My client had paid cash Rs. 3,00,000 on the same day to the single party. But he got receipt of cash payment, which is lower than 20,000 in each case. The receipt of cash payment are serially numbered and are all the receipt of payment are on same date. Is this cash payment is disallowable under section 40A(3)for the financial year 2007-08 relevant to assessment year 2008-09.


Please specify whether this payment of Rs. 3,00,000 will be disallowed or not in the assessment year 2008-09?

Sir,

we are the manufacturers of paints for MNC on job work basis.They pay job work charges on monthly basis after deducting TDS u/s 194C.It is OK.
Occassionally, we utilise our CENVAT credit on capital goods for payment of excise duty on manufacture of paints for MNC on job work basis.

They repay such amount seperately to us.But they insist to deduct TDS on such payment U/S 194C stating that Sec.194C covers any sum paid to contractor irrespct of nature of payment.

We oppose that such payment is not in perview of that section as the payment is not under contract in persuance of a contract for carrying out any work.

Please clarify whether we are correct or not.

Javahar

Hi Expert


I just want to know that can we create a salary structure which directly allows employees not to be covered under PF slab. I want to know if the salary of an employee is 6600, then can we make 6500 as basic and 100 as other allowance. I know this directly saves employee from not to be covered under PF as if any employee earns basic above 6500 then there is no compulsion to join PF scheme.

Please reply

Thanks

dear,
can u suggest me, if road is constructed under residential complex and tender are given separately then, is service tax liable, if yes reply me with necessary circular & notification.

Sir,

Please clarify when surcharge of 10% is calculated on income tax.

what is the basis for deduction? whether it is on the basis of taxable income exceeds 10 lac p.a. (or) after deduction of exemption limit of Rs1.50 lac from taxable income.

thanking you,

MTNI

Sir,

I have passed out my Pe-2 during last may 08.
I have received statement of marks , but pass certificate of Pe-2 has not yet been received till date. Since it was almost 35 days and odd, result being declared. Whom should i contact for confirmation. Either SIRC or should i contact ICAI Delhi.
Kindly do the needful.

Thank You,

Truly,

Sakthi.

Need a company having registered office at Mumbai while branch office at Delhi different TAN for branch as well as for Mumbai office? Can TAN of MUMbai office be used for Delhi office also? If yes, which address be mentioned on TDS certificate issued against TDS deducted at Delhi? Will it be address of Mumbai office at which address TAN is alloted or it can be branch address also?

I want to know, when an assessee dies & the assets & liabilities are taken over by his wife, what is the treatment of income in the books of assessee (till the death of assessee) & income accrued after death of assessee taken over by his wife. Do two seperate books are required to be maintained & two seperate income tax return shall be filed for the two period i.e. Opening of FY to the death of assessee. & second from the death of assee to the of F.Y.

Pl help me

Dear Professional Friends,

A Company has paid a amount of Rs. 10,00,000/- for acquring a LEASEHOLD LAND for a period of 60 years and which are to be amortise equally in the books of account during 60 years period.

Can you please suggest me what will be the accounting entry. can it be treated as fixed assets in the Fixed Assets schedule.

Plz reply.

Thanx & Regards,

CA Arvind Singh

HOW TDS ON RENT TO BE CALCULATED IN CASE

1.single agreement with the lessor ,which contains rent for premises is Rs70000 & rent for furniture Rs.22000/
2.Is tds would be charged on the furniture?