Sir
please tale me about deduction U/s 24(b)in respect of Interest on borrowed capital for housing and principal amount paid U/s 80C during the financial year 2013.2014 AY 2014.15

In other words what are the changes in finance Act 2013 regarding above

Thanks & Regards
K D Sharma
9810752318
kds70@rediffmail.com

1. Whether HUF (Karta of HUF is an Government Employee) can be a partner of Partnership Firm.

2. Whether two HUF partners and one Individual partner can create a partnership firm. HUF member want to get the powers of all Major rights/decisions of firm.

Please guide

Thanks & Regards

My one of the client had sale house property in f.y. 2012-13 for Rs. 40,00,000/-.

So, my question is, He purchase property within how many years for exempt capital gain amount.

Sir,

My client has shown 4 creditors for goods purchased (each exceeding Rs.1.5 lacs)total Rs.6 lacs pertaining to F.Y.2009-10, my client's case was selected for scrutiny assessment and accordingly A.O. issued notice u/s.133(6). Creditors has furnished confirmation/contra account of my client reflecting therein as no amount is recoverable from my client. In other words creditors had shown "NIL" balance.

Assessment was finalized and A.O. made addition of those four creditors on the basis of confirmation/contra account furnished by those four creditors-CONSIDERED AS BOGUS CREDITORS. My appeal is pending before the Commissioner of Income Tax (Appeals).

I had filed reply to SCN to give opportunity to cross examine those 4 creditors but at the relevant times A.O. had not given opportunity to cross examine creditors.

You are requested to kindly guide me in this matter on the merits of the case with relevant citation on this peculiar issue.

Thanking you.

I wish to know that if a body corporate which was initially only a service provider now comes under the ambit of Partial Reverse Charge also and is now liable to pay service tax as a service Recipient.

Kindly clarify that how would it register itself, if the entity is already registered as a Service Provider?

will it be a fresh registration? or an amendment to the previous registration?

I have a sweep facility connected to my ICICI savings account such that funds in excess of a threshold (I think Rs 10,000) are automatically swept to an FDR which gives higher interest (7% vs 4%). If a cheque is presented in excess of the balance of the savings then some of the FDR is reverse swept to the savings account.

Interest for the FDRs was paid in March 2012 and reported on Form 16A. However, subsequently in April & May 2012 the FDR were closed due to a reverse sweep, then some interest was reversed, since the FDR is deemed to be prematurely closed and the prior interest paid in March is too high, since it was based on the regular maturity interest rate. However, no negative interest is reported in Form 16A, thus the total interest reported on Form 16A is overstated. ICICI have also told me they cannot correct this. Amount of negative interest (interest reversal) is about Rs 24,000.

When I file my income tax return for FY2012-13 (AY2013-14), should I state interest income as the correct amount (after reducing for the negative interest), or should I state based on Form 16A? I assume if I use the Form 16A amount then no questions will be raised. If I use the correct amount, will it raise questions and delay processing of the return and require me to go through a lengthy explanation process? Does IT Department compare the interest reported on Form 16A to that reported on the tax return?

Also, this issue crosses fiscal years. For FY2011-12 I reported the full interest (since at that time I didn't know interest would be reversed), so now in FY2012-13 I would be reporting a reduction of prior year's interest income, but of course the reduction happened in FY2012-13 and affects the total interest earned in FY2012-13.

Thanks for assistance in this matter.

I paid Commission and deducted tds what is entries for the same

Sir, I want to know whether a manufacturer can take CENVAT Credit of abated service tax paid on Freight inward from excise duty payable.

One of my clients company was formed in Jan 2011 and till date they have not done any audit, ROC filing nor any income tax filing.

They want to regularise now.

How to proceed?

Regards

Hello,
my client wants to import some product from china which has hardware,software and services components as per the invoice.i understand for hardware duties needs to be paid, does my client needs to pay duties on software (delivery via cd courier) and services component. Any other taxes to pay?
thanks