NOW I WORKING IN AUDIT FIRM ONE OF OUR CLIENT FOLLOWED CASH BASIS OF A\C IN LAST YEAR. NOW THEY ARE FOLLOWING MERCANTILE BASIS.THEY ARE DOING COMMISSION BUSINESS.THEY WILL RECIVE THE BILL ON BULK BASIS.
WHERE THE SERVICE WAS DONE ON 25-03-2008
THE BILL WAS SET ON 18-05-2008 INCLUDING CURRENT YEAR BILL AFTER DEDUCTING THE TDS .NOW
HOW THE TDS WILL BE ACCOUNTED IN THE CURRENT YEAR.WHAT ABOUT THE LAST YEAR.NOW CAN I ACCOUNT FOR LAST YEAR SERVICE.THEY ARE NOT A CORPARATE CLIENT.

It is my kind request to solve my queries since I cannot understand how it should be considered as per the I.T Act. Hope I would get the answer with respect to the given question

1. What would be the GAV when RLV is greater than Actual Rent even if Actual Rent is lesser due to vacancy? Would vacancy be deducted from RLV so ascertained or such vacancy rent is deducted only from Actual Rent while determining GAV?
In the given example what would be the GAV?
Municipal Valuation Rs 70000/-
Fair Rent Rs 75000/-
Standard Rent Rs 60000/-
Actual Rent Rs 8000/-
Property Vacant (in months) 10
Vacancy Rent Rs 40000/-

2. What is the taxable Income from House Property for the A.Y 2008-09 & A.Y 2009-10?
Case A Case B
Municipal Valuation 380000 340000
Fair Rent 370000 390000
Standard Rent 340000 340000
Actual Rent 432000 350000
Unrealised Rent of P.Y 2008-09 (Allowable as per Rule 4) 60000 60000
Municipal taxes paid 76000 76000
Interest on Loan due 72000 72000
Unrealised Rent recovered in P.Y 2008-09 56000 56000

We are a MNC unit; we are planning import old machines parts at no charges basis .i.e. we are will not pay value of Machines Parts.


Query:
1. Can we import Machine Parts? If Yes

As a sample OR Gift

OR ANY OTHER WAY

We will pay all duty

2. What procedures we follow.

We are under Composition Tax we are having Hotel division we supplied 60 meals to one company, we are not contractors to them just one time its supplied. Total bill we rised Rs 72600/- They given the cheque value Rs 68051/- After deducting TDS Rs 1645/- and Vat Rs 2904/- they asked the bill with vat split up because we are under composition how we can show vat deduction
is there any tds applicable on VAT

Company is hiring vehicle on monthly fixed payment and variable rate per km on actual vehicle running. The vehicle is available with us for 16 hours in a day.
Vehicle registration number is not mentioned in the contract. The driver, maintenance, oil & fuel is under the contractor scope.

On this transaction which TDS is attracted 194C or 194I.

Will there be any change in TDS if vehicle registration number is mentioned in the contract.

One salaried person having physical disability as per U/s 80U - up to 50000.00 Rs.

He was receiving salary income Rs. 4000.00 per month and filing his return regularly from last 4 years. In which he had not sufficient income to claiming deduction U/s 80 U.

Now in year 2007 - 08 he was receive an arrears for last 3 years i.e. 2006-07, 2005-04, 2004-03.

Due to this arrears, after relief U/s 89 and deduction U/s 80 U he has to pay tax of Rs. 7500.00 in A.Y. 2008-09.

Because He has not sufficient income in previous years, so that he wasn't get any advantage of U/S 80 U. Now he is receiving an arrears which is his not this year income but it is for last 3 years income which he get in this year.

My Question is that -
1) is he get any extra advantage of U/s 80 U in this year. or
2) is he get any other advantage under any section expect U/s 89

Please give me reply as soon as possible and give any case law or circular or notification if it is.

please clarify my provident fund (PF) doubts.

1) what is the maximum and minimum contribution that has to be done by employer?
2) if offer letter shows 25000 as basic, can the employer say 6500 will be consdiered as basic for PF contribution by employer? I mean here offer letter shows one basic and employer is considering small amount for his PF contribution.


Thanks & Regards

Ranganath

Please suggest if a salaried person can claim share loss in his income tax return?

Hi,
I Want To know the scruitiny norms set by the I.Tax Deptt. for the A.Y.2008-09.

I am a registered student in pcc and i begun my articleship on march 2008 and my first attempt of pcc is in Nov09 and final is in Nov11.

Suppose i convert to ipcc:
a) When will be my first ipcc attempt?
b) when will be my first final attempt?
c) will the articleship of 10 months i have undergone till now be counted.

d) Does that mean that i will have discontinue my articleship as for now(take transfer) and first clear my ipcc and then register with a CA to complete my remaining articleship.