble to tax ?
If yes under which head.
Because car is personal efects and not capital asset.