HOW TO COMPUTE NET TAXABLE INCOME
IF:

salary income = 2,00,000
Loss on H.PROPERTY =(2,00,000)
short-term CAP.GAIN = 2,00,000
DEDUCTION UNDER 80C =(1,00,000)



KINDLY SUGGEST ME

Assessing officer (Dy. Commissioner of Income Tax) had issued summons u/s 131 in the name of the director of a company due to improper compliance of scrutiny notice for AY 2010-11.

Now the company is going to make compliances properly. Also company is filing a letter in front of Assessing Officer with a request that since the director is out of station, he would not be able to attend the date.

What consequences can the company or director face in such a case? Please advise. Its urgent.

STOCK OF Rs.10, 00, 000 (TAXABLE GOODS-OF 20%VAT CLASS) TRANSFERRED FROM ORISSA BRANCH TO MAHARASHTRA BRANCH.

IN ABOVE TRANSFER:-

WHAT RATE/AMT OF TAX PAYABLE TO WHICH STATE ?



PLZ SUGGEST ME FRIENDS.

Can be deduct Tds on Staff welfare expenses?
ex. medical expenses of the employee paid by the employer.

Sir,
A CA pursuing student aged 18+ can he file ITR for his proprietor ship business, with thanks.

P. RAJASEKHAR

Hi,

My query is regarding perqs.valuation on use of Movable Assets

Facts of the case is

Based on employees request Company will buy laptops for them

-50% of the cost of the laptop will be recovered from the employees in 24 instalments by way of adjustment in monthly salary.

-on completion of two years the laptop is handed over to employee.

-in case an employee leaves prior to two years then the outstanding instalments amount is recovered and laptop is handed over.

My Queries are

(1) since the asset will be on companies name over the said period of two years can the company claim the depreciation benefit on Original Cost of Assets both under IT & Companies Act or the same needs to be reduced to the extent recovery made during a particular financial year.

(2) Is there any Perqs.in hands of Employee at the time of giving assets for Use to Employee.

(3) If Original Cost of Laptop is say Rs.50,000/- & Rs.25,000/- to be recovered from Employee in 24 Instalments what will be the perqs.in the hands of Employee at end of 24 months.

(4) What will be the scenario if employee leaves before end of 24 months and balance amount recovered from him before hand over of Laptop to employee.

(5) How the accounting entries need to be passed to give effect to recovery of asset value in 24 instalments.

(6) Is there any Capital Gain to Company at the time of Transfer of Laptop to Employee at end of 24 months under Income Tax & Companies Act

Plz.reply on the above issues.

Thanks.

I have been asked to prepare a TDS Reconciliation (year wise) for the purpose of quarterly closing.

Now, my focus is on 3 things: entries passed in books; Form 26AS; TDS certificates recd from parties.

While reviewing I noticed, that TDS entries in the books have been passed after receiving TDS Certificates from parties. Hence, in some cases, while the TDS deduction is being reflected in Form 26AS in the FY 2011-12, the entry for the same is passed in books in FY 2012-13 (because TDS certificates were recd in this FY i.e. 2012-13)
I have these queries:
1. Is my method of reconciling is correct?
2. Can somebody provide me with a format for TDS Reconciliation?
3. The difference could be due to following reasons:
- TDS certificates not recd hence not claimed in FY 2011-12 ( also not entered in books): in this case I should call the parties to provide certificates at th earliest??
- TDS certificate recd but entry not reflected in Form 26AS: I should ask the party to verify e-tds return filed? Now if return is correct but incorrect certiicate was provided, based on which We claimed excessive TDS in FY 2011-12, then what corrective action can we take?
- what other reason for difference could possibly be there?

Kindly provide my point wise reply. I would be really thankful.

A Pvt Ltd company - a builder paying service Tax availing abatement of 75% . I am paying service Tax on 25%. Under reverse charge Mechanism I am eligible for payment of service Tax for security services, Laywer services . The service Tax paid by us under reverse charge can be adjusted (CENVAT can be taken) for payment of service Tax for construction services.

Sir what are the consequences in case has filed the belated return electronically by excel utility as hosted on site and has wrote on verification statement her husband name in place of father although it was NIL Return how it could be rectified whether can filled again although it couldn't be revised

IF NRI INVEST IN INDIAN COMPANY AS A LOAN FROM HIS NRO A/C AND TAKING INTEREST MONTHLY. THEN @ 20% TDS APPLICABLE ON INTEREST.

QUESTION IS--

1) WE HAVE TO MAKE RETURN FOR THIS, IF YES THEN HOW

2) IF THEY HAVE PAN NO. THEN WE CAN MAKE TDS RETURN FOR HIM, IF YES THEN SAME RATE IS APPLICABLE (e.i 20% TDS)OR THERE MUST SOME CHANGE IN THE RATES.