from my NSS withdrawal,an amt. of Rs.10000/- was deducted as TDS in JULY 2007.
my advance tax instalment due on 15 sept was paid up which was Rs 500/-or so short of 30%.
but taking into a/c the TDS amt. it works out more than 30%.
i am charged with interest u/s234(C)
is this justified?
pl.guide

Generally exemption for HRA is allowed to all employees except those specifically stated in the Act i.e.. employees who are staying in their own house.One of my client who is a state govt. employee who is residing in the quarters provided by the Department and he claims for HRA exemption in respect of rent paid to the Dept.But the Department has not accepted his stand and stating that when the quarters is occupied by the employee he cannot claim HRA .
STATE WHETHER IT IS CORRECT

due to frequent modification of tarrif by the statutory body i.e. central electricity regulatory commision,the current bills being raised by the different generating units include the energy charges for the previous years also.it is to mention that estimated or actual liability can not be determined at end of the purchaser on the basis of tariff order. whether the energy charges for the previous years included in current bills shall be accounted for as prior period expenses or current year expenses.

One Partnership Firm has paid many times Rs. 1500 as weighing charges which amount to total Rs. 55000/- during the year. All these payments are to the same person. Is it liable to TDS u/s. 194C or any other section ?

One partnership firm has got its motor car repaired at XYZ Motors P. Ltd. Bill amount is Rs. 39,000/- which includes Spares parts charges also. Should that firm deduct tax at source u/s. 194C ? Pls. give answer by considering the following supporting Circular of CBDT.

Maintenance contracts - Routine maintenance contracts including supply of spares would be covered under section 194C. However, where technical services are rendered, the provisions of section 194J will apply in regard to tax deduction at source—Circular : No., dated 8-8-1995.

Restriction on cash payment > Rs. 20,000 : FM has proposed to disallow cash all the expenses incurred other than by account payee cheque or demand draft in excess of Rs.20,000 or more in a single day as against earlier provision of Rs. 20,000/- per transaction.

pl clarify the effect .. means if any single day pmt under whatsoever head is made exceeding rs 20,000/- the same shall be disallowed.

dear sir
i m student of ca pe2
i hv not cleared any group till now
can i give further attempt of pe2 if i can`t pass in may08
if i pass one gr. in may can i appear for 2nd gr in nov08
plz help
thax
regards
vikash

Hello All members of CAClubIndia,

The question is on taxability of medical re-imbursement claims in the hands of Employee.

If employee claims the medical re-imbursement over and above of Rs. 15,000, say 16,000 in a particular financial year ,what will be the correct amount liable to Income Tax for Employee ?

Is it the whole amount claimed i.e. Rs. 16,000 or only the excess amount of Rs. 1000 ?

Beacuse I read different views. One is saying only Rs. 1000 and other saying whole Rs. 16,000 will get taxable in the hands of employee.

I have deducted the TDS for one of our employee by taxing the whole claim of Rs. 16,000. If it is wrong how shall I rectify it before the close of this F.Y. ?

Please Advise.......

Thanks and Best Regards,
Amit

I am appearing for CA Final exam this May.(first group). I have to start studying MAFA just now that too from scratch. I need to finish this subject in another 20-25 days, since I need to revise other subjects in remaining time.Is it really possible.? Also give me some tips as to how can I study this subject efficiently.

Name of
the security % of
investments standard
deviation

A .2 8%

B .5 10%

C .15 6%

D .15 2%

Correlation coeff.
A A/A-1 A/B-.7 A/C-.3 A/D-.4
B B/B-1 B/A-.7 B/C-.8 B/D-.3
C C/C-1 C/A-.3 C/B-.8 C/D-.6
D D/D-1 D/A-.4 D/B-.3 D/C-.6
Calculate Risk of portfolio. Ans is 7.02%
I could not get this ans. pl. help me. this is a problem from pattabhiram
D