Dear all,
WE have been collecting service tax from our clients from the beginning of the year. But we did not make any deposit with the govt. Now we have realised that our domestic turnover is less than 10 lacs. Can we now refund whatever we collected to our clients. Please help me with this. And in the previous year our gross receipts were less than the stipulated 8 lacs.

As per rule 6DD of section 40A(3), any payment in cash above Rs. 20000/- was disallowed 100%. However if I have 2 bills of the same party of Rs. 15000/- each and I pay altogether Rs. 30000/- towards the respective 2 bills in a single day, wlll the same be disallowed considering the fact that the payment was made agains 2 bills. I guess This was allowed earlier but I dont know with the recent amendment of addition of some wordings 'in a day' or so.

Dear all,

Is it essential for a pan card holder to submit form specifying nil tax, if the income does not exceed the specified slab rate.

To All,
sir,
I have not deducted TDS on professional Fees of a person assuming total payment during the yr will not exceed the exempt limit (i e Rs 20000/-), but now with current payment it is crossing the limit. My query is shall I calculate & dedudct TDS on prvious payment (which I have not deducted earlier) from current payment including interest (on late payment). ? will interest also be payable ?
thanks

repected sir
I have not deducted TDS on professional Fees of a person assuming total payment during the yr will not exceed the exempt limit (i e Rs 20000/-), but now with current payment it is crossing the limit. My query is shall I calculate & dedudct TDS on prvious payment (which I have not deducted earlier) from current payment including interest (on late payment). ? will interest also be payable ?
thanks

A COURIOR COMPANY HAVING GROSS RECEIPTS FOR THE F.Y 2008-2009 IS RS.15,00,000/- AND TDS DEDUCTED BY THE CUSTOMERS OF THE COMPANY IS RS. 40000/-. WHETHER TAX AUDIT U/S 44AB IS REQUIRED OR NOT?

A COURIOR COMPANY HAVING GROSS RECEIPTS FOR THE F.Y 2008-2009 IS RS.15,00,000/- AND TDS DEDUCTED BY THE CUSTOMERS OF THE COMPANY IS RS. 40000/-. WHETHER TAX AUDIT U/S 44AB IS REQUIRED OR NOT?

Dear All,

Director Remuneration paid to all of three Directors Rs. 600,000/- P. A. each during the F. Y. 2007-08.

During the Current Financial Year 2008-09 there is no payment for Director Remuneration made so far.

Is it necessary to provide Director Remuneration during the year in the books of accounts of The Company or not.

Please advise according to Corporate Law.

B'Regards
Saran

Sir, My Query
1. Whether Hundial Collections from Unknown Persons for a specified purpose will be treated as income or not. And this collections was made by AOP by means of any of their trust will be treated as income or not.

An assessee engaged in manufacturing had imported a Plant/Machinery from Japan. The amount to be paid was sourced out of a Loan taken from SIDBI Bank. However, the Payment was to be made by SIDBI directly to the Foreign Supplier in 4 equal Installments. The Loan was taken by the assessee in Indian Rupees. On every due date the Bank would pay the Supplier the decided amount in Japanese Yen and would debit the Loan account of the Assessee in its books at the rate prevailing on the date of Payment.
When the asset entered India, it was booked at the forex rate of the date when it entered India. However, during the course of the Installments the Indian Ruppe depreciated against the Japanese Yen and as a Result the SIDBI Bank had paid a sum more than what the assessee had booked in its books for the Cost of the Asset.
Now the question is whether Section 43A is applicable?
Since the Clause 2 of Sec 43A sayz that the loan should have been taken in Foreign currency which in this case does not hold good. Since the loan was taken in Indian rupee.
Clause 1 of Section 43A gets attracted if the assessee has made the payment towards the cost of the asset.
In my opinion Section 43A in totality does not get attracted. Anyways the assessee has had to suffer the loss on account of depreciating Rupee, all i am thinking is that can we reduce his loss to the extent of Tax. ie 30.9% of the Diffrential amt.