Sir,

Section 40(a)(ia) of IT Act 1961 deals with disallowance of certain payments where tax was not deducted in time.

But on careful reading of the section it is found that disallowances will arise only on expenses which are "PAYABLE" and not paid. Whether the term "payable " includes expenses actually paid.

As per dictionary meaning "payable" refers to "Due or to be paid". In my opinion, the expenses which are paid and TDS was not deducted, Section 40(a)(ia) does not come in to operation.

Whereas, provision for audit fees was made in Accounts in excess of Rs.20,000 and TDS was not deducted, the Provision for Audit fees will be shown as "Payable" in Liabilities side of Balance Sheet. In this situation Section 40(a)(ia) will come into play.

Is it Correct?

While referring to settled case laws in interpretation of statutes, the meaning of statute is to be construed as it appears in common parlance.

can anybody tell me under which section or page of income tax act it is written that if stcg is other than the transection, come u/s 111a,slab rate will apply in case of idividuals

can anyboby tell me under which section or page of icome tax it is written that if stcg is other than the transections come u/s 111a, slab rate will apply(in case of individuals)

suppose a bill has been submitted mentioning rent for premises-22000 and rent for furniture-70000. now as far as my knowledge goes as per sec 194I no TDS will be deducted as the amount of bill does not exceed Rs 120000. It is only Rs-92000. Am i right in this case or not -pl. explain

can anyone explain why license fee paid by a telecom co is a capital expenditure?

Is it possible to convert at the same time share application money to Share Capital and loans from shareholders.

If yes what are the accounting and reporting implications under companies act.

A prop. ship firm is availing deducxtion u/s 80-IB from the last 4 years. Now the prop. and his wife want to have a PVT Ltd. company, which will take over the entire business of prop. firm.

Will the company be eligible for the deduction u/s 80 IB, which the prop. was availing for that business.

an employee is being provided with a 1800cc car with driver for both official and private purpose. the assessee pays for the running and maintainance for the personal use of the car..

QUESTION is ...... why it is not exempt in the income of the assessee..

IT is included in the income of assessee
in the book as motar car
(Rs 600+600=1200*12==14400)
plz reply

Dear All,

Pls clarify the following with regard to SSI Exemption in service tax.

1.What is the definition of SSI in Service Tax?
2. Whether the exemption of 10Lacs is applicable for all services, generally? Eg whether Chartered accountants, Architect etc having a turnover of less 10lacs in the preceeding financial year can avail the benefit of exemption under the SSI Exemption scheme???

What is the meaning of cost to company?