Dear Experts

As per section 194C, any payments made to C & F Agent is subject to TDS.

However payments to the C&F Agent include following;
1. Reimbursement in respect of various custom formalities etc. inclg freight (Say Rs. 10,00,000/-)
2. his C&F charges (Say. Rs. 75000/-)
3. Total is Rs. 10,75,000

Case 1 - Now suppose he has raised single invoice for both 1 & 2 above, then on which amount TDS is required to be made?

Case 2 - Whether it will make any difference if C&F agent raises debit note for above 1 & his invoice for above 2.?

As per my opinion

Case 1- TDS is required to be made on whole i.e. on Rs. 10,75,000/-
Case 2 – TDs is required to be made only on Rs. 75000/-

Please give your expert opinion…

CA Rohit

Is TDS required on civil work done in company(ie maintenace of building for repairs of canteen]in which materials purchased like bricks, iron, cement etc from different suppliers and
if the amount (1)exceed 20000(individually) or 50000 aggregate for supplier each
(2) does not exceed 20000/50000 respectly for each supplier.

Dear all

I TAKE LOAN FROM BANK ON 01.06.07 (2007-08) FOR RESIDENCE HOUSE , RESIDENCE HOUSE COMPLETED ON 01.02.08 , WHICH AMOUNT I CLAIM FOR INTEREST ON HOUSEING LOAN ?

INTEREST FOR 2007-08 = 71600
PRINCIPLE AMT. FOR 2007-08 = 10000

CAN I
1- CLAIM INTEREST ON HOUSEING LOAN FOR 71600 IN FY 2007-08
OR
2- CLAIM INTEREST ON HOUSING LOAN 71600/5

PLEASE CLEAR

I m a PCC student & have completed 13 months of articleship. i have my attempt in May 2009. Can i get leave before completion of 15 months of articleship?
OR
is it mandatory to complete 15 months articleship for appearing in the exam and then take the leave?

Please let me know the provisions of leave.

X isd having Rs. 15 lacs in his superannuation fund. She EITHER wants to transfer 2/3 of balance to LIC annuity plan and rest want to receive as commuted balace OR transfer whole to LIC annuity plan.
What is Tax and TDS liablity in either case.what should she do

Please tell me VAT on Fixed Assets my Register on work Contractors ,
fixed assets for business not for sale

My client is converted from parternship firm to company as on 15th april 2007 and its partner capital was converted into share capital of the company.
For the purpose of calculating average working capital turnover ratio,as on 31st march 2008,should i take WC of partnership firm as on 2007.

Hi all,

Acutally bank charges a commission on collection of amount through credit cards. Furthur on that commission plus ST is also charged by the bank.

i)Can we avail the input credit on ST charged by bank?

ii) Do we need to deduct TDS on Commission paid to the bank?

Dear Experts,
Greetings.

Can your goodself reply for the query
1) an organisation have more than 20 employees out of which less than 20 employees say 15 have gross remuneration upto 6500/- and others have remuneration more than 6500/-

PF Act apply or not?

Regards

R. 14 (2)(c) of Schedule III to wealth tax Act reads as follows:

"the value of an asset not disclosed in the balance-sheet shall be taken to be the value determined in accordance with the provisions of this Schedule as applicable to that asset"

Doubt:

i cant contemplate an asset which is not disclosed in the Balance sheet.

can u help me? Please.


Another doubt:

S. 2 (ea) of the wealth tax Act defines the term asset. It is an exhaustive definition, since it uses the word 'means'.
Life interest is not covered there.

Then what is the need for R. 17 of Schedule III of wealth tax Act.

This rule talks about the procedure for valuation of life interest.

please provide me knowledge in these areas.

R.Soumyanarayanan FCA Grad CWA.