Bhaskaran Chackrapani Warrier's Expert Profile

Queries Replied : 22307

Graduate of Kerala University.

Fellow member of ICAI.

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AMRUTKANWAR UDAWAT says : TDS DISALLOWANCES
MY CLIENT IS AN BUILDER.DURING THE FY 2008-2009 HE HAS CLAIMED AN 80 IB DEDUCTION IN HOUSING PROJECT.HE FULFILL ALL THE CONDITION OF 80IB HOUSING PROJECT. MY QUERY IS REGARDING TDS.DURING THE FY 2008-2009 HE HAS NOT DEDUCTED TDS ON PAYMENT TO CONTARCTOR ON DUE DATE & BEFORE 31/03/09 FOR EXPS TILL 28/02/09.BUT HE HAS PAID TDS ON 23/08/2009 i.e BEFORE FILING OF INCOME TAX RETURN. TILL FY 2008-2009 IF TDS PAYMENT WERE NOT MADE BEFORE 31/03/2009 FOR EXPS INCURRED TILL 28/02/09 IT WAS DISALLOWED UNDER INCOME TAX ACT U/S 40(a)(ii) AS PROFIT FROM 80 IB IS EXEMPT FULLY FROM TAX.DO YOU THINK TDS NOT DEDUCTED ON EXPS SHOULD BE ADDED TO INCOME U/S 80 IB & CLAIMED AS EXEMPT INCOME OR INCOME TAX SHOULD BE PAID ON AMOUNT DISALLOWED FOR NON DEDUCTION OF TDS ON EXPS.

Usha Kadam says : Accounting treatement in respect of livestock
Dear sir, I am CS Satish Singh, wanted to know about accounting treatment of live stock. how to give accounting effects if a horse is died & insurance claim of the same is received during the year?

Amiya Panda says : LIC agent
Lic agents commission is comming under business or profession

CS Rajveer Rai, Gurgaon says : Rotational Retirement of MD
Dear Sir, What is your opinion about the rotational retirement of MD? Is MD liable to retire by rotation or not? Thanks & Regards Rajveer