M/s. ABC Ltd a company incorporated in US,sells 100 laser printer cartridge to its 100% subsidiary M/s. A Ltd. a company registered in india, at USD 50 per cartridge. Does M/s. A Ltd. liable to deduct TDS at the time of payment?. in my opinion such payment should not be subject to TDS, as the same is related to purchases of goods.If at all the TDS is required to be deducted, at what rate the same should be deducted?

Sir,
How can a manufacturing Co.Calcualte closing stock of Raw material,Stores & Spares & Packing material?
Is it calcualted with Basic price or Basic Price + Taxes + Expences ?

we are supplier of Agricultural shade net hdpe direct to farmer, we dont know that it is tax free or not, so we want to know is this taxable item if yes then how much percent tax is applicable for retail invoce and tax invoice?

Is Income tax required to be deducted on payment made to a management trainee?

Hi everyone,

Could anyone give me some material (any case law or notification) to prove that stipend received during tenure of articleship is exempt u/s 10 of the Income Tax Act.

Take Care.

We had launched the scheme with our franchisees that if franchisee achieves the target then he will be alloted a new Car.
Now 2 of our franchisees have achieved their targets and are eligible for the Car.
So what will be the accounting treatment. Is it to be called as commission,an incentive or discount or any thing else.

My next question is about the applicability of TDS. Whether TDS will be attracted and if yes under what head.
Further we have not yet given the cars but while finalizing our books we need to take provision on the same so if TDS is applicable do we need to pay immediately.
Similarly we will have to recover TDS from the party since he is paid in kind. So is it a correct to recover the same from him


Thanks in advance

can any one explain me a comparison between bin card and stores control card?

is it mandatory to write UTN in IT returns for AY 09-10??

Notification No.
858(E), dated 25th March, 2009 :

The return of income in Form No. ITR-1 to Form No.ITR-8 for Assessment Year 2009-10 have
been notified which requires, amongst other, the quoting of the relevant UTN for every TDS or TCS claim
made by the assessee. Therefore, the credit for any TDS or TCS claim will be allowed, amongst others, if
the assessee quotes the relevant UTN for every TDS and TCS claim and the said UTN matches with the
UTN in the database of the Income Tax Department.

1.) whether central government permission required for the transaction between holding and subsidiary compay u/s. 297, if both the companies are private limited and paid up capital is in excess of Rs. 1 crore.

2.) A company having a paid up capital of Rs. 50 lacs employes full time company secretary then whether the company requires to obtain compliance report u/s 383A from a practising company secretary ?

The taxable income under the capital gain from sale of agricultural land is Rs. 47,00,000. I do not want to invest it into NABARD bonds or anything like that. What i want instead is to purchase a flat from the same income. Will this be exempted from the tax arising out of capital gain due to sale of agricultural land. I read the sec 54 f. But i fail to get a clear picyure of this case. Can u please help.If not plz suggest me another method to save the tax other than purchase of another agricultural land or Bonds. thank you.