our company has given a interior decoration contract. bill raised by the interior decorator includes VAT. whether TDS has to be deducted on the full invoice value or excluding VAT component?

My company reimburses petrol & toll expenses and repairs of car owned by me for commuting between office and my residence.

One senir cunsultant is of the contention that the said expenses will be taxed in my hand under perqisites in liew of salary, as only Rs. 800/P.M is allowed for commuting between office and residence.

Or auditor says it will not be taxed in my hand but FBT will have to be paid by the company on such reimbursement.

I am of the opinion that:-

Rs.800/-P.M is the maximum amount of allowance permitted to be duducted from the gross salary while computing the TDS liability.

However where the employer reimburses expenses to the employee for commuting between office and residence , it may not be directly or automatically considered as taxable income in the hands of the employee without giving due respect to the following:-

1.If car expenses are reimbursed,the employer must ensure that the employee maintain a log book which provides proper record of fuel filling and running of the car between office and residence and genuine RD bills of fuel filled with the registration number of the car on the bill etc.

2. If other mode of transport reimbursement provided (for eg.First class railway ticket etc) the proof of ticket pass etc.
3. Where the employee commute in taxi or rikshaw, the factors to take into account are the position of the employee,educational qualification and last but least the justification of such mode of transport being used by the employee due to the reasons that it is the most convenient mode of transport for the said employee to reach office.

pleae anybody give a clarification on this issue

Profit on sale of a rural agricultural Land, whether an agricultural income or not?

If not then what will be its treatment as this is not covered in definition of Capital Assets?

One of my client having branch office in Delhi had an income in sept 2007 on which service tax was collected by him. But due to some technical problems his partner in Bangalore deposited service tax in bangalore on behalf of Delhi branch. cheques were also collected for income by the Bangalore based partner and transfered amount to Dlehi based partenr. No ST Return by Delhi branch was submitted.Now the Delhi partner wants to submit the return now.Tell me the procedure.

Hi,

I am the employee receving the HRA but i have own house that house is in the name of My mother can i claim the HRA by making my mother as a Owner and my self as a tenant

Please let me definition of Tax Audit U/S 44AB.

sir,

1.please give me a deprication chart as per income tax act & company law,
2. what is difference between income tax act. & company law.
3.what type of entery we enterd in book of account
4. what type of deprication we take in balance sheet.

thanks
regards
sunil kumar

What is the applicability of service tax & when should i apply for service tax registration number?

Thanks
satish

For whom it is compulsory to maintain books of accounts?

Is there any law in Income tax which made to produce rent agreement is compulsory. Or employee can produce the rent receipts for any amount to claim fully HRA benefit.