Employee is seniour citigen he pay Amount for medicalim for his family RS 17184/ He will get rebate Rs 15000/ or 17184/-under Secion 80D. Applicable Maximum limit is 15000 or 20000/-Please advice.

If the business is nature of trading then accepting cash exceeding 20000rs is allowed ?

I have following queries on compliance related to related party transactions (RPT) under revised Clause 49 w.e.f. Oct 1, 2014:

Query 1: From the definition of RPT under revised Cl 49–‘a transfer of resources, services or obligations between a company and a related party, regardless of whether a price is charged’, does the expression ‘transfer of resources or obligation’ also cover loans, investments, provision of security or guarantee by a listed entity to its related parties?

Query 2: Material RPT defined as ‘a transaction with a related party shall be considered material if the transaction / transactions to be entered into individually or taken together with previous transactions during a financial year, exceeds five percent of the annual turnover or twenty percent of the net worth of the company as per the last audited financial statements of the company, whichever is higher’
In case, there are transactions with related party of varied nature such as purchase transactions, sale transactions, transactions related to leasing of properties, while identifying material RPTs, do we have to club all kinds of RPTs as under expression used ’taken together’ (i.e. Clubbing sales, purchase, lease transactions together and check if the aggregate value exceeds given threshold limits OR to club RPTs same only similar nature (i.e. Clubbing of only all the purchase transactions and check if the aggregate value of purchase transactions exceeds given threshold limits)?
Query 3: As per point no. 4.2 - the provisions of Clause 49(VII) as given in Part-B shall be applicable to all prospective transactions. All existing material related party contracts or arrangements as on the date of this circular which are likely to continue beyond March 31, 2015 shall be placed for approval of the shareholders in the first General Meeting subsequent to October 01, 2014. However, a company may choose to get such contracts approved by the shareholders even before October 01, 2014.

From this para, I understand we need to consider the value of only those contracts or arrangement with related party existing on the date of circular i.e. April 17, 2014 and continuing beyond March 2015. But do we have to consider value of each contract or arrangement or need to take the aggregate value of all the contracts or arrangements with the related party?

Request valuable inputs on these especially from those who have practically handled these issues.

Is VAT rate for cost of tender is 6%?

a is the excise dealer and he pass on excise duty to other party by the way of invoice but he dont show excise amount in the
amount in bill his bill is shows excise amount included in cost on that he calculate vat will it do

One of Our Client have filed TDS Return Q1 AY 2015-16 with one wrong Pan
Number.

We received Intimation u/s 154 for Demand for 20% of amount paid to that
wrong PAN no. deductee ..which amounts to INR 67250,/-

We have Filed Correction TDS Return with modifying the wrong PAN Number With
Correct one.

Then Again we Got Demand for the Same amount u/s 154 even after filing
correction statement with correct PAN.

We contacted TDS Dept. Gaziabad for the Same and They Said that "if you are
making correction in PAN Number & if correction is More than 2 Words/number
then also You are defaulted & have to pay demand amount"

He also said that " Once You make this 20% Payment, the same will be credited
to Deductee's FORM 26AS & then by mutual talk you may recover the same".

What Should we do in this case ?

As it is very big amount for our client

how to save itr utility file and reopened

Whether there is any liability of an Indian transporter Co. to deduct TDS on payment of freight to non resident transporter in Bhutan in Indian Rupees & if yes then whats the rate s at which deduction is to be made (when PAN of the non resident transporter is not available).

Dear expert,

my employer has given me FORM 16, in which under PART B, in 1 (d) he has shown the income which is far more than the total amount in payslips before deduction.

now while filing which amount i should consider? the amount shown in FORM 16 or actual income received by me?

Please clarify me.
Thank you

Dear all, My friend is a salaried person. He needs to buy a car out of his savings. The total cost is Rs. 500000 (approx) he has Rs. 250000 as savings and the balance his brother would share. His brother is also a salaried employee and A NRI for this particular FY. CAn anyone please help me with any tax implication, if any. Like would it be like coming into IT's knowledge,etc. or he can use his savings the way one want. ?