I want to know tax implications in below cases:

1. Our building is under redevelopement and builder shifts us to another house for which we are paying rent and getting reimbursment of the same. So what is treatment of Rent recd from the redeveloper??

2. We also got corpus fund of Rs 200000/- each member, wht is the treatment of the same???

Whether both are taxable incomes?

Do provide the section reference.

Thank you in advance.

Dear Sir

1. Take possession a flat on Janurary 2008 for Rs. 16,00,000 and in march 2008 sale this flat for Rs.25,00,000.

2. In may 2008 purchase another flat for Rs. 45,00,000.

I ask a question, can we get exemption from capital gain. or if i cannot get exemption then what is the amount of capital gail.

Thanks

A person who was unemployed left for employment to a gulf country during the month of November. His salary for Nov -Mar is 5 Lac. There is no tax on his salary in Gulf. He is resident as per IT Act during the year in which he left for employment.



My questions are :



1) When should he pay his self assessment tax on his salary as employer is not deducting TDS ? Should he compute his tax on salary income of 5 months and devide it by 5 months ( Nov-Mar) and pay it every month to IT department?







2) As per IT Act the individual has to pay advance tax of 30%, 60% and 100% by 15th Sept, 15 Dec and 15 Mar respectively. In this case the person had not anticipated his income from salary so he could not have paid 30% of his tax by 15 Sept (he got employment only in Nov). So, what is the remedy?







3) Can he claim HRA exemption u/s 10(13A) for rent paid abroad while in employment abroad?







Kindly answer both questions SEPARATELY and QUOTE Sections wherever possible.







Thanks.

Hi All,

One of my client purchase a Residence Flat in Joint Ownership with his Wife. For that he has taken Housing Loan, which interest & monthly installments are paid by & from the my Clients bank A/c, where as loan was also taken in joint name, his & his Wife name.

Now my question is,
who will get the deduction for repayment of Housing Loan interest???
Whether they both entitled to get deduction equaly i.e. (50%-50%)???

Please reply..
waiting for reply.........

Dear Sir,

I have made a office cabinet through contractor and the value including labour charges amounted to Rs.25000/-. I have debited it to furniture account. Should i deduct tax when i make payment and if i dont will there be any disallowance.

Regards,
Priya

What is the accounting entry for discounting of bill?

Dear Sir/colleagues,

In one of my scrutiny assessment,assessee as around 4 lacs creditors which are not confirming say bogus (Purchase bills were fake) and likewise 3 lacs debtors (bogus)
(here also sales bill was fake).

What will be addition
4 lacs or 7 lacs or 1 lacs.My contention with A.O.is that addition should be 1 lac (net of creditors & debtors)

Kindly have your view

Regards
c.a.paresh zatakia

Dear Sir/colleagues,

In one of my scrutiny assessment,assessee as around 4 lacs creditors which are not confirming say bogus (Purchase bills were fake) and likewise 3 lacs debtors (bogus)
(here also sales bill was fake).

What will be addition
4 lacs or 7 lacs or 1 lacs.My contention with A.O.is that addition should be 1 lac (net of creditors & debtors)

Kindly have your view

Regards
c.a.paresh zatakia

Is the employer's contribution to Superannuation fund taxable for employee or is it exempted. If exempted, is there any limit of exemption

What about interest income credited every year on Superannuation fund a/c. Is it taxable. Secondly is there any limit on rate of interest (like 8.5% is for employee PF)

Any special provisions / tax treatment at time of receipt of fund on retirement / resignation etc

last date of return of individual in audited case..........

e-filing cumpulsory hai.........ya nai for individual jiske aic audited hone hai........ya turnover 40 lak se above hai...........