Hi,
I want to know that is there any limit mentioned under the Income Tax Act for deducting TCS on sale of Scrap.

Suppose A firm sold a scrap of empty boxes which is used for packing to a waste purchaser(Kabadia).
Now i want to know whether there is any liability on the part of the company to deduct TCS out of Sale proceeds.The company/Firm which i am taking about manufacture cloth from yarn & there is no Excise Duty applicable on that Firm/Company.
Sale of Scrap is about 40000-50000 per year.

Kindly Help

Thanks
Vishal

AS THERE IS PARTENRESHIP FIRM ONLY HAVING SOURCE OF RENTAL INCOME THE PARTNESHIP IS BETWEEN DAD AND SON AND THERE IS COMMERCIAL PROPERTY CO-OWN BY DAD AND SON WITH REGISTARION AND PARNTESHIP DEED, THE RENT IS 12000/- PER MONTH WHICH IS DISTURBETED AMONG PARTNERS DAD AND SON 50% SHARE SO MY QUESTION IS THAT WE HAVE TO FILE THE ITR 5 RETURN IN THE NAME OF FIRM SHOWING RENTAL INCOME OR BUSSINESS INCOME SHOWING RENTAL INCOME FROM HOUSE PROPERTY IN PROFIT AND LOSS ACCOUNT AND CLAIMING EXPENSES AND ARRIVING AT NET PROFIT KNDLY EXPLAIN IN DETIAL AS FROM LAST THREE YEAR WE ARE FILING RETURN IN ITR 5 OF FIRM SHOWING RENTAL INCOME AS BUSINESS INCOME

Dear Experts

Last month we deducted and Paid TDS for Foreign consultant under sec 194j 20%(Without Pan) .Now our auditor has refused to provide certificate for remittance due to wrong selection of TDS i.e instead of 195 we deducted and paid in 194j.

Kindly suggest me.

Hi All,

Am a MBA in Finance & working as Asst. Mgr - Accounts in a MNC. I wish to go for CA. Can it be possible because I have heard that it requries regular articleship from a regd. CA for 3 yrs, but am a working guy & having my family dependent on me & my salary. If I go fo this articleship I have to leave my job which is not possible. Can anyone suggest me what to do in this case.

Co issues supplementary invoices for which it is liable under sec 11AB.As per said sec interest will be payable till the date of payment of duty on supplementary invoice.

Company pays the duty on supplementary invoices within due date however postpones the liability of interest on the same, which it pays at the end of the year.

Is there any time limit within which such interest needs to be paid? Is there any implication such as penalty or confiscation for non payment of interest within time limit applicable if any?

Plz. answer the following :-

If a Machinery is purchased(1/7/09) for Rs.50,000/- ,used for sometime & transferred to someone without consideration(1/9/09) and the new Assessee is using the Asset and again the Machinery is taken back from him(1/12/09) and I again started using the Machine in the same financial yr.Then what is the consequence of chargeability of Depreciation- The whole portion is chargeable by myself or it should be proportionate basis ?Deprn. rate is 20% p.a.

Dear Sir,

Please provide me amendments regarding TAX LAW of computation of
Income undr various head- taxable namly
1 salary, 2. house property,wealth tax,
and other. and
WHETHER THESE AMENDEMENT ARE APPLICABLE FOR COMMENCING EXAM(DECEMBER, 2010)

PLEASE PROVIDE EARLY.I AM WAITING.

THANKS IN ADVANCE.

Sir,
Consider the example :
Mr X is a assessee whose due date is 31st July u/s 139(1).

He deducts TDS on 31st March,2010 but does not pay it. He wants to file return on 5th June, 2010. He will pay the TDS with interest before 31st July.

My question is 'What is the allowability of the expense on which TDS is made ?' because u/s 40 ia its mentioned that if tds is paid before the due date u/s 139(1) then the expense shall be allowed for that A.Y.

so in above example i want to file return on 5th june but for TDS payment i have time till 31st July.

Please clarify the matter at the earliest.

Regards,
Karan Joshi

help m wid somethng
there is a NRI assessee
he is being paid Int on 4 NRO FDs quarterly
now bank has deducted TDS on certain payments n no TDS on few others
nw finally the assessee has to pay tax alongwith int due to fault of the bank
is there a way out

Can a private company which has a paid up capital of Rs. 1 crore. and the directors are also directos in other company. and there had been some transactions betwenn both private companies. the other party i.e., othe dealing party is a private company which has a paid up capital of less than 1 crore. and the company has not taken cg approval. kindly tel me the wayout.?????????