Sir
Inrespect of an assesee who is in receipt of gift by way of Foreign remittance and transfer from NRO account to her father around Rs 50Lakhs and the father is going to invest in his business.In this connection whether any tax liability in the hands of the recepient?.
RGDS

Hi,

Someone may please see the following and reply back:

Query 1

In view of Re.1/- short in respect of EC for every month, system throws Error in Return ‘EDU Cess Payable does not match with the Tax Paid for Month One to Six’?

Should I ignore this error and proceed filing Form ST-3?

Ans : ………………..

Note : If we compute directly at 12.36% on taxable value, our working is correct. But, if we compute separately like 12, 2, 1, then Re.1/- short as per ST-3 Utility.

Query 2

Whether there will be a problem / impact on account of such negligible amount Rs.6 in total.

If anybody has come across such experience while filing Form ST-3, please share your views.

Ans : ………………..

Thanks in advance for your replies.

Dear Experts,
I have a query as what kind of matters can be discussed in board meeting and what not.
we are planning to add briefing of compliance status (labor, secretarial, income tax,finance)as an agenda for every quarter.

Can it be added as agenda and Is is a good and perfect practice.

Is Industrial training and articleship one and the same or is there a difference?
If so, can u explain it

Thanks in advance

Is personal accident insurance is eligible for deduction or not and under which section 80C or 80D??? or other???

we have importing DAP in bulk.it is packed & labled by our company at port premises by taken warehouses on rent.whether it amounts to manufacture or not?

Sir,
Actually i paid deficit TDS for the FY 2011-12, me received notice in the month of june of 2012 as that to pay the balance TDS amt with Interest ,Me made all the balance TDS and interest with challan. Now to whom the challan to be submitted.

As per provisions of Sec 24 , Where property is acquired or constructed with capital borrowed on or after 1.4.99 & such acquisition/construction is completed within 3 years from the end of the financial year in which capital was borrowed - Then, actual interest payable subject to maximum of Rs 1.5 lakhs is the amount of deduction.


Here my doubt is, If the loan was borrowed in 2003 and the construction is complete only in 2008 (ie. the construction period is 5 years from the date of loan borrowed)which exceeds the 3 years as given in the provision.

In this case, will the assessee get 1.5 lakhs exemption u/s 24?

Mr. A,B & C are partners equally in a Casino .State the tax implications of casino and its partners.

I am a government employee. For the financial year 2009-2010, for the first six months TDS deducted from my salary was Rs. 30000, after that I was transferred at other place for last six months where TDS was deducted Rs. 40000, while e-filing the return due to lack of knowledge, I mentioned the total TDS amount under the TAN No. of the organization where I had worked for the last six months, now the tax demand of Rs. 30000 plus interest of Rs. 9000 is raised by the IT department, now what is the solution for this, please guide me.