Dear sir i need a clarification regards TDS. Our company takes servers from third party on monthly rental basis aprox..22500/pm ..thirty issued invoices.so inthis regard how much rate will take to deduct TDS and which section should apply..plss clarify sir ...

Mr. Anand Aged 47 years running a studio at Kochi. Due loss from business his wife gifted
her Gold jewellery, which she got the same from his mother at the time of marriage. Anand sold the jewellery for Rs. 450000 in 2012 and the amount invested in bank as Fixed Deposit.
Please tell me now he has to file the return of income ? and how much of capital gain tax to be pay ?

dear expert,

one of my clients getting salary Rs.285652/-.
company wants to ded.tds on this salary.
no investment details with him.

but he paid Rs.8000/-. per months house rent,
then he eligible of HOUSE RENT dedction in HIS TDS DEDCUTION..?

PL. ADVICE.

If an IT company manufacturing a software and selling to client. and that client will be selling to customers. which tax will be applicable?

only service tax, only sales tax or both.

Company situated in Madhya Pradesh.

Hi Experts,


Property is in joint name (Brothers).We have taken a home loan where we both are the borrowers of the loan. We have let out the said property. pls clarify :
1. Can we both avail the tax benefit in our individual IT returns for Loan and interest amount.

2. How should we show the rental income. i.e. in whose returns the income should we consider. Can this be considered only in one person return i.e is in my return as I am am recieving the rental income. Is there any split required??

3. Presently EMI is being paid from my bank account.


Thanks a lot

Dear experts
my ca final attempt is Nov 2015.I want to start my preparation from June
i am unable to choose which paper i has to start preparation
please suggest me which papers i have to start preparation & best author books.
which papers are tough in final because i want to start from tough papers

Thanks in advance

As part of the contracts that we execute for implementation of projects for various clients, we need to essentially submit the following Bank Guarantees (BGs) to them;

 To draw advance from the client, for which a BG of equivalent value is submitted, normally valid till the adjustment of all advances from the running bills.

 For covering performance of the completed project during the warranty period, which could range from 12 to 24 months, and this is normally linked with the release of the last 10% payment of the contract, payable on submission of the BG.

In both the above cases, the clients ask for a claim period after the expiry of the validity of the BG, so that in case there are any claims from them, this could be raised during the claim period. The claim period, as stipulated by the client, normally ranges from 3 months to 6 months.

So far we had been submitting BGs in both the above categories, to our clients, incorporating the clauses as worded by the client and generally accepted by the banks, (in some cases with minor modifications). The validity and the claim periods mentioned in the BGs were as per the stipulation of the client, as mentioned in the contract with them.

Recently, however, our bankers have been demanding that irrespective of the claim period asked by the client, the BGs would be issued by them with a claim period of 1 year minimum. On seeking clarifications from them, they have informed as below:

“Department of Financial Services, Ministry of Finance , Government of India vide their letter dated 24.01.2013 had informed that the Banking Laws (Amendment) Act came into effect w.e.f. 18.01.2013 as regards to change in Limitation Act as per India Contract Act, 1872 u/s 28. As per the new Act the minimum claim period is 1 year irrespective of the expiry date.”

While we are not very sure whether the bank is acting on the correct premises, (since we do not have a full picture of the related provisions), on checking with other banks, we gather that no such measure of charging for 1 full year of claim period, even if the beneficiary needs a lesser claim period, is being enforced by them.

Prima facie this stipulation seems illogical, since besides making us unnecessarily pay commission and block funds for a longer period, it also exposes us to unforeseen liabilities and risks, because the client is being given an encashment option even beyond the period sought by him.

We would be obliged to get an informed view on this to take it up further with the bank.

PK GHOSH
BHUBANESWAR

Dear Sir,
one is my client have consulting services starting from 1 jan 2013 and now he converted that company into Private limitted..and closed first co.
so sir what is accounting entry can i made
i mean i need to start new company from 1 jan 2014 ..and sir can i take previous co.
closing amount in this co. as a opening,

I want information about ICWA course.

I am graduated & doing M.COM.
is there like CPT or CAT exams to be apperar?

please guide

In case of e-filing of salary returns, one is not required to submit Form 16. Then how can IT dept cross verify the information mentioned in Tax Return is Correct. Does the IT Dept already has the information mentioned in Form 16.