Regarding query of TDS on reimb. exp. paid by C.H.A. on behalf of client like Custom Duty, Shipping Co. charges, Custom & Port charges etc., answer found is refer circular No.715-08/08/95 q.No.30 which say TDS should be deducted on this amts.

Now TDS on this reim. amt. is comes more than our actual agency charges which means. e.g. our agency charges (net income) is 3000/- per contract, but reimb. including cust duty paid is rs. 200000/- is comes more than 6000/- means we have earn our income by the way of refund from Income Tax. Is this resonable ??

In today's trend, for fast work, clients deposits amt of reim. directly in our bank a/c. from their city (core banking sys)and afterthat we r making payment on behalf of them, which shows that we worked only as a Mediator. But, TDS is also being deducted on this amt.

This amt. can't be considered as reimbursement exp. but we just paid as a mediator of two parties for getting work done fast.

In one seminar the Chief CIT also advised that TDS should not deducted on such type of reimb. pymts.

In above situation it is not possible to run business. A true fact : in previous year our gross income was 28 lac and net proift was 7 lac on which IT. comes abt.
2 Lacs. But TDS deducted by clients is 6 Lac.

Is there any clarification circular regarding this. Amt. paid as a mediator should not be considered as reimbusement of exp. and TDS should not be deducted on such amt. PLEASE HELP.

dear sir,
Employer company remits certain amounts monthly to a Trust created for the purposes of paying gratuity to retired employees. The Trust in turn remits these amounts to LIC annuity account . On each retirement , money is collected from the Trust and paid over to the Retired employee. Is the Trust liable to deduct TDS from the payments made to Company,s employee? If so at what rate ? Under which section ? On the whole amount or part of it?

umashankar vaishnav

the accumulated loss of a urban coperative bank was Rs.26,00,000 as on 31.03.2006.return was not filed for the financial year 2005-06.
during financial year 2006-07 bank earned profit of Rs. 27,00,000.
can the loss Rs.26 lakhs outstanding on 31.03.2006 deducted from profit 27 lakhs in 2006-07?
if not will the whole profit earned Rs.27
laks will be taxable in the year 06-07?

the accumulated loss of a urban coperative bank was Rs.26,00,000 as on 31.03.2006.return was not filed for the financial year 2005-06.
during financial year 2006-07 bank earned profit of Rs. 27,00,000.
can the loss Rs.26 lakhs outstanding on 31.03.2006 deducted from profit 27 lakhs in 2006-07?
if not will the whole profit earned Rs.27
laks will be taxable in the year 06-07?

RESPECTED SIR/MADAM,
SOME C.A'S OF GWALIOR TELL ME THAT IF I STUDYING ON GWALIOR I WILL NEVER BE ABLE TO CLEAR OUT MY C.A.FINAL COURSE. WHETHER I WILL TRYING SO MANY ATTEMPTS.
IS IT TRUE SUGGEST ME SUITABLE ADVICE.
THANKING YOU!
UMASHANKAR VAISHNAV
C.A.FINAL

One of my client has issued 8% redeemable preference shares in Maarch'08. In november'07 it started to redeem those shares in part. they redeemed them at the Issue price itself. But on redemption they did not pay any amount as dividend for the capital contribution form march to November. Is There any mandatory requirement in act to provide for the Dividend on the redeemed amount of capital.

Facts:We are in the manufacturing of bulk drugs. We are hiring the vehicles for transportation of our employees and some times used for guests travelling to the factory visit.We have been paying the service tax on vehicle hire charges.

Can i take the input credit of the service tax paid on hire charges?

Hi,

I would like to know is carry forward of leave or leave encashment at the end of every year is desiarable.In case leave is carryforward then is the provision for leave encashment allowed under the income tax act in the year of provision.

sir,
PLS ANSWER
urban coperative bank has received dividend from U.T.I & it is shown as income in profit & loss account in their
report.
profit earned for the financial year 2006-07 includes dividend earned from U.T.I.
While filing the return for 2006-07(F.Y)Can the dividend be deducted from the profit shown in the books of accounts & then tax computed on the rest amount?