Dear friends,

There is a cooperative house building society which neither has its PAN nor it has been ever filed its income tax return. Now it has received a notice from Income tax department to produce its balance sheet and copy of income tax returns for the last three years.

I need your assistance in regard to the taxability of its income. The society does not have any income except for annual membership or other collection from members. Some times there may be some income in regard to receipts from small hawkers to sell their items in the society or any amount received as compensation for any loss or damage to the property of the society.

I go through Section 80P but I think that section does not applies to house building societies.

Please give your views and tell me whether any exemption or deduction is available or not.

Thanks.

I am working in gulf. My status is NRI.
My salary income is trf. to my father account in india.

It is taxable into my father Income or not.It is taxable in my income. How i show this income under the my income tax return.

I wanted to know whether my job prospects are affected if I do the special B.COM distance course from IGNOU meant for Chartered Accountants as opposed to doing a B.COM from a regular college in Mumbai?
I intend to go in for employment after becoming a CA.

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I have skip my nov.2007 ca final group-I examination. I fill the exam form and also receive the hall ticket but due to non-sitting in exam i kept it and forget and now i just want the roll no. of that nov 2007 exam how do I get it ? is there any ICAI website to get the my previous examination data through email

How to Calculate Exchange Fluctuation on Foreign Currency Account (Ex. EEFC)? As I understand it, rate at which the transactions are made during the year should be compared with the reinstated rate at the beginning of the year and exchange differences should be arrived. At the every year end, it should be reinstated at the closing rate. Am I right? If not, then how?

Expalin housing loans - fixed interest rate and floating interest rate.

merits & demerits


S.K.

Sir/Madam

Please resolve:
An employee opts for higher reimbursements in his CTC. The Company accordingly calculates and pays Advance FBT o the same. However at the end of the year the employee fails to produce enough bills/supportings to claim the reimbursements. Would the company be required to pay Income Tax on the excess reimbursements ? Or the payment of FBT would suffice? How would it have the effect from Income Tax point of view?

Sir/Madam

Please resolve:
An employee opts for higher reimbursements in his CTC. The Company accordingly calculates and pays Advance FBT o the same. However at the end of the year the employee fails to produce enough bills/supportings to claim the reimbursements. Would the company be required to pay Income Tax on the excess reimbursements ? Or the payment of FBT would suffice? How would it have the effect from Income Tax point of view?

i have client, who have the guest house as prpo.business.
he shows income as rent & misc. income ( food & drinks etc as added service ) provided to guest people recd. from guest house.His income is above Rs. 40 lacs & and he also filed return last year as tax audit. Is this income is liable for service tax ?,whether he apply for service tax reg.?, how to specify the details in invoice if service tax applicable?