Dear Expert,
i Need clarification on calculation of HRA. A fixed percentage of commission on turnover achieved by employees shall be taken within the ambit of HRA. however we are paying incentive on turnover instead of commission. pls tell me will incentive be taken for the calculation of HRA such as ( Basic Plus DA plus incentive)

Regds
Mukul

we hire a consultant which is retired govt official working in Germany. we paying him in India rupees and in Indian account but now he told us that he is NRI from Last 2 years what to do. as we are paying him more than 2000 USD every month. as a service tax law rule person should be registered under service tax but we did not know that he is NRI how to escape,
And now that person is enforcing us that please half payment in Indian rupee and a half in USD, what to do now kindly please explain.

Sir,
My query is who fixes the price of future contracts? Does the seller of futures has to own the shares or is it possible to short sell it? If so whether it has to be bought before the market close like what we do in short selling of shares?

My client is working with an Inssurance Co and he gets salary + incentives. can we show the incentive amount as bussiness income and can we deduted expenses like depreciation, petrol exp etc in P & L a/c . Employer had issued form 16 as only salary & tds deduted on all amount .
thanks

Dear Sir,
A Assesse who is a businessman (Proprietorship Firm) has deposited cash of Rs. 2.50 Lacs in his savings bank account. I want to know what does the deposit signifies i.e. whether it signifies amount collected from debtors, or his cash in hand at the end of the financial year or anything else. Moreover what is the effect of deposit in the Profit and Loss and balance Sheet of his firm.

Thanks,
Abhishek.

Dear Sir,
A Assesse who is a businessman (Proprietorship Firm) has deposited cash of Rs. 2.50 Lacs in his savings bank account. I want to know what does the deposit signifies i.e. whether it signifies amount collected from debtors, or his cash in hand at the end of the financial year or anything else. Moreover what is the effect of deposit in the Profit and Loss and balance Sheet of his firm.

Thanks,
Abhishek.

HI can anyone elaborate the provisions of subsection 4 of section 9.
means what is the scope of this sub section
Whether it is applicable on our purchases only
or will it be applicable on the expenses portion also
say for eg; Rent services, stationery, and other day to day expenses from the dealer who are not register

Eg: If a company takes office on rent from an individual for Rs. 25000/- p.m i.e. 300000/- a year. will the company has to pay tax on reverse charge basis and claim credit of the same.

Hello,

A company is being formed in India and one of the promoter is a foreign national. Can a company issue shares ( similar to sweat shares) for consideration other cash for the services rendered by a local person for the set-up and other related services? Please advice with the procedures to be carried out.

Thanks

Dear Sir,

I Have taken loan from various bank and Non Banking Financial institution and also paid more than 25 Lakh Interest All amount of loan used for purchase of Agricultural land, weather compulsory deduct TDS on which interest paid to NBFC, I am under Audit and Also i am taken TAN No,

please advice as per indian income tax section 56 (2) which said gifted income more than 50000 or property is taxable in the hand of receiver but that clause shall not apply to any sum of money received from any relative...again that section specified "relative means": a. spouse of the individual b. brother or sister of the spouse of the individual c. brother or sister of either of the parents of the individual d. brother or sister of the spouse of the individual e. any lineal ascendant or descendant of the individual f. any lineal ascendant or descendant of spouse of the individual so need yur advice will that money which i have received from daughters (they are Minors, & they are revived from their mama, mami, nani ) is treated as gifted money and sure receiver have not to pay any tax on that money... second thing what is clubbing provision ..will it be applicable in my case because i will invest it fixed deposit