A pvt ltd. co sold some shares of another co. at par.No profit or loss has been accounted for as both purchase and sale were at par and the carrying cost of such shares in the balance sheet is also at par say Rs.10/-.But at the time of assessment the assessing officer accounted for the difference between the intrinsic value and par value as Income benefit u/s.28(iv) of the act.According to A.O. assessee is engaged in the business of share trading and investment,hence by dealing in shares below its actual worth, the assessee is in receipt of benefit in real terms.Is the A.O's contention right? Can I get any case law in support of the assessee and against the A.O.?

Can some one send me a draft petition format to be filed with Mumbai ROC u/s141. I do have the southern region format. I only need to know the stamp duty and other formalities for the Mumbai and Ahmedabad ROC. Please.

Please clarify the following:

We have paid an advance of US$ 6000/- to our employee for official foreign travel.

He has come back from the travel and he want to return the surplus amount (about US$ 1000) in Indian Rupees instead of US$. (He says, he has spent the US$ in abroad for his personal expenses)

Can we accept the amount in INR or is there some restriction under Income Tax or FEMA etc.,??

Whether receipt from LIC on death of the insured by the nominee is capital receipt or revenue receipt ?

Whether receipt from LIC on death of the insured person by the nominee of the insured is Capital receipt or Revenue receipt for under IT, Act ?

Whether receipt from LIC on death of the insured person by the nominee of the insured is Capital receipt or Revenue receipt for under IT, Act ?

Whether receipt from LIC on death of the insured person by the nominee of the insured is taxable ? If taxble under which section

I am having a Software Co. and I am opening a new proprietor ship firm so the assets of Software company will be used in the new firm and the software company will get closed. I want to know how to transfer the assets from one company to other.

Thanks.

As you may be aware that under Section 194 J of the Income tax Act which was amended to include Royalty with effect from 13.07.2006 by the Taxation Laws (Amendment) Act 2006, we have been advised that Computer Software is covered by the definition of Royalty as per the Income tax Act. As such, we have been advised to deduct TDS on purchases of software made from 01.04.2008.



TDS @ 11.33% will be deducted as per law for the purchases of software made from you from 01.04.2008 to 31.10.2008. We shall deduct the TDS as applicable for which your account will be debited and tds certificate will be provided to you for the same.


Pls validate immdtly

we are haviang registration under works contract service. we raised lot of invoice on which service tax is payable in the month of march but our payment not recd by 31 st march we provide the liablity in our books & pay the service tax as we receive the payment from our customer in the after march
what is due date of for the payment of service tax in such cases? is it as per norms of within 5 days from the end of quarter in which payment is recived or immediately after payment recd from customer.