RESPECTED SIR,

IN A REF. BOOK I SHOW ONE EXAMPAL, THAT IS ONE NSC PUR. AT 10000 RS. DATED 12/12/2000. AT THE TIME OF COMPUTING RETURN FOR THE P.Y. OR FINANCIAL YEAR 2000 - 01, CALCUATION OF INTEREST FOR THAT NSC FOR THAT REMAINING PERIOD ( FROM 13/12/2000 TO 31/3/2001 )IS NOT TAKEN IN COMPUTATION. AND IN F.Y. 2001 - 02 INTEREST IS CALCULATED FOR THE WHOLE YEAR AND GOES ON FOR OTHER F.YEARS.

[ Q.1 WHY FOR THAT RAMAINING PERIOD ( FROM 13/12/2000 TO 31/3/2001 ) INTEREST IS NOT CALCULATED AT TIME OF COMPUTATION ? ]

[ Q.2 THERE IS ANY RULE THAT FOR CALCULATION OF INTEREST AT THE TIME OF PUR. YEAR INT. IS NOT TAKEN INTO CONSIDERATION ? ]

[ Q.3 INT. IS CALCULATED ON CUMULATIVE BASES ? ]

is it so compulsory to start the ITT training with in 6 months of registration?

Hi,

One of our clients, 'A' provides infrastructure to another company 'B' and B deducts TDS u/s 194I and pays infrastructure charges to A.

But A also pays various other charges, like Security, housekeeping, professional charges to third parties and raises a debit note on B towards its share of expenses.

Is TDS applicable on above. If yes, at what rate?

Would there be any difference if there is a contract to this effect?

Whether right to use Act applies on renting of Chartered Planes. Further whether there is any difference in renting of planes just like in the case of yellow black taxi and ordinary taxi

Please tell me the Income Tax rate for PY ended on 31.03.06 for Individual along with surcharge & cess applicable

could u pls tell me the procedure for conversion of a partnership firm into a private limited company

I m registered under West Bengal Sales tax act, so i m liable to pay VAT on any amt of turnover but if i have no sale and purchase during any financial year.whether i have to submit NIL return for that financial year.

Is LTA is a perquisit or allowance for an employee ?

Dear Sir,

What is the procedure to be followed at the time of purchasing any second hand flat?
Also provide details of which documents are to be verified & how the payment should be made either in installment or lumsum.

Letter of Credit(LC)is opened by the buyer in favour of the supplier for supply of goods, which ensures the payment to the supplier at the end of the period of LC.Since the money is not immediately received, the supplier discounts LC with bank and realise the money. The supplier pays LC discounting charges.

As per the terms agreed, the buyer reimburses the LC discounting charges to the supplier.

Queries:
1. The LC discounting charges reimbursed by the buyer is in the nature of interest. Is it correct?
2. If it is correct, is it subject to TDS?
3. The buyer in his books of account does not show the Suppliers account in creditors but shows the LC account under acceptance creditors since the LC is opened in favour of the supplier? Is it correct?