Dear All,

A Housing Society has fixed deposits of Rs. 35 Lac with nationalized bank & earned interest of 3.5 Lac during 2012-13. The bank has deducted tds @ 10%.

Now can we claim refund of this amount.

As per my understanding society is taxable @ 30% above Rs. 20,000 so we have to pay self assessment tax.

If we maintain the Fixed Deposit with Cooperative Banks then whether interest will be deductible u/s 80P.

Please Help
Amit

my salary

Basic Rs. 23333
HRA Rs. 14467
Convyance Rs. 800
Special Allowance Rs. 17483

Total Salary Rs. 56083/-
Also Gets Medical Allow Rs. 1250 Per month
LTA Rs. 12000 per Annum
Investment:
LIC 78000
INTEREST ON EMI rS. 150000
MEDICAL ALLOWANCE BILL SUBMITTED 15000


mail id : rajesh.gupta@glaxiacookery.com

PL. LET ME KNOW HIS TOTAL INCOME TAX FOR YEAR 2011-12 FINANCIAL YEAR

THANKS

Intra Day Trading in Shares without delivery is Speculative Income or Loss, however I have only 5 intra day transactions and the number of transaction in shares are not too high. So can this Income from intra day trading be considered as Income from other sources rather than Speculative Business Income under the head Profit and Gains from Business and Profession. Accordingly no need to file ITR 4

Query:
Suppose the assessee “XYZ Company” has incurred expenses towards its Head Office. The assesse has paid the certain Sum of Money to the supplier i.e. Mr. A for work done by him. However the Company has paid advance to Mr. A for the work, But due to dispute between the parties work has not completed and Mr. A has not given bills as supporting for the amount of work done by him. The above advance given to the parties are shown under CWIP. Now how the said expenses will be disposed off?
There are 2 possibilities for the same either charge to P& L or to Capitalized the same by transferring to fixed assets.
• Whether company can transfer the same to fixed assets? If company transfers to FA, we can claim depreciation. But we do not have any bills of the same to produce before department in case of Scrutiny.
• Whether company can transfer to Profit & Loss account? If company transfers to P/L, then there is a huge amount of expense which will be charged to P/L account again the same problem will arise in case of Scrutiny since the assessee doesn’t have supporting bills for the said Expenditure .


Regards,
Pooja Gogri

Dear Sir / Madam,
We are paying office rent 14000.00 per month
& 11000.00 for building maintenance charges to office landlord.
kindly advise for tds is applicable on maintenance or not .

Thanking you
Sanjeev Sharma

An individual has a block of assets whose written down value is Rs. 25 lacs. From the block of Assets 1 asset is sold for Rs 5 lacs whose written down value is 2 lacs. The block of asset is existing at the end of the financial year.

Opening WDV 25
Less : Sale consideration 5
20

Under IT act NO capital gain will arise as block of asset is existind at the end of the FY.
The question is how to show the profit of Rs 3 lacs (5lacs – 2 lacs) while filling ITR 4.

If Shares are purchased and sold on the same day then it is Speculative Income or Loss.

However if shares are sold on the next day, then whether it is Speculative Income/Loss or Capital Gains since delivery is generally received in T +2 number of days and as per Section 43(5), transactions without delivery are speculative.

So if shares are purchased today and sold tomorrow, it will be without delivery and at the same time it is not intra day or day trading, so whether it will be speculative business income or Capital Gains

an individual receives shares as a gift from her cousin brother(chacha ka beta,bhai)of an amount exceeding Rs 50000/-.whether this is taxable income u/s 56.Explain in relation to relatives defination u/s 56 of Income tax Act 1956,

R/Sir,

Cleared CPT in 2010, registered for IPCC and with in couple of days i lost my dad. Left in a miserable conditions,had to work for the bread. Now after three years when the conditions are ok to some extent i had approached ICAI and found that my registration is valid. I want to continue my studies.

When starting the studies after 3 three years, i took my 11th and 12th books again gave a recap and am again in the flow.

The problem with me is now where to start from and how.
1.Should i give november attempt (only group1) ??

2. All Coaching classes refused due to late waking up of me, how to study on self- will it make up.

3. What should be the flow of study, from where should i start, which subject to be given more weightage and time.

I know am with a bunch of issues, but i just request seniors out there to show the way and pat my shoulder- I will run rest of the race gratefully. :)

Can partners sign partnership deed at two different places viz. one partner is outside india can he sign deed from there and deliver to other partner in india for signing......Whether it is allowed that partners are not present in person at the place where partnership is formed........ can they sign deed at their respective places using word "signed & delivered by"?