Rakesh Singh
05 March 2008 at 10:47

Income Tax Refund

For the year 2004-05 I paid income tax in excess of Rs 5000. I filed the IT return in Pune, Maharashtra. I got my PAN number from Bangalore in year 2002.
Till now I haven't received my refund. What can I do get my refund?


Rakesh Singh
05 March 2008 at 10:45

LTA exemption in Income Tax

What are the documents needed to claim the exemption on income tax on Leave travel assistance?
And what is the limit for LTA that can be exempted from tax?


Sarvesh Mani Tiwari,CFA(ICFAI)
05 March 2008 at 10:30

Car Facility

1.Employer owned Car Facility provided to employee and exp incured(Maintannce+Car Driver) by employee,can employee dudcut Maintannce+Car Driver expnses form Gorss Salary to arrive Taxable Salalry?
2.Is anything different if employer hire such car?


CA S Sundararajan
05 March 2008 at 09:09

TAXABILITY OF STCG

DEAR SIR,
PY : 2007-08
AY : 2008-09


An assessee have the following income.


1. Income from salary - Rs 72,000/-

2. Income from Bank Interest on Deposits Rs 1250/-

3.STCG from trading in securities listed in BSE and NSE - RS 25600

Total Income (1+2+3) = Rs 98,850/-

Q : whether he is exempt from tax since his total income less than Rs 1,10,000/- or tax on STCG by trading on shares will be Rs 2560(Rs 25600 X 10%)


CA Saurabh Maheshwari
05 March 2008 at 08:18

SERVICE TAX CREDIT ON MOBILE BILL

CAN SERVICE TAX CREDIT ON MOBILE BILL BE ALLOWABLE . THE CREDIT FOR THE FIXED LINES ARE ALLOWABLE BECAUSE THEY ARE CONSIDERED THAT THEY ARE USED IN RELATION TO THE BUSINESS,BUT BEING THE MOVABILITY OF MOBILE PHONE THEY ARE NOT CONSIDERED THAT THEY ARE SPECFICALLY USED FOR THE PURPOSE OF BUSINESS.PLEASE CLARIFY AND GIVE REFERENCE IN REGARD TO ANSWER


Basab Roy

Ours is a Housing Co-Operatives with 145 members. One Member has donated Rs.2.3 Lakh to Buy one Ambulance (Maruti Van). Our Income & Exp. A/c is credited with Interest received against Fixed Deposit i.e., Rs.20,000 per annum. In addition to other expenses if depreciation @ 5% is charged to P & L A/c. a Net Loss figure appears. We have debited the Asset A/c. and credited the Donations A/c. with the cost of Van. Is there any way to credit any Reserve/Liab.Account instead of Donation and adjust the depreciation directly to that Reserve/Liab.a/c and crediting the asset account. This may help us to avoid debiting the P&L Account. What we shall do ? Please suggest. basabroy817@gmail.com


Rakesh Singh

Can you please tell me that whether repayment of principal or interest or both are exempted from income tax from year 2008-09?
Is there any limit on each of the individual component(principal/interest) or any combined limit for exemption?


Amit
04 March 2008 at 17:50

Deduction under section 80DD

Can any one tell me, what is procedure of getting certificate of low vision for the purpose of 80 D. I have read it is to be certified by Medical Board. But i dont know where is the Medical Board at Delhi and how to approach it?


BIJAY MITTAL
04 March 2008 at 17:41

Taxability of Commodity profit

Under which head the profit from commodity transaction will be taxable.Whether it will be taxable under capital gain or as a business income.


Sarvesh Mani Tiwari,CFA(ICFAI)
04 March 2008 at 16:15

FBT Applcicablity AY 2008-09

Is FBT applicable AY-2008.09 for Promting sale of Cold Drink,if company giving free of cost Fridge+chest cooler,Cycle,TV.Motor Cycle,Sign Board,Templte ect.






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