hi sir kapil g thokre in my previous question i had asked u that one of my friend has passed cpt in aug 2007 n failed his 10+2 in march 2007 can he register for pcc after passing 10+2 in march 2008 n u have said that he can register as per u r advise he has passed his 10+2 in march 2008 n registered for pcc his boss has signed his 102 , 103 forms n his 10+2 pass certificate but his boss i mean CA didnt saw clearly that he has passed his 10+2 compartmently n signed the 102, 103 forms will icai institute of chennai will approve his registration?

an assessee received a sum of rs. 2 lacs from a company for using his land to laying pipelines under his property which he was showing as fixed asset in his books having no such use of the land i.e. the land was lying idle. this receipt is only for once.
what will be the nature of that receipt?
will it be taxable?
if yes then under which section & if not then why and under which section?

As per news, TDS will be deducted at higher rate i.e.30% + SC + ST if PAN number not disclose or absent. Can tell me this rule will be effect from which date i.e. date of w.e.f.

Please reply urgently

Regards,

Shwetank Vats
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Hi Shwetank i dont have any idea about this provision. Can you pls let me know from where u came to know abt this. Any reference to any circular/ clarification???

CA abhishek tyagi
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Dear CA abhishek tyagi

I AM READ THIS AS BELOW FROM CA NEWS TOOLBAR :-

Income Tax : Higher TDS rate if PAN not disclosed
Posted on : 23 July 2008 by CA. B.K.BANSAL [ Scorecard : 292]


Higher TDS rate if PAN not disclosed

The move is being viewed as an effort by the government to expand the taxpayer base. Companies and individuals who do not reveal their Permanent Account Number (PAN) while receiving income from any source will be liable to pay tax deducted at source (TDS) at the maximum marginal rate of 30 per cent (plus surcharge and education cess). Under the Income Tax Act, 1961, any income payable to the assessee is liable for TDS by the person or entity making the payment. TDS rate ranges from 1 per cent to 30 per cent depending on the nature of income. The Central Board of Direct Taxes is considering changes to the Act to this effect. For example, if a payment is made to a professional like an engineer or a doctor, TDS is deducted at a rate of 10 per cent. If the engineer or doctor fails to provide PAN number, tax will be deducted at the rate of 30 per cent. Similarly, if a contractor does not provide PAN, he will suffer a TDS at the higher rate of 30 per cent instead of 2 per cent now. "In many situations, contractors or sub-contractors pay the normal TDS but still do not file return of income. By taxing at maximum marginal rate, they will be induced to disclose PAN and file tax return also," said Amitabh Singh, partner, Ernst & Young. The move is being viewed as an effort by the government to expand the taxpayer base and ramp up revenue collections in view of the huge resource requirement to fund subsidies. Many assessees do not reveal their PAN to evade taxes and get away with the normal TDS payment. Due to lack of PAN, taxes were often pocketed by deductors also. This creates difficulty in processing tax refunds as well. PAN quoting has been made mandatory in the e-TDS returns being filed by firms and companies from last year. The tax deductors were facing some difficulty due to reluctant of assessees to prove PAN. The higher TDS rate will force the assessees to reveal the number. Near 100 per cent PAN quoting in TDS returns is important for moving towards dematerialisation of TDS certificates by 2010, the revised deadline set in Budget 2008. The move is aimed at increasing the effectiveness of TDS provisions to expand the taxpayer base and improve collections. TDS collections constituted 34 per cent of the total Rs 3,14,000 crore direct tax collected in 2007-08. TDS collections are expected to grow by 55 per cent to Rs 1,65,385 crore in 2008-09, or 45 per cent of the Budget estimate of Rs 3,65,000 crore for 2008-09

Sir, please reply above matter and effective date also.

Regards,

Shwetank Vats
svats105@gmail.com

Dear Sir,

Please help me

If a construction company uses a hire car from jurney of his employee from one working site to another ....is it fail under conveyance u/s 115WB(2)(F) and attarack FBT?

If the company paid installments , includs Principal & Interest of his own car .....is the company liable to pay FBT on Interest charged on Car loan....i) if he booked total cost includs interest as Fixed Assets or 2)Interest debited in P& L A/C?

As per news, TDS will be deducted at higher rate i.e.30% + SC + ST if PAN number not disclose or absent. Can tell me this rule will be effect from which date i.e. date of w.e.f.

Please reply urgently

Regards,

Shwetank Vats

There is a Goods Transport Agency (GTA) which has not taken Service Tax Registration Number. Annual sales is more than Rs. 50,00,000.
GTA does not show in its sales invoice or consignment note that service tax to be paid by whom it means consignor or consignee. It also does not charge service tax. Assume that consignor, GTA and consignee no one pays service tax.
Who can be blamed for non payment.
Its whos responsibility to pay.
Suppose Service Tax Authorities comes to know this to which of the parties it will made pay service tax.

one company has installed oracle 9i or 10g as back end. what is the best front end package one can have using windows platform ? There are a lot of shortcomings in using ms access and VB.

Please enlighten

We have trading wholesale business and requires cash deposit of much more than Rs.10 lakhs in bank. We forget to show this in AIR in return of income filed before this 31st July. Now can income tax department make us pay penalty for not disclosing this in return of income

HELLO SIR
PLZ SEND ME THE SCRUTINY GUIDELINES FOR CORPORATE ASSESSEE FOR F.Y,2007-08
MY EMAIL ID IS MADHUR_GUPTA@HOTMAIL.COM
THANKX

hello frnds,
i hv a doubt as far as company audit is concerned..
wht shd we see in a MINUTE BOOK of a company???????????????