Assessee has sold plot in FY 2007-2008
He has started construction of House
in FY 2005-2006 & completed the same in FY 2007-2008 ( after date of sale of Plot )
Can Gain arising out of the above Sale proceeds can be exempted U/s 54F.
Capital Gain Rs. 10 lacs
Cost of Construction in -
FY 2005 - 2006 Rs.5 lacs
FY 2006 - 2007 Rs.3 lacs
FY 2007 - 2008 Rs.1 lac

WHAT IS THE TIME LIMIT FOR FILING/INTIMATING INWARD REMITTANCE TO RBI AFTER RECEIPT.

we bought tally accounting software for 38000 , here my question is , in which head i need to account , is it under asset or as expenditure .further if we paid input tax on the asset , i need to consider input tax is part of asset. pls forward your reply to uvbr@rediffmail.com

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

hi,i am vinay garg ca final student i would like to know that as per income tax which type of expense are including in entertainment expense

hi,i am vinay garg ca final student i dont no whether t.d.s is deduted on fright or not if yes on which rete and what is the limit of fright on which t.d.s will deduct.

What do you mean by cost plus billing

Dear All,

While quoting CTC or giving break up of Salary, is it a matter of prudence to mention the Mediclaim Insurance Premium in the break up of Salary offered to employee or Mediclaim is always given separately?

Regards,

Amit

A promoter of a private ltd. co. has been incurring pre-operative expenses like travelling [inland & foreign], Lodging & boarding, development exps., and other business promotion for inviting foreign client service orders. Th Company got incorporated on 21st Apr.'07. The period of pre-operative expenses is from Nov.'06 till 20th Apr'07 and the expenditure is to the tune of Rs.3.5 Lakhs.

a) How these will be dealt in as per Income tax Act?

Interpretation in regard with
Preliminary Exps. - Exps. connected with the formation of Company
Pre-operative Expenses - Exps. incurred after company formation but before commencement of business.

Only Public Ltd. has to obtain cert. of comm. of business and so may be incurring exps. after formation till commencement.

b) Will it be concluded that only Public Ltd. Co can be said to incur pre-operative exps. as Private ltd. Co. are allowed to commence their business on the day they get incorporated?

c) How can these pre-operative expenditure will be accounted in Private Ltd. Co. Books as per Companies Act?


d)Do Sec.35D allows pre-operative exps. also in addition to preliminary exps. for amortisation?


Sec. 35D(2)(d) postulates "such other items of expenditure (not being expenditure eligible for any allowance or deduction under any other provision of this Act) as may be prescribed". e) Shall we claim pre-operative exps. under this sub-clause?

please tell me the meaning of composite issue...