Our company purchased some Fire safety equipments which to be installed in factory.

Can we take VAT credit of the same?

Can any body tell me about Form E-1 with regard to VAT? Purpose of the from and who is liable to pay VAT against E-Form. Thnaks in advance

Sir

One of our staff member is having the following salary receipts for current year 2008-09 ( working period April 08 to 3rd August 08 )


Basic Salary 192000
Medical allowance 3871
Lta 16001
Performance allowance 85471
Other taxable allowance 170632
Leave Encashments 37025
Notice Pay 229657
HRA 96000

Total 830657

The employee has invested Rs 23040 in providend fund account and the rent paid for this period is 60000/-

Kindly advise should we deduct tax and what shall be the amount of Tds


Sandeep

sir. An organisation which is into provision of educational services has to employ learned faculties, since the age of these teachers is mostly above 60, the organisation is finding itself admist this dillemma of whether gratuity is payable to them or not.

Also the organisation keeps service rules( i.e. the contarct with each employees.

please suggest

sir whether an organisation which is into provision of educational services has to employ learned faculties. since the age of these teachers is mostly above 60, the organisation is finding itself admist this dillemma of whether gratuity is payable to them or not.

Also the organisation keeps service rules( i.e. the contarct with each employees.

please suggest

Pls resolve wheather an agricultural land converted into a non-agricultural land (by way of it being included within municipal limits by redrawing city boundries) is liable to capital gains tax (deemed capital gain)...This is mainly required because the said land is converted into plots and offered for sale the profits as required by law will be taxable as income from capital gains.pls bear in mind that the land initially is an agricultural land which is not a capital asset..

X is a promoter who is buying a company ABC from Y. X has paid some amount to transfer the ownership of ABC from Y to X. In addition X also paid some lumpsum to Y as a premium (market rate or cost of good will or black money.. whatever u call). How does X treat this in his books of accounts?

Dear Sir/s

If the employer has provided Rent Free Accommodation (RFA) to en employee and the employees family is staying in a rented accommodation in different city in the same State owing to education of Kids or locational facilities.

1) The Employee can claim HRA exemption even though he has been provided RFA by his employer.

2) While adding Perquisite towards RFA, the employer should consider HRA exemption.

Please clarify.
Thanks.

what is the treatment of payment to the promoters of a company to buy out a company?

I am an employee of a company. We have received the following circular from our HR department.

Is it right, bcoz as per Income Tax Act we can give exemption up to 50 rs per day only?

I am calculating tax on salaries of all the employees of the company. so i want the answer.

Whether we have to pay FBT on the same?



HR/PERS/ACCOR/2008
Date: 25/11/2008

CIRCULAR

Sub: Income tax benefit for employees by providing Accor Meal Vouchers.

Dear colleagues,

In our continuous endeavors to provide maximum income tax free salary to our employees, we hereby propose to provide Accor meal vouchers every month as part of CTC.

The details are as under:

a. The Accor meal vouchers will be provided to all the employees, as per the consent taken from each employee in writing.
b. The maximum amount allocated for the coupon will be as under:
I GM & above - Rs. 3500/- per month
II Dy Manager to Dy GM - Rs. 2500/- per month
III Upto Asst. Manager - 2000/- per month

c. The above amount will be adjusted from canteen coupon reimbursement and remaining amount from special allowance of CTC.
d. The Accor meal voucher will be in form of booklets containing voucher of value in denomination of Rs. 5,10,50,75
e. The Accor meal voucher will not be taxable in the hand of employees as well as no FBT is to be paid by the company.
f. The Accor meal voucher can be used in number of food outlets across India and can be used as mode of payment for
Purchase of services / food instead of paying cash.
g. The frequently asked questions with their reply are as under which will give full clarity in the matter.
h. The distribution of coupons at Ahmedabad will be through Facilities department and at branches will be through one of the
Specific representative whose name will be declare with in short period.
i. The ticket restaurant all India directory i.e. where coupon can be used, is available on circle D.

The scheme is voluntary and hence those who are interested in availing this scheme so as to save income tax may send / give their consent within four days, stating their ;

1. Employee No.
2. Name
3. Designation
4. Department
5. Place of posting

On mail id employeecare@x.com or to Mr. A - Executive – Personnel

Hope this newly introduced system of meal voucher will be useful to our colleagues and will take benefit to save their income tax.


Thanks & Regards

XYZ
Vice President-HR