In case of one of my client, the car has been taken on lease by the company.The company is paying the lease rentals for the car. The same is being booked as car lease rentals in the books also. Now that car has been given to a specified employee, to whom the company reimburses petrol bills as well as reimburses the driver's salary who has been hired by employee himself?

Can any please suggest the tax treatment in the hands of employer as well as employee & FBT treatment also.

The law is that if perquisites are provided by employer in monetary terms , it is taxable for all employees. But if is povided in the form of facility is taxable only for specified employee. What is the taxability if an employee children are studying in a school maintained by employer & the employee is not a specified employee?

HI SIR,
I HAVE DOUBT IN MAT COMPUTATION, ITS TREATMENT IN B/S AND ITS COMPUTATION. SO PLEASE HELP ME ON THIS,I`LL BE THANKFUL FOR U

dear sir,

During the AY 2007-2008 return of an individual shows the deduction of housing loan interest amounting to Rs.30,000

As the property was SOP and construction started after 1.4.99 and completed within 3 yaers of commencement, celieng limit will be Rs.1,50,000.

Actual interest paid by the asessee was Rs.1,18,000.

what is the procedure for rectification of such mistake U/S 154 of the act.

please reply.

Hi friends,

please help me in solving out a query,
Our main office is in Noida manufacturing undergarments.
Our relative have an office in Delhi which is doing Job work for us.
Is he liable to charge service tax from us u/s 65 of Service Tax act.
However all the expenses for that premises are paid from us. and it is also possible to make that firm as a branch of our company, because service tax wont be applicable in that case. Am i Correct?

Please clarify me if i am wrong and give me best suitable option. i will provide you more details if you required.

Thanks & Regards
CA. Sachin Kataria

Hi,

My company reimburses to employees Driver Salary exps on actuals as a part of their CTC. The Car is not company provided. I want to ask whether such reimbursements attracts FBT or the same is taxable in the hands of employees. Does it make any difference if the car is company provided.

Thanks,

Gurmeet R

We have a bank guarantee given by our contractor for Rs.7 Crores. The BG is valid for 3 years (up to 31.03.2011). The bank has charged a commission of Rs.22 Lacs in 2008. Now if would like to reduce the BG amount to 5 Crores. I would like to know whether the bank will revise/refund the commission accordingly. Or will they cancell the original BG and consider the new BG as fresh?

I have got my termination form 109 signed on
30.04.2009.i have not yet submitted 109 form.
If I take Article ship in another city,and submit my form 109 & 103 together in the institute will it be accepted? though my parents are not shifting there.
what documents i have to submit along with form to get my article ship approved .
where the form should be submitted?

hi,
we are in the shipping management business , we manage ships on behalf of ship owner, whatever we spent for expenses ,it is reimbursed later. can we take this as input credit on expenses like telepone, electricity etc.moreover, i would like to know whether our services will be taxable in service tax as we are providing our services to london .

What was the last date to file the return in case of individual for the assessement year 2007-08. who is the director in a co whose accounts should be audited.