Dear All,

I want to file a revised TDS return for the quarter ended 31st March 2008 to correct the following irregualarties :-

1) I have deposited a challan ( i.e the TDS amount) in July which relates to 31st March 2008 along with interest thereon but have not mentioned in the previous return.

2) I have deducted less TDS ie instead of 20%, 15% have been deducted ( TDS on Rent). As per the quary raised by my auditor I deducted and deposited the balance on july 08. Now how can i correct this, should i leave the amount paid/credited as required in tds return blank and write only the tds amount . will this be accepted or not. Please advise. ( I use WizinTDS software package)

If I made an investment in the bonds under section 54EC before expiry of 6 months, by way of cheque and the stamp on the bond is of the date of submmission of cheque. but, if the clearance of cheque is after the date of expiry of 6 months will i be able to avail the exemption? the assessing officer denies to grant the exemption. please resolve as soon as possible.

an employment providing company when send any person for interview to any other company and it bears the conveyance and travelling expenses
Is the company is liable for FBT or not

a private company had received some application money from the shareholders on march,2006, now it wants to refund it. So please suggest me whether the company will provide interest or not.

Dear Sir/Madam,

I have following Income Tax Queries:

1) A closely held pvt. ltd. company redeemmed its listed mutual funds invetments, whether it would be exempt from tax u/s. 10(33)?

2) How to value closing stock of Share broker? Would AS-13 be applicable?

3) During the year company paid Rs. 35000 in cash of outstanding bal. of 45000 (single bill)creditor, whether 35000 would be disallowed or Rs. 45000?

4) During the year company paid Rs. 25000 in cash against bill of Rs. 25000. The purchase made from relative. The Amount dissallowed u/s 40A(2)Rs. 8000? What would be amount dissallowed u/s 40A(3)?

We had received work order (civil work) worth 60 lacs. Under T&C party will pay Service Tax. Against the goods at site the party had given us advance of Rs. 7,10,505.00 after deduction of 3% WCT and 2.266% TDS.

Now my question is:
Party is not paying Service Tax at the time of issuing us Advance. Party says this is advance and not payment against any bill. Service Tax wiil be paid un release of payment against any bill.

Do I have to pay Service Tax upon receipt of advance. If yes then at what rate?.

Mr. A purchased a property in 1982. After that Mrs. Y acquired it in 1991 for a valuable consideration. On death of Mrs. Y, her husband inherited the property in F.Y. 2003-04.
Mr. Y sold the said property in F. Y. 2007-08. In this connection, for the purpose of computing capital gain,

1) Cost will be cost to Mrs. Y
2) For the purpose of indexation index of F.Y. 2007-08 will be in the numerator of the fraction, but which years index will be in the denominator of the fraction. Is it of F.Y. 2003-04 or of the year in which Mrs. Y acquired the property?

Is there will be any difference if the property is gifted to Mr. Y by her wife instead of inheritance?

Hi all
Whether service tax is applicable on leasing out on equipments(movable) or vat will be applicable?

Please reply at the earliest.
Thanks in advance

I PURCHASE A LAND FOR RS. 410461 ON MAY 2007 AND SOLD FOR RS. 1500000.00 ON SEPT 2008 RESULTING IN A PROFIT OF RS. 1089539

what is the tax status
Is there any way i can save tax

SUMIT

For calculation of minimum alternate tax (MAT) u/s 115JB the book profit can be reduced by the loss brought forward or unabsorbed depreciation whichever is less as per books of account.
In the following situation which is the amount that can be deducted from book profit?
As Per IT return

Business Loss Brought Forward 2,00,000
Unabsorbed Depreciation 1,00,000
Total Loss Brought forward 3,00,000

As per books of account
Loss brought forward 1,20,000

Business loss and depreciation loss is not shown separately in the books of accounts.How can it be worked out?