What are the provision related to TDS on Payments made to Company incorporated Outside India(i.e NRI) .

The Payments is on account for Facebook Ads Management.

Suppose,

I am firm and having 25 employees, one of my employee is having yearly salary of 420000 gross and having eligible 80c deduction amounting to 20000.

If above is the situation and applicable standard deduction will be 40000 as per norms then what will be TDS implications?

Is my answer of deducting 5500rs is correct?

Dear Sir, My proprietor has building a new building.my question is the cheque is given to x of rs 56000.00 to construct new building.how can i make journal entry and for which head? drawings or Land account? please reply

One of my client had availed loan of Rs. 20 lacs in 2015 and later on defaulted in last 12 payments amounting to Rs. 5 lacs appx. After discussion with lenders both agreed to settle the same for Rs. 4.50 lacs. The company paid Rs. 4.50 lacs and settled the a/c in books of lenders and also received the NOC. Now balance Rs. 0.50 is outstanding in loan account but it is not to be repaid. Please guide as to what should be it's accounting treatment. Which entry should be passed in books of company to close the loan account.

Please guide

Thanking you in advance.

My friend is having a agricultural land in Madhya Pradesh, on which there is High tension Line proposed. Government i.e. M.P.Power Transmission company Limited is giving compensation for the high tension power lines over the agri land. Is the compensation taxable or non-taxable under Income Tax Act 1961. Please suggest.

Dear Sir / Mam

A manufacturing co. Makes paint. It purchase s raw materials. Sometimes it return goods by making sale invoice. Can co. Do this even does not deal in raw material.
If yes we will aasume it sales or purchase return how can we pass entry in tally.

My sir says it will treat as sales , i agree but he says after making sale entry we have to pass journal voucher to reduce purchase basic value not tax. Can i do so. Can we pass such JV

Our assessment was done u/s 143(3) and no demand was raised.Also AO conducted inquiry about the debenture premium and we have submitted the documents as required by A.O.

Now PCIT wants to invoke section 263 on the fact that no proper inquiry was conducted by the A.O.
A.O had already asked for the relevant details baout the debenture premium and we have submitted the same in our submissions.

Can anyone help me with any relevant case law.

Thanks in advance

One of my Client who is 82 years old has not paid Advance Income Tax as per provisions of Section 207(2) of IT Act,1961 and filed Income Tax Return online. Now CPC has sent Intimation U/S143(1) demanding Interest Under Section 234B and 234C for non payment of Advance Income Tax. How to get it waived? Kindly advise.

A.SRIDHAR
9444021969

As per the recent update all companies are liable to file INC 22A unless it has intimated ROC about its strike off procedures. But what about a company which has decided to strike off and is in peroid where there is no operations and 2 years has not been completed without operations.??

Dear Sir,

i sold my 15 years old house around 25 laksh. what is the tax impact applicable with me.
What is the procedure ?

Pl. clarify..