MY FIRM IS BEING PARTNERSHIP FIRM (PRACTISING CHARTERED ACCOUNTANT) AND APPOINTED ONE C.A. IN FULL TIME AS A EMPLOYEE SO, IS THERE ANY FORM REQUIRED TO SUBMITED TO ICAI.AND APPOINTED C.A. ALSO HOLDING COP WHETHER SHE REQUIRED TO SURRENDER THE COP TO ICAI OR RETAIN
PLS RPLY ME URGENTLY

I would like to know whether designing and development of Website for client would be covered under professional services or contract for tax deduction.

Hello,

We request any one to clarify this issue.

Our is an Apartment Owner association and we’ve collected Rs.1 crore from all members and Fixed deposited at Nationalized Bank.
Bank deducting 20% of our returns towards TDS. Our Auditor asking us to pay 10% advance tax in addition 20% of TDS since the Interest income should not be clubbed with any other income and this income may not be allowed to claim expenditure of Building maintenance, any other expenditure.

1. Why Interest Income need not spend for building expenditure or any other expenditure?

2. Is it mandatory to make advance tax 30% on all Interest returns?

Regards.
C.K.PRAKASH,

Can the validity of a letter of credit be extended after its expiry date, by way of letter from the issuing bank? My banker says that since the validity has already expired it can not be extended by way of an amendment

DEAR SIR,
I want ICWA foundation RANK LIST december 2002.
to check whether i got a rank or not
I got 283/400


As I was unaware of the formal announcement of ranks

from october 1st 2009 no TDS has to be deducted on payment made to Transport contractor if he furnishes his PAN no. Deductor who make payments to transporter without deducting TDS ( as they have quoted PAN) will be required to intimate these PAN details to the income tax department in the prescribed format. I want to know what is this prescribed format ( form no. if any) and the last date for intimation about non deduction of TDS to income tax department.

Where machineries purchased by loan on hire purchase from NBFC repaid on EMI basis and the finance charges/ interest are debited to Interest Account at the year end, whether this interest/finance charges are subject to TDS u/s 194 A

Deduction u/s 80 IB (10)
If the land acquired by Banakhat and on the basis of development agreement, scheme developed and sold out to members by developer, deduction u/s 80IB(10) is questioned by the I.T.Deptt.as the land was not transferred in the name of the developer.
Kindly quote the judgement if any

Dear experts

Taking of Addl duty(4%)of imported goods either direct import(from bill of entry) or from importer(trader's invoice) is eligibale?.If yes, How can we treat in cenvat register and ER1?

Request you to give guideline?


Thanks

Sandeep

Due to abolition of FBT, now the food coupons will be categorized as perquisites in the hands of employee if as per rule 3 value of meal exceed Rs.50 per meal.
Any one can suggest a maximum reasonable limit of food coupons we can give to employees per month as per rule? I am asking because I got an information from Accore serivces Website as follows,

"If you opt for Ticket Restaurant® Meal Vouchers @ Rs. 100/- per working day, instead of cash in your salary, the tax you save on Rs. 31,200 i.e. (Rs. 100/- x 26 days x 12 months)"

Is it possible to give Rs 100/- per day ?

For Ref: http://www.accorservices.co.in/ProductAndServices/TicketRestaurantMealVouchers/Pages/FAQ.aspx

Dear Member
I have an query regarding Partners capital Interest.
In Deed it was mentioned that 11% interest was allowed to partners.
During the year partnership firm did invested of sum amount in MF which is not its primary business and earned X amount. On that amount they paid Capital Gain tax.
During the year firm paid Interest To partners as per the Partnership deed.
Now AO is saying that he ll disallowed the payment of interest to partner on the ground that it is not a business activity.

Thanks & Regards
Niraj Chordia