Sir/ Madam,

I have been receiving different opinions with respect to rate which will be applicable for Dividend Distribution Tax for the financial year 2012-13. Some say that the rate will be 15% + 5% (surcharge) + 3% (cess). Other opine that the rate will be 15% + 10% (surcharge) + 3% (cess)i.e.the rate applicable for 2013-14. According to me, since Sec.115-O of IT Act specifically mentions "dividend declared, paid or distributed" the applicable rate should be that for FY 2013-14, as the dividend for FY 2012-13 will be declared/paid/ distributed in FY 2013-14. Please clarify my doubt at earliest. Please mail your replies on maknash@gmail.com and makrand.nashikkar@gacl.co.in.

Thanking you

please can someone tell me how to create provision for income tax for a financial year.I mean now in few days audit of my company will start then my books will get finalised, please tell me what to do and how to create provision for income tax.


please someonereply. It's urgent.

MR A HAS CLEARED 1 YR ARTICLESHIP IN NO 1 FIRM

NOW HE HAD COMPLETED 1 YR IN 2ND FIRM BY TAKING TRANSFER

NOW HE WANT TO JOIN 3RD FIRM BY USING SECONDMENT ARTICLESHIP FOR 12 MONTH (REMAINING 3RD YEAR OF ARTICLESHIP)

PLS SUGGEST FOR THE SAME

Dear Sir,
I filed Form No. 1A for seeking approval for company name. The Name selected was "AUM CRAFTTECH PRIVATE LIMITED". The registrar has rejected the name saying that it closely resembles with the name "OM PAPERCRAFT PRIVATE LIMITED"

My question is a whether Papercraft and Crafttech are resembling words? I don't think so. In such case what is remedy available to me to fight against the same?

Sir
please tale me about deduction U/s 24(b)in respect of Interest on borrowed capital for housing and principal amount paid U/s 80C during the financial year 2013.2014 AY 2014.15

In other words what are the changes in finance Act 2013 regarding above

Thanks & Regards
K D Sharma
9810752318
kds70@rediffmail.com

1. Whether HUF (Karta of HUF is an Government Employee) can be a partner of Partnership Firm.

2. Whether two HUF partners and one Individual partner can create a partnership firm. HUF member want to get the powers of all Major rights/decisions of firm.

Please guide

Thanks & Regards

My one of the client had sale house property in f.y. 2012-13 for Rs. 40,00,000/-.

So, my question is, He purchase property within how many years for exempt capital gain amount.

Sir,

My client has shown 4 creditors for goods purchased (each exceeding Rs.1.5 lacs)total Rs.6 lacs pertaining to F.Y.2009-10, my client's case was selected for scrutiny assessment and accordingly A.O. issued notice u/s.133(6). Creditors has furnished confirmation/contra account of my client reflecting therein as no amount is recoverable from my client. In other words creditors had shown "NIL" balance.

Assessment was finalized and A.O. made addition of those four creditors on the basis of confirmation/contra account furnished by those four creditors-CONSIDERED AS BOGUS CREDITORS. My appeal is pending before the Commissioner of Income Tax (Appeals).

I had filed reply to SCN to give opportunity to cross examine those 4 creditors but at the relevant times A.O. had not given opportunity to cross examine creditors.

You are requested to kindly guide me in this matter on the merits of the case with relevant citation on this peculiar issue.

Thanking you.

I wish to know that if a body corporate which was initially only a service provider now comes under the ambit of Partial Reverse Charge also and is now liable to pay service tax as a service Recipient.

Kindly clarify that how would it register itself, if the entity is already registered as a Service Provider?

will it be a fresh registration? or an amendment to the previous registration?

I have a sweep facility connected to my ICICI savings account such that funds in excess of a threshold (I think Rs 10,000) are automatically swept to an FDR which gives higher interest (7% vs 4%). If a cheque is presented in excess of the balance of the savings then some of the FDR is reverse swept to the savings account.

Interest for the FDRs was paid in March 2012 and reported on Form 16A. However, subsequently in April & May 2012 the FDR were closed due to a reverse sweep, then some interest was reversed, since the FDR is deemed to be prematurely closed and the prior interest paid in March is too high, since it was based on the regular maturity interest rate. However, no negative interest is reported in Form 16A, thus the total interest reported on Form 16A is overstated. ICICI have also told me they cannot correct this. Amount of negative interest (interest reversal) is about Rs 24,000.

When I file my income tax return for FY2012-13 (AY2013-14), should I state interest income as the correct amount (after reducing for the negative interest), or should I state based on Form 16A? I assume if I use the Form 16A amount then no questions will be raised. If I use the correct amount, will it raise questions and delay processing of the return and require me to go through a lengthy explanation process? Does IT Department compare the interest reported on Form 16A to that reported on the tax return?

Also, this issue crosses fiscal years. For FY2011-12 I reported the full interest (since at that time I didn't know interest would be reversed), so now in FY2012-13 I would be reporting a reduction of prior year's interest income, but of course the reduction happened in FY2012-13 and affects the total interest earned in FY2012-13.

Thanks for assistance in this matter.