Nirma aged 27 years having employed in mnc from may 2006 getting a salary 25000 pm, she pays her house rent of rs 5000/-. She paid annully 12300/- as a lic premium of her own, lic of her dependent father 5000/- and her dependent mother 4500/-.. she invest 12000/- in tax saving bond annully.She also had a fixed deposit of rs 10000/-annuly started fronm nov 07 The detaisl of her salary as given below
BASIC 7,500.00
HOUSE RENT ALLOWANCE 4,500.00
CONVEYANCE ALLOWANCE 800.00
LTA 1,000.00
MEDICAL REIMBURSEMENT 1,500.00
SPECIAL ALLOWANCE 7,140.00
TOTAL 22,440.00
PROVIDENT FUND (-)900.00
GRATUITY (-)360.00
TOTAL 1,260.00
FOOD COUPONS (-)1,100.00
MEDICAL INSURANCE (-)200.00
TOTAL 25,000.00

Her father recently admitted in hospital in which she received as medicliam of rs 150000/- whole amount received by the hospital for the surgery of her father. The company also pay 3500/- as post 60 days expense ad per the company norms and policy.
Please calculate the tax payable for the ay 2008-09 and please advice her for what are the others ways to save her tax.

Whta is the procedure for registration of partnership firm.Is there any website where we can see the procedure.Also what is the penalty for delay in registration.

SHALL WE REMIT ANY KIND OF TAX, IN A CHALAN WITH XEROX COPY? IF NOT SO, WHY? SOME BANKER REFUSES TO RECEIVE THE X-COPY OF CHALANS...

If a person remit cash of Rs.50,100.00 to an account of another person, will he mention his PAN to the Bank?

If an account holder remit cash of Rs.50,100 to his own account, will he mention his PAN to the Bank?

If the Banker failed to receive the respective PAN, what will be the remedy for the Banker? Will he be exonorated from any thing may happen?

Pls explain?

We have registered cop-operative housing society about190 members. we have collected one time maintenance amouting to Rs. 2.5 crores from the all member and deposited in a nationalised bank. Yearly we are getting interest from the bank round about Rs.25 lakhs. From this interest income we are maintaining the society. After making the provision for Sinking Fund there is a defict in the Income & Expenditure Account. There is no cash Loss. The surplus remains not more than 10 to 15 thosuand before making sinking fund provision.
ISSUE:- Whether Bank sholud deduct the TDS on the Interest Income credited to the society?
If yes then how to get refund of the same from the Income-tax department?
Whether co-operative housing society is liable to file for income tax return?

I have completed my graduation in April 2007 & CPT entrance in MAY 2007. My training as an article started from 1st June 2007. Am i eligible for NOV 2008 PCC Exams ?



From
BHARAT AGGARWAL

1. TDS certificates are issued on monthly basis will Acknowledgement Number for the first qtr. shall always be blank ?

2.In case a person whose tax has been deducted in qtr.3 and no tax was deducted in any other qtr. for that Financial year than whether the acknowledgement number for first two qtrs. should appear in TDS certificate issued to such vendor.

I want to ask if an employee claimed deduction for HRA (House Rent Allowance), can he claimed deduction U/s. 80C for repayment of housing loan too ( for a owned house)

Op. Bal. of DTL = 7775
Depreciation as per books is 26672
Depreciation as per I. Tax is 16913
What will be the calculation for deferred tax for the current year.

In case of Co-operative bank, amount debited to P& L account for amortisation of Investment held by bank..
is it allowed?
if such amortisation is on account of mark to market adjustment then the allowability of such expenses?
give some case law if available...