DEAR ALL,

Mr.A purchase goods from Mr.B.Mr.B makes transport payment to transporter.WHAT ABOUT TDS LIABILITY on Mr.A who reimburses the amount to Mr.B. Mr.A will claim this frieght as an expenditure in his P&L A/c.(will Frieght be disallowed on a/c of non deduction of TDS) Will it make any difference if the frieght amount is inclusive in the bill.

Hello to all

My marks in income tax and CST are much lower in November 2007 exam than I expected. Please help me what should I do? Should I apply for verification?

I have already passed 1st group in may 07. I expected a pass this year but didn't get. My marks in costing are 42. I seem to unable
to complete this paper in 3 hrs. I am depressed coz it was my third attempt and I have turned 25. please help me what should I do ? Should I drop ca course?

If 60 marks scored in a subject it will be exempted or not. In May 07 exam; IT&CST got 64 it is shown is exempted this time in Nov 2007 got 60% in Costing & FM; but not showing exempted or not. Kindly post your views for the same

DEAR ALL,

Mr.A purchase goods from Mr.B.Mr.B makes transport payment to transporter.WHAT ABOUT TDS LIABILITY on Mr.A who reimburses the amount to Mr.B. Mr.A will claim this frieght as an expenditure in his P&L A/c.(will Frieght be disallowed on a/c of non deduction of TDS) Will it make any difference if the frieght amount is inclusive in the bill.

DEAR ALL,

Mr.A purchase goods from Mr.B.Mr.B makes transport payment to transporter.WHAT ABOUT TDS LIABILITY on Mr.A who reimburses the amount to Mr.B.Mr.A will claim this exp in his P&l A/C (will this frieght be disallowed on a/c of non deduction of TDS) Will it make any difference if the frieght amount is inclusive in the bill.

Dear Sir
Our company has purchased Key man insurance policy (unit link plan) of their directors.

Policy Details
First Premium: Rs 500000/-
renewal premium is Rs 60000/-

Life Insurance Cover is Rs 500000/-

Due to financial problems company wants to assign this policy on individual name

Please let us know the tax implications for the same
to the company
to the directors as individual

And what are the tax implications for the company if company surrender these policies.


Kindly advice for the same
awaiting for your reply

regards
for
Krishna Terine pvt Ltd

Dear Sir
Our company has purchased Key man insurance policy (unit link plan) of their directors.

Policy Details
First Premium: Rs 500000/-
renewal premium is Rs 60000/-

Life Insurance Cover is Rs 500000/-

Due to financial problems company wants to assign this policy on individual name

Please let us know the tax implications for the same
to the company
to the directors as individual

And what are the tax implications for the company if company surrender these policies.


Kindly advice for the same
awaiting for your reply

regards
for
Krishna Terine pvt Ltd

F & O is treated as a business income from Ass Yr. 05/06.
For Tax Audit purpose how is the turnover to be calculated ?
I understand that the ICWAI has some note on this which indicates that the transaction value is to be taken as the set off between purchase and sale. Is this correct?
Could you also pl. give the official source of reference for this ?
Thanks,
Jamshed F. Mehta

If a person is staying in flat in an old building, and builder says him that he will construct a tower on that land after demolishing the existing building. Once the tower is built person will get his flat back in new tower with additional facilities.

Builder gives him the following compensation: -

1. Rent for the period from the date construction to the date the tower is built, or he may provide accommodation also.
2. Compensation for shifting.
3. Compensation for getting right to construct tower in his flat.

What will be treatment in income tax of these receipts

Dear All,



A wholly Owned Subsidiary(WOS) of foreign company wants to issue 5% of the share capitals to its one of its employee.Please state what steps required to be complied.



Thanking you,



With Best Regards,



Rakesh