Dear Friends,

We're doing trading business from last few years with own unique vehicles (means they can load or unload the same material, we can't mix any other and only one way with load and return with empty).

i.e., we're purchasing material from manufacturing unit with our own vehicles and delivery to customer place with the same vehicle. And we're billing for the unloading or acknowledged quantity measured by weighment at customer place. And we're not showing any transportation in the bill, since it was delivery on FOR basis as per customer purchase/supply order. And at the same time, we're charging penalty for waiting/delay charges for not taking the material immediately after sending the vehicle. This was mentioned in our offers/purchase/supply orders.

Now, the thing is that this Service Tax authorities are asking us to pay for ST on this penalty, which was charging on waiting/delaying the vehicle. We're putting this to release the vehicle immediately by taking the material from the vehicle and trying to do more number of trips and gaining from it. If it was delaying we can't get more from that vehicle.

And also asking us to show transportation
separately & pay on transportation.

So, kindly give us a good suggestion from all of you.

Thanks

M/S 'X' BEING A PARTNERSHIP FIRM HAD RECEIVED RS.10 LACS INTEREST ON INCOME TAX REFUND. THE INCOME TAX REFUND WAS DUE TO EXTRA TAX PAID DUE TO INCOME TAX OFFICERS ORDER BUT FIRM WENT FOR APPEAL AND SAME WAS ALLOWED, SO INCOME TAX REFUND WAS RECEIVED WITH INTEREST ON IT. DURING FINANCIAL YEAR 2007-08 THERE WAS NO OTHER INCOME THAN THIS INT ON INCOME TAX REFUND.

NOW THE QUESTION IS , WHETHER THE SAID INCOME IS CONSIDERED AAS BUSINESS INCOME AND SAME CAN BE SET OFF AGAINST EARLIER BUSINESS LOSS. OR IT WILL BE CONSIDERED AS OTHER INCOME AND FIRM WILL HAVE TO PAY TAX ON IT ?

A company's total FBT Payable after surcharge & Cess is say rs 10,00,000.

The payments made in each quarter are:
15-06-2007 135,000
15-09-2007 395,000
15-12-2007 300,000
15-03-2008 200,000

As per the above example, the payment made in the first quarter is less than 150,000..... But in the following quarters excess payment has been made....... What will be the treatment of interest in the first quarter.....??? What entry needs to be passed in the books??????

By mistake in my office the TDS of Contractor US 194C has been depositen in Bank US 192B,Because of this the TDS return is Pending for the 1st Qtr so please suggest on the above mentiond problem

I have filed my return online without the digital signature and obtained the verification form alongwith the acknowledgement number. The verification form need to be signed and submitted in the income tax. My query is if I submit this after due date will I be at fault??

hi

what is cantonment board with respect to income tax?

thanks in advance
tima

Hi friends let me know under which section of I T Act TDS is to be deducted on payments made to HELICOPTER HIRE CHARGES. If there is any Circular or any other supportings pl mention .
Advance Thanks

I have donated Rs 51,000/- to a govt approved agency/trust for renovation of old temple. My Gorss income including losses from house property is Rs 3,80,000/-. I have made investment of Rs 1,00,000/- under section 80C. Also additional income from LTCG (from shares) is Rs 27,000/-. Pls guide me how much deduction shall be allowed to me under Section-80G.

Dear All

From the PF website I understand the maximum that an Employer can contribute
towards PF is Rs.780(based on Rs.6500 Basic+Da).Now one of my friends told me the PF Limit is.Rs.900(based on Rs.7500
Basic+Da).Please tell me whether the PF
limit is changed or not.Kindly explian

Regards
BINUMS

Sir/Madam,

When a company gives loan or advance to director holding more than 10% share in company.Suppose Loan of RS. 195000/- is given to director in previous year 2006-07 and same outstanding in P.Y. 2007-08. What will be accounting treatment to be shown in books and what will be the tax treatment in the hands of director/shareholder and company.