Whether receipt from LIC on death of the insured person by the nominee of the insured is Capital receipt or Revenue receipt for under IT, Act ?

Whether receipt from LIC on death of the insured person by the nominee of the insured is taxable ? If taxble under which section

I am having a Software Co. and I am opening a new proprietor ship firm so the assets of Software company will be used in the new firm and the software company will get closed. I want to know how to transfer the assets from one company to other.

Thanks.

As you may be aware that under Section 194 J of the Income tax Act which was amended to include Royalty with effect from 13.07.2006 by the Taxation Laws (Amendment) Act 2006, we have been advised that Computer Software is covered by the definition of Royalty as per the Income tax Act. As such, we have been advised to deduct TDS on purchases of software made from 01.04.2008.



TDS @ 11.33% will be deducted as per law for the purchases of software made from you from 01.04.2008 to 31.10.2008. We shall deduct the TDS as applicable for which your account will be debited and tds certificate will be provided to you for the same.


Pls validate immdtly

we are haviang registration under works contract service. we raised lot of invoice on which service tax is payable in the month of march but our payment not recd by 31 st march we provide the liablity in our books & pay the service tax as we receive the payment from our customer in the after march
what is due date of for the payment of service tax in such cases? is it as per norms of within 5 days from the end of quarter in which payment is recived or immediately after payment recd from customer.

The exemption limit for applicability of service tax is Rs. 10 lakhs.. if an entity's rental receipts exceed Rs. 8 lakhs, but however, if it receives rental income from tenant "A" an amount of only Rs. 8500; then wil that tenant be charged service tax on the rent paid by him???

kindly reply to this querry as soon as possible...the solution can be mailed to - fragrance13@gmail.com

Sir,

can a person be eligible for minimum wages if he works after office hours and earning Overtime allowance which is more than his eleible minimum wages?

that is

a person's normal working hours is 1000 to 1700 hours. he has been put to work from 0800 to 0930 hours and earning around Rs.350/-. He has no work from 1000 to 1700 hours for the entire day. If his minimum wages is Rs.148/- what is the amount payable to him for that day?

whether it is Rs.350/- only or
Rs.350/- as OTA and Rs.148/- towards wages?

Thank you sirs

Our company is in Tour operating business.
they hire cars from the cab operator.

Whether TDs would be applicable as Sub-Contract while making payment to CAB-Operator.

Regards

Yogesh gupta

In case we are providing coaching then we will have to pay service tax on the fees we are receiving but i want to know will i have to pay income tax on the total fees i'll receive

If a person sold a house property and fail to invest according to Section 54 F. and also fail to deposit capital gain in capital gain account which has to be maintained with bank. Can he avail exemption under Section 54F