We enjoy 180 days credit from Overseas supplier in terms of Import L. C.. We are required to pay interest in foreign currency at the time of retirement based on interest rate at BBA / LIBOR. On the retirement of Import Bills, our Banker also remits interest as per Bill of Exchange drawn.

Please advise whether TDS is attracted on interest remittance and the rate thereof.

Please also advise Returns to be filed in this respect.

Please appraise me with the latest changes in the TDS Provisions in this respect which are being made applicable wef 1st July, 2009.

With Warm Regards

case is as follows :

Company owns Hoarding Board which is classified under Fixed Assets catg which also fetches rental income.

Now this fixed is sold out.

In books will be considered as business income?

And while preparing computation will this profit be taxed under capital gain or business income.

I m paying rent of Rs.7000/- and my HRA is Rs. 8000/- as well as i m also paying Rs. 105000/- as annual interest on Housing Loan and principal amount of Rs. 13500/-, My owned house remains vacant during the year. Can i claim both for I.T Purpose. My owned house and my office are in the same city.

Please advise if Fringe Benefit Tax is attracted on Telephone connection used as Broadband connection in Office Premises.

Kindly quote CBDT Circular / Clarification issued in this respect.

Best Regards,

In the newly introduced Form 24C - "TDS And TCS Compliance Statement", it is specified that TDS account details be furnished in respect of each month.

As TDS under Section 194C viz. "Payment to Contractors and Sub-contractors", the assessees are required to mention Total Expense or Capital Outgo under that Section. Now, as we know, under this Section TDS is being deducted on expenses from different Account Heads such as Labor Charges, Payment to Advertising Agencies, Repairs & Maintenance - Plants, Buildings and Other Assets, Construction of Sheds, Buildings, Security Service Charges etc. etc. Further, it is such a vast subject that accounting systems differ from organization to organization.
Does it imply that all such Account Heads expenses be grouped together and total amount be furnished against Section 194C.

Secondly, some organization has a practice of accounting for the suppliers Bills as per the Date of the Bill. At times, it takes time to pass the Bill and record in the Books. This may result in variation in monthly expenses as per the Books in comparison with Compliance Statement.

I invite our members’ expert comments on the subject.

SIR/MARAM
THERE IS A GOVT. DEPT. AND IT HAS ONLY 1 STAFF WHOSE INCOME TAX IS MORE THAN RS.5000 AND SO CUT TDS.

NOW IS IT NECESSARY FOR THE DEPT. TO SUBMIT QUARTERLY STATEMENT OF TAX DEPOSITED IN FORM NO.24Q.

THANKING YOU
SAMPAD

Dear Sir,
I had Passed 2nd Group Of P.E.-II In Nov.,08.Now We Are Appearing For 1st Group.Please Tell Me, How To Do well Preparation For Exam In Remaining 1 Month?

One of our claint was invested in mutual fund due to the economic slowdown there investment rate come down and they have redeem the mutual fund investment , as the results Shortterm capital loss has been areas, now shall we set-off the capital loss for business profit .

Sir,
We had issued capital of 30,000 shares @10=300,000 (Authorized Capital 50,000 shares) when incorporated as a PVT Ltd Company. We have issued 5000 shares@25 (10 Face Value+15 Premium)to 3 of our related party. What is the formality to issue a share certificate to them?. How much is the stamp duty?

I have module of Income Tax for A.Y. 07-08, but my attempt is Nov. 09 which belongs to A.Y. 09-10, then what should i do?
I have T.N.Manoharan's book for A.Y.09-10, but i am not sure that this book can lead me to a better way than V.K. Singhania or module.
& i want Exemption in Income Tax anyhow.


Please help me.
thanks
Nitesh Kumar Sharma
Pcc Nov. 09