whether any sum of money received in cash or kind exceeding Rs 50,000 by an individual or HUF without any consideration shall be Taxable
( including Immovable Property)as per Section 56 of Income Tax Act,1961 as per amendment in Finance Act 2009?

And whether it is also taxable if it is received from relative

have one query and unable to get solution for same

Here, on basis of prov, we deduct TDS for a particular vendor. E.g for A, ( fy 0809) on prov amount we deducted Rs 5000 as TDS amount and issued him certificate of 5000

We receive bill from him in next FY, wherein we realize that tds on actual bill amount will be only rs 4000. So in fy 09-10, we adjust rs 1000 tds, ( diff of tds on prov and actual bill) , during payment in 09-10. Is this correct ?



e.g for FY 09-10, I have to deduct tds actually 10,000, but since I had deducted excess 1000, I will deduct only 9000 . is this correct?

Pl provide solution for same along with accng entries. Also pl mention for what is best practice that needs to be followed

Hi to all,

I have one doubt regarding the Union Budget presented by the Union Finance Minister. I wanted to know on which date the Budget Program will be come in effect.

Please clarify this.

Regards,
hemanth

My Salary 296000/- P.M.
I Request Please tell me Tax Saving
hra basic 7250 hra 4350 cca 2900 sepecel Allo 3000 Convence 3000 other 2413
L T Allo 7250 Yearly medical 7250 Yearly

my query was not resolved in proper way, however, I am again putting my query.
1) I am retired(+60 yrs) Engineer from SAIL.Except my quarterly Bank FD interest,I have no other earnings, no IT rebate savings scheme too.
2) Annual FD interest is Rs.1,80,000/- and paid in every quarter.
3) What will be my total IT for 2009-2010 ?
4) In my first quarterly FD interest,paid on 29/06/09, about Rs.4000/- have been deducted as TDS.
5) does it conform to the latest budget? If more, how I can get back the money hassle free.
Experts are requested to reply point by point.
Thanks.

HI! Experts
Plz send me a Board Resolution For Appointment And Retirement of a Director.


Regards

Saurabh

Dear Member,
Following items classification is required for fixed assets.

1. Cabling material and cabling and networking work whether this should be classified as Electrical installation or a part of computers and therefore accounted in computers and periherals.

2. CCTV- is this a Television or a computer.

3. Equipment and cabling for TV- where to be classifed.

Regards,
Kavita Rathi

Whether a private company which has earlier issued shares at premium, now issue further shares at face value?

dear sir/mam

our client is working as a freight cosolidator. They are basically purchasing and selling the ocean freight. will there be applicability of service tax on the profit margin eraned over ocean freight? and if service tax liability will come then it will come under which head. Kindly confirm it at earliest as it is quite urgent. if there is any notification kindly let me know that.

thanks & Regards

Kamal Jha

Hi all,
i want to know that what treatment should in Excise record of Debit/Credit Note.
eg. i have billed to party with excess amount and invoice contaning Excise duty and sale tax as well, later on i realized that it was excess billed, hence i raised a credit note to party as a result now my excise duty become lesser than earlier billed amount.
now i want to know can i take cenvat credit or reduce my excise expenses in excise records on basis of this credit note? if yes kindly let me know under which provision?
Please help ASAP.