Thanks everybody replying to my earlier query.
Yes in cash payments exceeding Rs.20,000/- technically/theoratically sec 40A(3) will apply where profit is calculated U/ss 44AD/ 44AE/ 44AF also. But how far it has teeth for an AO, as in such instances assesse can always claim that he has already taken such payments > 20,000, into account and while calculating the Profit and rate of Profit he/she has already adjusted the impact of non-allowable expenses u/s.40A(3).
CA Sampat Jain's reply/suggestion and citation[(CIT v. Banwari Lal Banshidhar [1998] 229 ITR 229 (All)] is also important.

Suppose i had purchased a diwali gift for staff worth Rs 10 lakhs, the bill is yet to be booked, so while preparing Advance FBT Return should i consider that FBT Amount or not. If i just make a provision for exp at the year end when the liablity for FBt will occur

Dear Sir,
We are a research firm, where our staffs members are suppose to travel and incur lot of other out of pocket expense like Telephone/conveyance etc. on behalf of the client. We get the reimbursement of these entire amounts from the clients on actual basis.

We as Company are under obligations to pay FBT on all these expenses; can we charge this too from our clients along with the basic amount? Is this legal? Like in case of sweat equity or ESOP section 115WCA allows employer to recover the actual FBT amount.

X co. deals in nonexcisable goods eg. paint booth which requires conveyor belt for working. this conveyor belt is directly dispatched to customer of X co.& bill (inclu of excise duty)is seperately raised in name of that customer by the supplier of conveyor belt (on bill it is mentioned that it is in care of X co). X co. doest not mention exicse duty in its invoice

Whether that customer will get CENVAT credit for such conveyor belt? and as per which rule or section?

from where can I get the material regarding this if i have to give proof to my client

I am at present claiming medical claim for domicillary treatment. whether i can calim the amount received on the above under sec 80 D. At present iam taking the the amount recvd as perquisite for caliculation of itax.

Dear All,
I'm a basic science person working for a pharmaceutical firm. I want to became a part time Personal Financial Consultant for salaried persons. Guide me what I have to do? Any course OR any book OR any registrations? Please advice.
With thanks
Kannan

Can i claim the deduction u/s 80C for the repayament of housing loan if house is taken on lease for 99 years.

IN THE FINANCE BILL 2008 PAYMENTS ARE MADE
IN EXCESS OF RS,20000/- ARE TAXABLE IN THE
HANDS OF ASSESSE
WHETHER I PURCHASE GOODS IN CASH IN A SINGLE DAY LESS THAN 20000/- BUT TOTAL PURCHASE IS RS 75000/-THAT IS FOUR BILLS
WHETER THE ABOVE PURCHASE IS TAXABLE IN THE ABOVE SECTION

We Joint Venture Partners the details as follow
1. Pratap Engineers & constructions – Proprietorship - 49% (investment & Pro/Loss)
2. Raju Constructions – Partnership – 51%(investment & Pro/Loss)

The above organizations formed a Joint Venture Called as “Pratap & Raju JV. And executed the Hydro Mechanical works

How can I file the IT Returns? What rates will I calculate (one part is Proprietor and second part is Partnership)

If service tax applicable, payable by monthly or Quarterly?

And explain the accounting procedure at the time of closing the Joint Venture accounts

A trust who is registered U/S 12AA is running Educational Institution and whose gross receipts is more than One Crore is compulsorily required to apply for exemption U/S 10(23)(vi) or the trust has option to get exemption U/S 11 of the Income-Tax act, 1961.

CA RK Bhardwaj