1)Can a person gift money to his spouse without attracting Sec.64 of the Income Tax Act ? Note that the person does not genuinely would want to have any right over the money given to his spouse



2)A person has given money to his wife. The wife invests the money in NSC. In the given case Section 64 of Income Tax is attracted for the interest accrued on NSC.



I would like to know whether the person can claim deduction u/s 80C for the money invested in NSC. Note that the NSC certificates are in the name of his wife.


Kindly answer pointwise in the order question is being asked.Thank you.

Dear sir

Please Suggest the fallowing, ED benefit can be taken for structral steel item , as the client has denied to pay for the MS Structural steel directly as that is going to be the raw-material for the final Billing Item (galvanised steel support).

The below to options were explained

Procedure- 1

Step A . MS Strutural Steel will be bought out by us
Step B . fabrication at site
Step C. Galvanisation at outside with due gate pass and permissions
Step D. Galavnised Suport structure with due weighment will be received and based on which the invoicing will be done. In this case , the supporting document for invoicing will be MS STructural Excise Invoice from supplier.Hence, it has been requested to client to pass on the ED component of MS Steel to final item ie., galvanised Structure .


Procedure- 2

Step A . MS Strutural Steel will be bought out by Fabricating agency as per our drawing
Step B . fabrication at their works
Step C. Galvanisation at their works.
Step D. Galavnised Suport structure with due weighment will be received and based on which the invoicing will be done. And supplier will pass on the benefit to us.


The procedure 2 is not feasilble as we have already procured the basic raw material ( MS Steel ) , So please suggest us whether procedure 1 is feasible or not for implementation.

We have two units Delhi & hyderabad

Hyderabad units received the goods & sale also but accounting are done at delhi branch.

1.goods delivered/Received by hyderebad branch.
2.Goods sold by Hyderabad branch & stock transfer to delhi also.
3.Goods purchase from Hyderabad & deliver to hyderabad unit, Therefore supplier is charging VAT.(but invoice is made in the name of delhi branch bcz delhi is central office for all purchase & payment)


Q.1 Can we book pur/inventory at hyderabad branch
Q.2 Can we claim Vat Credit in hyderabad branch ( bcz phifically pur & sale are in HYd branch)
Q.3 If we take vat credit, Than can we produced Purchase details which is received by delhi branch for Hyderabad branch related goods.

Plz suggest me how to face this problem (one branch receive goods & another do the accounting)

a EMPLOYEE asking for FORM -16 for the 07-08.He withdrawing salary of Rs.25000/- (Basic- 12500, Conveyance Allowance- 2500, Medical -1500/-, HRA 8500,). But employer didn't deducte any TDS on the same. what the matter to be considerd for issuing FORM 16.
or just simply filling up the prescribed form and get it singed by employer.

Thanks & Regards,
Shambhu Jha

If a partnership gets converted into a private limited company as going concern concepts with existing partners as directors will the Permanent Account Number will get change ? Pl advise.

Respected sir/mam,
In case of warranty of fourwheeler,when amount is recovered from manufacturer instead of customer,then while doing entry in acoounts at the time of service
would vat would be charegeble if manufacturer is situated outside state
& customer is within state

Whether depreciation on motor car is deemed fringe benefit?
If yes, hou can we calculate value of fringe benefit? As per Income Tax Act, depreciation of all fixed assets is to be calulated in block method. And, under block method, we cannot find the depreciation of motor car seperately.
Please, any one, give me an answer for this !

Whether depreciation on motor car is deemed fringe benefit?
If yes, hou can we calculate value of fringe benefit? As per Income Tax Act, depreciation of all fixed assets is to be calulated in block method. And, under block method, we cannot find the depreciation of motor car seperately.
Please, any one, give me an answer for this !

Husband's(H) gross income is much higher than wife's gross income. Wife(W) gives her professionally earned money to Husband (H). H opens FD with bank & invests remaining part of that money in stock markets on his name. Bank deducted TDS with H PAN and all transancation done in stock market are with H PAN.

Does the income from FD and stock market investments belongs to W for income tax purpose? Please note that H's individual gross income is higher than W's individual gross income.

I HAVE A DOUBT ON TREATMENT OF ACCCOUNTS. THIS IS IN VIEW OF THE NEW CONCEPT OF SERVICE TAX COLLECTION (COMPANIES ARE ACTING AS COLLECTING AGENTS). WHEN I COME ACROSS THE ACCOUNTS OF CO. THIR OUTPUT BILL (112360) OF WHICH I LAHK IS TREATED AS THEIR INCOME, BALANCE (12360) AS THEIR LIABILITY TOWARDS ST.HENCE THEIR TURNOVER/INCOME DOEST NOT REFLECT THE GROSS BILLING. AS AND WHEN THEY ARE CLAIMING INPUT TAX CLAIM ( FOR EXAMPLE TEL. BILLS RS.1123) TELEPHONE CHARGES ARE ACCOUNTED FOR RS.1000 ONLY AND RS. 123 ARE ACCOUNTED IN INPUT TAX CLAIM ACCOUNT. IS IT THE RIGHT
APPROACH.