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.

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.

Weather TDS was applicable in case of Individual -carrying business proprietory firm - having tax audit - for the paymenets made to contractors under section 194C for the financial year 2006-07.

We are Doing Job Work and catagarised in Design Service. We are preparing Inv. to all by charges Service Tax.
Now my one party is informing that under notification (214/86 dt: 25.03.1986)we can not charge them a SErvice Tax ?? So what to do ? Is it correct ? WE could not charge any Service tax as per above notification? Please advice

What is the amount of interest earned in savings A/c or Fixed Deposit A/c in execess of which TDS is deducted.

WHAT IS THE SOFTWARE USES FOR FILLING THE RETURN FOR TDS

We use revenue stamps for any vouchers or rent receiptsor any other receipts. Are there any guidelines or rules for usage or applicability of Revenue stamp usage.

Is it dependent on the value of the transaction?
Using a revenue stamp on a receipt What does it signify

An assessee is engaged in the business of providing internet access services to its clients. The assessee needed band width and net work operating infrastructure for the said business for which the assessee sought the services and facilities of VSNL on a payment basis. Whether income tax is to be deducted u/s 194J on the payment made by the assessee to VSNL.

Whether the Audit Report Filed with Digital Signature of Assessee and Chartered Accountant is valid for Income Tax Purpose. Please clarify with citation , if any or Circular of Income Tax Department or Guidance notes of Institute of Chartered Accountants of India.