author : Gautam J Patel
Posted On : 9/9/2008 7:57:19 PM
whether interest on TDS ,service tax & wealth tax is allowed as a business expense under the Income Tax Act?If yes please give me the relevant section

Expert : CA Praveen Chopra
Posted On : 9/9/2008 7:59:46 PM
Interest on income tax and wealth tax is not allowable but interest on service tax is allowable.Interest on income tax and wealth tax takes the character of income tax as well as wealth tax respectively as judicially held in many decisions whereas interest on service tax is genuine business expenditure allowable u/s 37.


Interest On Income Tax Is Certainly Allowed Because Ineterest Received On Income Tax Refund Is Chargeable To Tax.

whether interest on TDS ,service tax & wealth tax is allowed as a business expense under the Income Tax Act?If yes please give me the relevant section

Dear Sir,
One of my client is receiving property rent around 18 lacs p.a. And he wants to divide the income between him & his spouse and also to divide the taxation between each other as the property was purchased by using the funds belonging to both of them.
But the property is registered in the name of one person only and the division of property between them will require a lot of registration expenses which he wants to save.
Sir, what will be the best way to solve it

can an individual partner sign more than 45 tax audit files but within the limit of firm's overall limit. that is if there are 2 partners can one partner sign 90 and other partner 0. Pl. clarify.

thanks

Dear Sir,
One of my client is receiving property rent around 18 lacs p.a. And he wants to divide the income between him & his spouse and also to divide the taxation between each other as the property was purchased by using the funds belonging to both of them.
But the property is registered in the name of one person only and the division of property between them will require a lot of registration expenses which he wants to save.
Sir, what will be the best way to solve it

author : deepika
Posted On : 9/9/2008 11:58:38 AM
hello to all,

I wanted to know whether surcharge on FBT is aplicable to all irrespective of amount paid on FBT or profit of an company.


its Quiet Urgent..................




Expert : rohit
Posted On : 9/9/2008 12:36:51 PM
Hi Deepika

For Company & Partnership firm the rate of FBT is 33.99%(i.e. IT+SC+EC) irrespetive of the amt of Fringe benefit or its total income.

CA Rohit
Surat



Expert : CA Rajesh S
Posted On : 9/9/2008 4:20:33 PM
SC IS applicable irespective of profits





Answer: Surcharge Is Applicable If Value Of Fringe Benefits Exceed 1 Crore in Case Of Companies.

Therefore, Tax Rate Will Be 30.90% Or 33.99% Depending Upon Value Of Fringe Benefits.

Experts Are Giving Answers Hurriedly Just For Sake Of Earning Points And Thereby Misguiding Others.

Dear CA Club India Experts

We are in Process of One Company incorporation .

We uploaded it as on 31st May 2008. But it was in resubmission ,for this resubmission Date was 31st July 2008, But we were unable to resubmit the documents within the time span because we could not get the directors Documents in that period .

Then from MCA we came to know that we have to submit it freshly with payments on14th, August 2008. So we did it in MCA office only. This is also in resubmission. Now ROC People told we have to resubmit it with old SRN not from New SRN Old SRN is asking for Payments & payments we already did for 2 times .so please let us know what we have to do now ?

Thanks & Regards

For PRIME CFO Management Pvt Ltd


Deepika Tyagi
Director

primecfo@hotmail.com

we purchased computers on which vat was levied .
can we claim credit over such vat amount

or if it cannot be treated as as credit
can we claim as expenses

Dear Sir,
In the case of Partnership firm as on 31-03-2008 partnership firm was dissolved and partnership firm converted into proprietorship firm and retiring partner has received his share in cash exceeding Rs. 20000/-.
I want to know that whether contuining partner(proprietor) can paid cash to retiring partner. I also see section 269ss and 269T but can't get any clue.

Hello,

Pl let me know if the construction period of a builders appartment can be considered for calculating the mandatory holding period of 3 years to qualify the asset as long term capital asset. For example the apprtment was bought in Nov.06 with Bank Loan and the construction got completed in Nov. 09. Possession is still not taken and units is not yet registered in my name.

I intend to buy another under construction house property after selling the present one in Dec.09. Interested to know whether I can get the CG Tax exemption on the profit made on the first house property.

Thanks in advance for the suggestion.