Suppose X is a director, the company by virtue of the terms of agreement pays directly the mediclaim premium to GIC. Is it taxable in the hands of employee and can he claim section 80D deduction or it is a business expenditure of the company?

Suppose, y is an employee who pays the mediclaim premium and submit the receipt for reimbursement to the company. Will it be taxable in his hand? Can he claim section 80D benefit?

We are selling iron ore to one party who are exporting the same,they are Issuing Form H to us.

Can we Purchase the goods against Form H within state without paying VAT.

Or Form H is for claimimg exemption only from CST in case of interstate purchase ?


Please Peply urgently.

Sir,
Please tell me about the Service tax liability on lighting & decoration service.

I received some amount from my PF withdrawal acount from earlier employer(TRust fund).They deducted TDS 30.9%.

Where can i show this PF withdrawal amount in ITR 2? for eg ( Salary(which head), Income from other sources)?

Parties :
A : Original Buyer ( From Maxico)
B : Manufacturer ( In Nepal)
C : Intermediate Buyer ( In India)

Facts :-
"B" has received order of 50K Garments from "C" with condition to dispatch the material to "A" at Maxico. Now "B" is asking for LC in USD as the shipment is being sent to Maxico. Can "C" open the LC in USD on "B"?

are interest from US 64 Bond and RBI Bond tax free

my query is that i have prepared balance sheets of a govt organization from 1990-91 to 2008-09. Since the Balance sheets are prepared now no audit of any type was done previously. now how the matters will proceed in regard to statutory & ag audit.

Thanks in advance
Amit Jain
Dehradun

is it possible to submit audit report prior to submission of return?

thanks

As per Indian companies Act, a company will have authorized share capital. When the company issues shares, a share cetificate will be issued with the details of number of shares and the face value per share. Every further issue if made to the same person will be done in the same procedure as a new investment.

For US companies, the incorporation certificate shows the no. of shares they are authorized to issue. Break up of face value per share is not specified. Now, I got the information that there is no concept of face value per share in US. They don't provide any documentation for the sharecapital issued.

So, I would like to know what is the actual procedure followed in US for issuing shares (to anyone and in particular to Indian companies). If the information received to me is correct, how do they value the share of the share holder in the company.

Dear Sir/Madam
There are only two partners and partnership is at will. Both decide in month of Sept,09 to dissolve the firm and accordingly firm is dissolved in the month of OCt.2009. One of the partner retains the asset and the business, while the outgoing partner receives consideration amount. However the balance sheet is drawn only till 31/03/2009. Thus the query is that can the outgoing partner pay its capital gain tax on the basis of particulars stated in balance sheet for the year 31/03/2009?