1. is it allowed in income tax to give interest free loan to non-relatives ??(which section to refer),

2. whether interest free loan can be considered as sum received with out consideration for section 56(2)(vi) where both the parties have shown the transaction in balance sheet and thus section 68 is not applicable??

thank you

what is the diffrence b/w allowances and perquisites?

what is the proper explanation to Rule5(2) of Service Tax.

My company is into engineering consultancy. when we provide service to clients we have to arrange vehicles at the project sites as per the requirement of terms of agreement. client pays us against vehicles at a fixed amount per vehicle used per month. will it be a part of taxable service for calculating service tax or it should be excluded from taxable value of services as per Rule 5(2).

Please reply with proper explanation of the term 'pure agent' .

Thanks a ton.

I am a CA final student and want to pursue CS. I have completed my B.Com (Graduation Course)& so I can directly enter 2nd Level of CS i'e Intermediate.

I want to know is it compulsory to undergo 15 month Industrial training even if I don't want to practice & want to undertake a job as career?

Please tell me......

An individual having a small business of steel Almirah.His annual income is below exemption limit.Is it necessary for him to maintain books of accounts .plz explain.If he is not maintaining then how his income tax will be calculated and return will be filed.
What is necessary for proprietor to have to make books of account.Is it sales tax number?

This is a case of a limited company( unlisted closely held)
As at 31-3-2009 the balance sheet shows the following balabnes:

Share Capital Rs 65 lacs
Unsecured loan 60.39 lacs
Total 125.39 lacs

Assets:
Fixed Assets Land 1.79 lacs
Net Current Assets .56 lacs
Accumulated losses123.04 lacs
Total 125.39 lacs

The company is not in operation since 2001.
The company is also not paying interest on unsecured loan. As the loans are also of shareholders and directors these can be waived off also.

Please suggest how this balance sheet will be closed.

Thanks & Regards

AN ARCHITECT HAS RECIEVED CONTRACT CHARGES IN THE FINANCIAL YEAR 2007/08. THE CONTRACT WAS OF INTERIOR DESIGNING INCLUDING MATERIAL AND LABOUR.

HE HAS NOT FILED RETURN AND HAS NOT PAID SERVICE TAX.

KINDLY LET ME KNOW WHAT IS THE SERVICE TAX LIABILITY?

WHAT COULD BE PENAL PROSECUTION ON THE ASSESSEE?

CAN THE COMPOSITION SCHEME BE MADE APPLICABLE?

THANKS

which color pen used by statutory auditor & internal auditor while cheking vouchers etc.
if we are working in office & we have to check the voucher as internal cheking then which color pen we shoud used?

hi
can a refund return be filed late..? will there b any penalty for it..?

An assessee receives a cheque of Rs. 20000/- p.m from her company without any biferfication of this income like Basic, DA, HRA,..etc. and the Co. has not deducted TDS on her salary & she does not even receives Form-16 from her Co.

Now my questions are:

[1] Can an employee ask for Form-16 from his/her Co. even if she is employed without any salary biferfication ?

[2] Since TDS has not been deducted was the employee liable to pay Advance Tax ?

If yes then now will she be liable to pay Interest on such Advance Tax which was Payable?

[3] Or Is it ok if she now, while filing the return, pays off the self-assessment tax liable and its all over?

Please also tell me
[4] Is it employer's responsibility to deduct TDS from an employee's salary ?

If Yes, then it is not an employee's fault and then why should she bear Interest on Advance Tax if payable payable on above case?

[5] In above case if the Net Taxable income after giving effect of "Deductions under Chapter VI-A" is below exemption limit, is she still liable to pay Interest u/s 234 A,B,C on such advance Tax which she was liable even though she is not having Tax liablity on Net Income ?

Please Guide me...
Thanx in Advance..:)