CA. Amey Badle
This Query has 1 replies

This Query has 1 replies

05 March 2008 at 11:05

Study procedure

How should I prepare for I.T. & S.M. for PCC November 2008?


Anil Khatri
This Query has 3 replies

This Query has 3 replies

05 March 2008 at 11:00

filing nil return

A assessee has a service tax registration no & files the service tax returns in last year but in current year his gross receipt is less 10 lac rs. WHETHER HE CAN FILE THE NIL RETURN ? AND IS IT COMPULSORY FOR HIM TO FILE THE NIL RETURN ?


Rakesh Singh
This Query has 3 replies

This Query has 3 replies

I registered a flat in Feb 2006 and did not take any benifit of the amount paid towards registration in income tax. I am getting the possession of the flat in April 2008. Can I claim any benifit in year 2008-09 for the amount I paid for house registration in Feb 2006? If yes, what kind of exemption allowed and is there any limit on that?


Rakesh Singh
This Query has 8 replies

This Query has 8 replies

05 March 2008 at 10:47

Income Tax Refund

For the year 2004-05 I paid income tax in excess of Rs 5000. I filed the IT return in Pune, Maharashtra. I got my PAN number from Bangalore in year 2002.
Till now I haven't received my refund. What can I do get my refund?


Rakesh Singh
This Query has 7 replies

This Query has 7 replies

05 March 2008 at 10:45

LTA exemption in Income Tax

What are the documents needed to claim the exemption on income tax on Leave travel assistance?
And what is the limit for LTA that can be exempted from tax?


Sarvesh Mani Tiwari,CFA(ICFAI)
This Query has 3 replies

This Query has 3 replies

05 March 2008 at 10:30

Car Facility

1.Employer owned Car Facility provided to employee and exp incured(Maintannce+Car Driver) by employee,can employee dudcut Maintannce+Car Driver expnses form Gorss Salary to arrive Taxable Salalry?
2.Is anything different if employer hire such car?


CA S Sundararajan
This Query has 4 replies

This Query has 4 replies

05 March 2008 at 09:09

TAXABILITY OF STCG

DEAR SIR,
PY : 2007-08
AY : 2008-09


An assessee have the following income.


1. Income from salary - Rs 72,000/-

2. Income from Bank Interest on Deposits Rs 1250/-

3.STCG from trading in securities listed in BSE and NSE - RS 25600

Total Income (1+2+3) = Rs 98,850/-

Q : whether he is exempt from tax since his total income less than Rs 1,10,000/- or tax on STCG by trading on shares will be Rs 2560(Rs 25600 X 10%)


CA Saurabh Maheshwari
This Query has 4 replies

This Query has 4 replies

05 March 2008 at 08:18

SERVICE TAX CREDIT ON MOBILE BILL

CAN SERVICE TAX CREDIT ON MOBILE BILL BE ALLOWABLE . THE CREDIT FOR THE FIXED LINES ARE ALLOWABLE BECAUSE THEY ARE CONSIDERED THAT THEY ARE USED IN RELATION TO THE BUSINESS,BUT BEING THE MOVABILITY OF MOBILE PHONE THEY ARE NOT CONSIDERED THAT THEY ARE SPECFICALLY USED FOR THE PURPOSE OF BUSINESS.PLEASE CLARIFY AND GIVE REFERENCE IN REGARD TO ANSWER


Basab Roy
This Query has 5 replies

This Query has 5 replies

Ours is a Housing Co-Operatives with 145 members. One Member has donated Rs.2.3 Lakh to Buy one Ambulance (Maruti Van). Our Income & Exp. A/c is credited with Interest received against Fixed Deposit i.e., Rs.20,000 per annum. In addition to other expenses if depreciation @ 5% is charged to P & L A/c. a Net Loss figure appears. We have debited the Asset A/c. and credited the Donations A/c. with the cost of Van. Is there any way to credit any Reserve/Liab.Account instead of Donation and adjust the depreciation directly to that Reserve/Liab.a/c and crediting the asset account. This may help us to avoid debiting the P&L Account. What we shall do ? Please suggest. basabroy817@gmail.com


Rakesh Singh
This Query has 3 replies

This Query has 3 replies

Can you please tell me that whether repayment of principal or interest or both are exempted from income tax from year 2008-09?
Is there any limit on each of the individual component(principal/interest) or any combined limit for exemption?






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