I worked in a company as CEO & Director in a section 25 company as an employee and later the auditors claimed that it being deemed as a public company the salay paid was in excess than as prescribed u/s 309 of the Companies Act. Hence I refunded the entire renumeration for the FY year 2005-6, 2006-7, 2007-8, and 2009-10.Can I deduct the amount paid back to my employer from my this year's income as my income has been taxed for the previous years ? Currently I am a management consultant earning a professional income.

If brief: what is the best way to get the refund for all the years : 1. By adjustment as above. 2) By filing the revised returns (kindly note that intimation u/s 141 has also been received 3) And/or u/s 264 of the IT Act, 1961 Or by any other means .

In short my responses to querries are as follows:

1. Whether the assessments were completed.

Only intimation & the refund cheque was made

2. Whether the company deducted tax at source

Yes the company had deducted the taxes at source as well as returns were suitably filed as well.

In addition, the tax returns for all the respective previous years was files on time.And Tax liablity for the assessment year 2008-9 as based on the salary & Income from House & Property.

I await your response

my query is:
a pvt. co. have Rs.10lakh paid up capital & Rs.90lakhs share application money. is CARO or MAOCARO requirement applicable to that co.

i am on audit in previous year they w/back sundry credit balance but they paid them same in current year & transfer in missclleneus expenses. is it right or wrong . & what r the versus problem may arise ?

I have a query with regard to re-designation of a regular director to Whole time Director.
When the Board Meeting was passed in december last year, subsequently Form 23AC was filled. Now this issue has been kept for shareholders approval in the coming AGM however Form 32 for the said director has already been filled with Form 23AC though there is no contravention of any law but technically should'nt Form 32 be filled after shareholders approval(in AGM) ?
Please let me know where if iam taking a wrong look at the procedure.

Dear Sir,
Please provide us
1. What are the procedures for the payment of remuneration of managing director in case of no profit or inadequacy of profit?
2. what are the Procedure for registration under Micro, Small & Medium enterprise.

Thanks & Regards,

Chetan

Hi Expers...

Suppose X has incurred expenditure on behalf of Y and made a payment to Z in respect of expenditure indcurred.

Then expenditure is reimbursed by Y to X.

Now problem is that who will deduct tax at source.

a) Whether X is liable to make TDS from payment to be made to Z

or

b)whether Y will make TDS from payment to be made to X....

Who has to comply with TDS provisions...

Entries will be made as follows then what to do…..

In the Books of X...

1.Expense A/c. Dr.
To Z a/c.
(booking of Exp.)

2.Z a/c. dr.
to Bank a/c.
(Payment to Z)

3.Y A/c. Dr.
To Expense A/c.
(Debit Note raised on Y)

4.Bank A/c. Dr.
To Y A/c.
(Reimbursement by Y)

In books of Y..

1.Expense a/c. Dr.
To X a/c.
(As per above Debit NOte.)

2.X A/c. Dr.
To Bank A/c.
(Payment towards Exp.)

Now in above case Y is not directly related to Z, while the income is generated by Z only hence the TDS on Z's income shall be made.

However the expenses is claimed by Y in his books and hence the person who is claiming the exp. shall make the TDS otherwise exp. will get disallowed, so he needs to deduct tax from X which is wrong..

Thanks
Rohit

I want to create a private trust in the name of my son who is just one year old. Can you tell me the procedure for registration and taxability of the income of trust. Can this trust except gift from various relatives and its taxability.

The client has a factory at Gandhidham (Gujrat), from where he first transfers his goods to Mumbai warehouse, and then sells his goods to Mumbai customers charging VAT. In this way he avoids CST. Is it correct?

what's difference between Registered Mortgage and Equitable Mortgage in field of banking terminology.

Dear All,
I m in Service providing Company (providing taxable services only) & wants the amount of CENVAT credit by following figures:-

In Aug. month I have received ST amount = 2000000
ST receivable = 5000000
CENVAT on capital goods = 40000

Plz tell me for how much amount i can avail ST credit and how much amount i will have to pay. tell me rule no. if possible.

Thanks,
Anuj