Hello everyone!!!
Please clear my query..My query is..
I.) If interest is accrued on NSC and there is Joint ownership, which owner can claim deduction u/s. 80C, if it is owned by:
1.) Two individuals, both Major
2.) One Major & one Minor (e.g. Father & Son)

II.) Also at the time of purchase of NSC, who can claim deduction??

Can Both the owners as in option 1.) above claim deduction???

It is 50%-50% owned by both...

All,

Anybody can let me know, do we need to deduct TDS for public sector undertaking.If yes, pls share the govt notification if any.

Regards,
Shankar G

Rental from godown is charged under house property, however if the same is also used for business than is it possible to claim depreciation on it.

I am fresh CA n apooint in E&Y .however they treat me as consultant and TDS of 10% has been deducted from my Income.For 12-13 i have only 1,20,000 Income.As 10% tDS is cut so this is my professional income and no other income other than this income from E&Y. so my quesion is which ITR i have to file.I m not doing any business jst provide consultancy to E&Y???

SIR,

I HAVE NOT FILED ITR FOR AY 2012-13 TILL DATE HAVING INCOME OF 25,000 WITH TDS OF 2500 FROM BANKS FDR INTEREST.

WILL ANY PEMALIES WILL BE LEVIED IF I CAN FILE ITR NOW CLAIMING REFUND ?

I HAVE NO OTHER INCOME OVER AND ABOVE REFERRED.

I have been on a lot of audits during my articleship and almost everywhere I observed this uniform accounting procedure in respect of interest on fixed deposits. The FD was recorded at the principal value and interest was booked at the end of each year separately(from TDS certificate received from bank).

However, currently where i am working I observed while reviewing the accounts that FD A/c has been debited at principal value when FD was opened & thereafter half yearly interest has been debited to FD a/c only.

I found this principally incorrect.
These fixed deposits have been opened on auto renewal basis. i.e at the time of maturity it is automatically renewed by the bank and the principal amount along with interest accrued becomes the new "deposit" amount. Could this be the reason for debiting interest in the books in FD A/c itself??
I am a little confused. Please help me and tell me the correct accounting procedure with entries for interest on FDR which accrues at the end of the year.

Thanks in Advance

sir, whether i have to submit any certificate
regarding timings to icai?

As we know Current Assets-Current Liabilities=Working Capital. My question is that our company operate fashion stores in diffrent Hotels in india.Customer buy goods from stores and pay to hotel. and after completion of month we raise sales invoice to the hotels and hotel pays us.90 percent of goods are imported.Material in stores for sale are purchased monthly;Quarterly and even on yearly basis depending upon goods.we realize sales consideration on monthly basis.what should be the working capital at 31st march 2013 if stock at the end of Jan 13 is 200000.Feb 250000 and March 240000 and debtors in Jan to march is 40000, 50000,45000.Current liab is for expenses and salary for Jan to march 13 is 15000,25000.27000. and our monthly cash requirement is 25000.

Dear Sir,
In case of individual contractor's payment, tds should be deducted at 1%, however deductor is deducting at 2.27%.
Whether there is penalty for deducting at higher rate, though it is being done by deductor in govt. revenue interest.

Please clarify.

one of my relative is doctor at district hospital. In A.Y. 2012-13 TDS of rs 24000 was deducted from his salary by CMO.
He filed his ITR on 25/06/2012 for that A.Y. claiming TDS amount. he do not have any other income he got a notice frm departmnt u/s 143(1) demanding TAX & interest a sum of RS 28000.