Interest on Securities is exempt u/s 10(15)...which securities are actually covered under this section...

Hey...under which SUB SECTION interest on public provident fund is exempt...nd wat does superannuation fund mean??

is STCG chargable @10% both in case of securities traded in recognised stk exc&traded outside rec stk exc

DEAR ALL
GOOD AFTERNOON,
PROFESSIONAL FEES RECEIVED IN FOREIGN CURRENCY IS LIABLE TO SERVICE TAX OR EXEMPT FROM SERVICE TAX.

PLEASE CLARIFY.

At present, I have (a) two seperate Demat Accounts with ICICIDIRECT, first one in my name and the second one in my spouse's name and (b) two seperate Savings Bank accounts, first one in my name and the second one in my spouse's name. I am primarily operating SB Accounts for the limited purpose of applying for IPOs etc.

I have seen a news item according to which ICICI Bank will hike the minmum Average Quarterly Balance (AQB) from present Rs 5000 to Rs 10000 from Jul 08 onwards

So I now propose (a) to continue two seperate Demat Accounts (b) to close SB account in the name of my spouse and (c)convert the SB account now in my name as Joint Account with my spouse on either or survivor basis.

It appears as though ICICIDIRECT does not permit such arrangement. Could you pl. suggest alternaive courses of action available.

i want journal entry of ------
goods destroyed by fire costing rs 300 but insurance company settled claim for rs 280.pls urgent

If a person of USA prviding consultany to Indian Company .And he has been provided a house in India by the company . My question is now this house shall be treated as PE of USA person in regard to Article 12 of USA treaty and for section 44DA of the Income Tax Act,1961 or not.

TDS Certificate for Salary is required to be issued to employees before 30th April. In most cases accounts are finalized after that date and Provisions of Bonus is made as per availability of Profit and sometime after negotiation with employees/ union etc. Since Bonus and Leave Pay are related with the accounting year ended on 31st March, a provision is made for the same in accounts on 31st March at the time of finalization of accounts.

Hence, it is difficult to deduct TDS before March end, payment of the same to the Government and issue of TDS Certificate before 30th April.

Please enlighten the Provision for deduction of TDS, payment thereof and issue of Certificate. Like wise Employees are also not in the position to wait till finalization of account for filing their Individual Returns.

Generally Audit Fees is decided by the Board of Directors in consultation with the Auditors at the time of finalization of accounts, which mostly are done in August. Provision for the same is made in the previous year for which TDS is required to be paid in May and Return is required to be filed in June. Generally it is very difficult on or before end of May to finalize amount of Audit Fees and sometime even name of Auditors. There may be some instances where amount of Audit fees differs or Auditors may change like:

a) Statutory Auditors were appointed as Tax Auditors after end of May.
b) Other Chartered Accountant is appointed as Tax Auditors instead of Statutory Auditors in earlier year.
c) Auditors resigned or otherwise termination of assignment and another Auditor is appointed.
d) Merger/ Demerger of Audit Firms takes place.

In these types of cases it is difficult to pay the TDS on Audit Fees on or before end of May, file TDS Return and issue TDS Certificate before end of June. TDS certificate is required to be handed over to the deductee within 7th June i.e. TDS Certificate is to be handed over before completion of assignment and payment.

In these circumstances what should be the date for deduction and payment of TDS -- 31st March and 31st May or within 7th day of following month in which accounts are finalized.

If dates are 31st March and 31st May there is a genuine reason to relax the provisions in this regard.

Please send me latest TDS Rates applicable for various sections