Under the Income tax LTA is exempt for two jounerny in the block of four year. section 10(5) mentioned LTA recived or due is exempted to the extent of expenditure incurred subject to limit prescribed.
The company provides the liability in year to year basis but payment is made when claimed by the employee. The company cosider the LTA income in deducting tax from salary in the year of payment. However,in income tax LTA is taxable on Due basis also.

Now suppose LTA due in A.Y.08-09 but not claimed by employee as he has not performed the journey.In the next assessment year he has performed jounery and received the same. in such circumstances, in which year LTA to be taxed and claimed the exemption and why?

Hi Frineds,

I have a doubt that is it filing of a fresh form32 for appointment of director is necessary, in case of PRIVATE CO, after the Annual general meeting for additional director who have been appointed during the year and for whom form 32 for his appointment as addtional director has already been filed with in due time.

Dear All,

In a situation where expenses invoices/bills pertaining to a particular month (say April 08)comes to A/cs dept in the month of aug 08 and gets duely accounted on the invoice date ,gets paid in the month of august itself less TDS.

Now whether the TDS be paid along with interest when it is paid on 7th sept or not?

Can the Invoice be accounted in the month of receipt in order to avoid interset?will there be any qualification as regards the TDS pmt without interest not paid in this case?

My company is a service providing company. Last financial year we have taken unsecured loan from our client for rs. 5.25 lacs on 01.01.2008 and return it to client on 25.05.2008(in current financial year). Can we take unsecured loan from our client. Although we have taken loan letter from the client with ward circle along with PAN. If any liability or rules violation please provide me necessary details.

regards,
lalit

Hi Experts

1) I have incurred an expenditure which is subject to TDS provision u/s. 194C as follows;

Bill No. 1 dtd 01.05.08 for Rs. 5000/-
Bill No. 125 dtd 25.08.08 for Rs. 16000/-

I have made payment as follows on above bills,

Rs. 21000/- dtd 26.08.08 through Single Cheque.

Now whether TDS will be deducted as per section 194C which says the "Payment or Credit of Single(Sum).."???

2) Secont Question is that the transactions are as above but the payment is made in advance as follos.

Rs. 21000/- dtd 05.04.08 and then bills as mentioned above have been received.

Now in this case whehter TDS needs to be made or not???

CA Rohit

Plz. Send me complete procedure for registration of a properietorship firm, that from where I can get form and where it have to deposit, and all other information.soon.........

It is co-opreative socitety and cliaming deduction u/s 80P.In PAN application it has mentioned the status as local authority and accordingly PAN has been allotted.Can A.O denai the benifit of sec 80 P and assess it as Local Authority instiead of Co-op socitey

It is co-opreative socitety and cliaming deduction u/s 80P.In PAN application it has mentioned the status as local authority and accordingly PAN has been allotted.Can A.O denai the benifit of sec 80 P and assess it as Local Authority instiead of Co-op socitey

We are receiving the Bills from Vendor (Automobile Dealers) for the expense mentioned below:

As you are aware that Banks provides Vehicle Financing. So one of the Bank is financing vehicles purchased through various Automobile dealers all over India. To promote the sales the dealers are providing various promotional schemes to customers.One of such promotional activity is providing free Insurance to the customers. The dealers then claims the share of Bank (say 50% or 100%) as reimbursement through Invoice raised on Bank.

The supporting provided with the Invoice is in the form of the acknowledgment from customers that they have received the Free Insurance. The supporting is sometimes marked to the concerned Vendor & sometimes to the Bank.

Please advice whether TDS need to be deducted in such a case or not.

We are a registered unit under Service Tax. Last year our turnover was Rs. 5 lacs and we had collected the tax on this amount and paid accordingly. Current year till date our T.O.have crossed Rs. 4 Lacs and we have already collected the service tax and taking input credit and not paying the service tax which collected. It is 100% sure that our T.O. wil not cross Rs. 10Lacs Limit during the full year.
Is it OK according the law? Pls confirm and thanks in advance.