Suppose an Indian citizen working in indian company went abroad on 1st dec 07 for official work and came back to india on 30th nov 08.

During the stay of outside India he receives living allowance from his company to meet living and housing expendiutres per month.

He manages to save some money out of those allowances received and brings it back to india along with him.

What is taxability of that money in the hands of that resident?
Is it taxable or not? if yes under which section and provision of Income tax Act

If an assesse has not entered into rent agreement but have given residential house property on rent for some amount.How it can be shown to Income Tax officer that rent was acutalof that amount that he recieves?

Dear All,

Please Clarify

A proprietory concern was liable for tax audit for A.Y. 2006-07 and A.Y. 2007-08.

For A.Y. 2008-09, they are not liable for tax audit.Whether he need to deduct TDS for financial year 2008-09. i.e. for A.Y. 2009-10 since in the preceding financial there was no tax audit

We are engaged in manufacturing of goods. We have purchased during the year 2007-08 panesl board for electric installation. Please let me us about rate of depreciation for this itme.

Rate of Depreciation applicable of income tax purpose

1)How is Internal Audit different from Statutory Audit apart from the fact that the scope of internal audit is determined by management whereas statutory audit is done mainly to give his opinion on matters mentioned u/s 227 of companies Act.

2)Also please let me know how auditor’s approach changes in conducting the above two audits.

Kindly answer question wise.

Please keep the query open to enable other experts to express their view.

Thanks.

what is last date of filing IT returns

what is last date of filing IT returns

Is there a difference between a bill and an invoice? If yes, what is the difference?

Suppose an foreign company bill to its client for the services rendered say $100 and charges the VAT say $10 on those services. Total billed for services $110.

At the time of making payment client deducts withholding tax @ 15% including VAT.

So whether client is required to deduct WHT on the VAT also. if not, then the foreign company will be required to recompute its VAT component and pay since they have received less from the client due to deduction of witholding tax.

I withdrawn Rs 10000 from PPF account in current FY. Now i wanted to deposit Say Rs 10000 in PPF in same FY.
So what are the tax aspects?
Few Questions are as follows:
1. Withdrawal of Rs 10000 is Taxable or Not? If yes, then Under which section?
2. Would i get deduction of deposit of Rs 10000 in PPF under Section 80C?
3. Latest Provisions related to PPF?

Thanks!!