Dear All,

One of my client has purchased under construction House property from investor.

The client has paid 90% payment to the investor and 10% to the builder total amounting to 65lakhs.

However, the original deal between builder & the 1st purchaser(i.e. investor) was for Rs.48lakhs.
Hence, the agreement between the 2nd purchaser & builder will be of Rs.48lakhs only.
And the difference of Rs.17lakhs, 1st purchaser is taking separate as profit from 2nd purchaser.

Let me know the treatment of Rs.17lakhs in books and TDS implications on the same.

Whether the 2nd purchaser has to deduct TDS as total Payment he is making is 65lakhs(above 50lakhs) or
he should not deduct TDS as agreement value is 48lakhs( below 50lakhs)?

Thanks in Advance.

Question:Can TDS paid under wrong section be adjusted?
Answer:Though such adjustment is not possible as per law.But the TDS CPC staff confirmed the same .They said that TDS paid under any section can be adjusted with the TDS payable under any other section by the same deductor.

I request other experts to share there opinion on the same.

Dear sir, if we hiring a water tanker on a monthly basis for supporting our business ..under which head TDS to be deducted u/s 194 c or 194 I...?..pls explain n why that section will effect

there are one farmer, who has only agriculture income. his agriculture land is situated in rural area. this land is compulsorily acquired by government. and deduct 10% tds on payment u/s 194i. so, can he claim tds refund? and if yes, then under which itr he has to file his return? and which income is shows in itr! agriculture income or rent income?

A LTD is a developer, following percentage completion method. Amount disclosed during search is to be a part of agreement value of residential flats. Since the project is in under constuction.
As the amount disclosed, will accrue in future.
So taxability will be in the year of disclosure or year of accrual ?
Reply

Hey,
Good Morning,

Please tell me how to calculate TDS on Salary E.g. If Taxable Income is Rs. 638000 of 1 year. Please give me the exact amount which will be deduct on Salary.

I m Confused in this matter.

Thanks in Advance. :)

should firewall expense be capitalised or not?

What is the last day of payment of TDS for MArch 2014...is it 7th April or 30th April ???

chicken farming is a agriculture income or not

hello, i am in 3rd year bachelor of management studies. i want to do C.A. i am confused whether to pass cpt in december 2014 or take direct entry scheme for ipcc.