Suppose that there's a tv channel which buys the right to telecast a movie say twice in a year for three years and pays the entire amount in the first yer say Rs. 3,00,000....

Will this entire amount be allowed in the year of payment if the tv channel follows accrual system of accounting???

Kindly support will relevant sections & case studies...

I have a querry on Capital Gains.
Why should there be a capital gain on sale of Bonus shares by a shareholder, as the bonus is given out of the profits of the Company on which Tax is already paid by the Company, which would result in Double taxing by the Government?

Mr.X working in America for the past 2 years having salary income there. Also having imcome from House property in India. He should file the IT return or Not? If Yes then 1) He will be Resident Or NonResident? 2) who should sign the ITR form as he is living there?

I have been hearing news about companies avoiding taxation through investment in mauritus. Can you please throw more light on that? Is there a weblink I can refer to?

How does the foolowing instances amount to "invitaion to offer" and not an "(generAl) offer"?

A)A price list of goods for sale
B) Quoataion for lowest prices
c) Railway Time-table
d) Display of goods with price tag attached
e) Prospectus issued by a Company


in the refercnce book of MP Vijaykumar; these has been told as "invitation to make offer". My view is exactly the opposite.

For instance, in CASE A): the shopkeeper by keeping his Pricelist to the prospective customers is making an offer: in the list there is a Pen for Rs 10. Those who are in need of the pen and think the price is fair enough; wiill go to the shopkeeper and ACCEPT the (general) offer by paying him the Rs 10. And if he bargains; that is a counter offer.

Had he just dispalyed his goods at the window without any price tag; and sb comes and tells him " Sir, i wanna buy that BOOK for Rs 100" that should be an invitation to offer, isn't it??

CAN ANYBODY SEND ME VARIOUS FORMAT OF MIS REPORT UNDER MENTIONED MAILID:-

anujca79@yahoo.co.in

one of my clients an australian natinal has become a resident of india, as per the defenitions of IT act and Fema.
now he wants to buy a residential property in india... i) whether RBI permission is required
ii)whether he can sel the property after sometime and repatriate funds to australia.
iii) since he has become a resident of india, i think he has to pay tax on the income in australia also... if so what is the procedure for computation of total income

regards, madhav

Hello friends,
We have a query regarding deduction of tax from salary, when the employee disappears without giving notice of resignation. The query in detail is as follows:
An employee has given declaration at the beginning of the financial year regarding his investment to be made and rent to be paid during that financial year. As per the declaration given by the employee, the tax is deducted regularly on monthly basis. After some months (or say 4 months), the employee disappears (leaves) from the company without giving any notice of resignation. The salary for whole of the 4 months has already been paid to the employee.
But the employee did not show any evidence / documents for investment made / rent paid till that period. Later on when the income and tax liability thereon is computed, then also there is a liability of deduction of tax from the salary of last 4 months paid. But this tax was not deducted or deposited with the account of Central Government due to declaration submitted by the employee.
a) What will be the liability on employer regarding deposit of tax on salary? What remedy is available to the employer on liability of deduction and deposit of tax due to negligence on the part of the employee?
b) If the salary for the last month is left, but the tax liability comes to be in excess of the payment required to be made to the employee, then what treatment will be done?
Please guide us on the above mentioned issues.

Waiting for your prompt response,

With Regards,

Gourav Jain CA

As person has taken applied for leave encashment in the month of March-08, but has got sanctioned in the month of April-08 and payment was also disbursed in the April-08.

Now my question is that -

Whether it should be booked as liability in the month of March-08 by booking as expense for march-08, or it should be booked in the month of April-08 as expense.

If it booked it in the month of march-08, whether company is liable to deduct tax in the month of march-08 itself.

and finally, when it will be taxable in the hand of employee, in the previous year 2007-08, or in the previous year 2008-09

kindly reply.

If the assessee does not have an internet banking account can somebody else pay the tax on his behalf through his internet abnking account?
also can the taxes be paid through one's credit card?