A,B,C,D are relatives as per IT Act

A need to repay loan to C 100 and D 80 for that he gets gift from B 40 C 20 and D 20 and 20 of its own repays to C 100 than C gifts back 80 to A and A repay loan to D 80 is it possible??

all the above transactions are done by account payee cheque??

Whether Unsecured Loans above Rs.1,20,000/- can be repaid/write off by paying cash installment of Rs.20,000/- over sevral years? What will be its ITax implicatipon of such transaction

Sir,

I have two querries

1.) Querry No. 1

income tax department has stated to file foreign remittance in form 15 CA.

Whether this provision is also applicable to companies?

Ours is a pvt. ltd company, we are importing material, and making payments to our creditors in USD. then whether we also want to file this form? & if yes from which date?

Querry No. 2

In this budget FBT has abolished from F.Y. 2009-10. Then what about advance tax paid by companies in June 09.

Hi,

Is there any other act other than the housing co-op societies act in maharashtra to register a group of house owners consisting of approximately 10 flats.

Basically registration under this act requires audit of accounts. Hence is there any other form of organistion/act under which such group can be registered to avoid audit of such a small group of house owners.

Also how does such registration affect the status of such group under other relevant acts applicable to such housing units/properties.

Thanks,
Ajit

i HAVE BALANCE OF RUPEES THREE LACS IN VARIOUS SAVINGS BANK ACOUNTS & CASH BALANCE OF 65000/- AND LOANS OF 18 LACS. wHAT IS MY STATUS OF WEALTH TAX SHOULD I CLAIM DEDUCTION FOR BANK BALANCE & CASH IN HAND AND FILE WEALTH TAX RETURN FOR ONLY 18 LACS. ALSO UNDER WHAT HEAD SHOULD I TAKE LOANS AND ADVANCES AS THERE IS ONLY ONE COLUMN OF CASH IN HAND.

Suppose A purchases car in his name and takes loan for it in the names of A and B. Whether both can claim depreciation & interest on loan ? If yes, in which proportion ? please reply with section or any judgement etc.

I AM A PROFESSIONAL. APART FROM MY PROFESSIONAL INCOME I HAVE INCOME FROM INTEREST ON LOANS AND ALSO INTEREST FROM BANK. cORRECTLY IT SHOULD COME UNDER THE HEADING INCOME FROM OTHER SOURCES BUT MY ACCOUNTANT SAYS IT SHOULD BE INCLUDD IN PROFIT & LOSS ACCOUNT UNDER THEHEAD PROFITS FROM BUSINESS PLEASE ADVICE.

If a Non-Listed Pvt Ltd holding comapany has given loan to its fully owned subsidiary company and it exceeds RS 10 CRORES IN THIS FINANCIAL YEAR then is level 1 applicable or not?

author : RamKumar

Posted On
09 July 2009
Dear alls pls advise

As per the decision of the H`nerable DELHI HIGH COURT the is no service tax on rent of the immovable property

Though the Supereme court decision is pending

if we follow and not pay the service tax on the rent which we are paying to our landlord and giving the undertaking that if the decision will go against the assesse and have to pay the service tax with interest and panelty

and we do like that

if yes could we use our cenvat credit of service tax and excise duty for paying that service tax

pls advise

Hi,

We are importers of Ladies Apparals. We pay the duty for the product on the FOB. Now we have added some collar tags and other tags on to the product from the manufacturing end itself.

Can the manufacturing company raise a separate debit note for these tags or should it be included in the FOB of the product itself. If the cost of these tags are added to the product we might be needed to pay extra duty. Is it legal to raise a debit note. If it is considered as a customs duty evasion i would like to know what will be the penalty.

Thanks
Arun