CAclubindia

Member (Account Deleted) says : TDS of Salary
Pls help. Its urgent My Salary Break-up mentioned below :- Basic 8900 HRA 4005 Conveyance Allowance 1780 Transport Allowance 800 Education Allowance 200 Bonus Advance 1039 Regional Allowance 7383 Total Earnings 24107 Deductions Provident Fund 1068 P. Tax 200 TDS 250 Total Deductions 1518 Net Salary 22589 1) Pls let me know the calculation as to how Rs. 250 as TDS is deducted from my monthly salary. 2) Total how much annual investment i am required to do to get the tax exemption of entire Rs. 250 from my monthly salary. 3) further i am unmarried so cannot get the advantage of child education for tax exemption. 4) Further my father has purchased pagadi rented house & we pay monthly Rent Rs. 500 but since my father has retired all expense is borne by me. can i take the benefit of rent for tax exemption even though the rent payment receipt is on my fathers name. Please reply me soon as i hv to fill-up declaration form tomorrow & submit it in my office

pramod says : loan as expense
DEAR SIR, I HAVE A INTERESTING CASE HERE, 1. I AM TRYING TO GET LOAN AGAINST PROPERTY, 2. THEY ARE GIVING ME LOAN TOP OFF , AS THEY HAVE ALREADY GIVING HOME LOAN AGAINST THE SAME PROPERTY AND HOME LOAN IS GOING ON, EARLIER. 3. I WISH TO INVEST THIS LOAN AMOUNT SAY 10 LACS TO MY COMPANY, THEY CAN GIVE US CHEQUE IN THE NAME OF COMPANY AS BEING PROPRIETY FIRM, I WISH TO ENQUIRE, CAN I CLAIM ANNUAL INTEREST OF LOAN AS COMPANY EXPENSES WHEN, I WILL USE THIS MONEY FOR COMPANY EXPENSES AND BANK CAN ALSO DEDUCT THEIR PRINCIPALS A S PER THERE CALCULATION, AS IT WILL HAVE A FIXED TENURE TERM LOAN. 4. SECOND CASE – IF I FURTHER PURCHASE AN INDUSTRIAL PLOT WITH THIS MONEY, IN SUCH CASE, CAN I CLAIM ANNUAL INTEREST AS COMPANY EXPENSES WHEN, I WILL USE THIS MONEY FOR COMPANY EXPENSES. 5. THIRD, SINCE HOME LOAN IS ALSO GOING ON, IN SUCH CASE, I WAS TOLD BY MY CA THAT EITHER YOU CAN CLAIM INTEREST EXEMPTION OF HOME LOAN OR YOU CAN GET INTEREST EXPENSES IN COMPANY EXPENSES, CAN I CLAIM BOTH, INTEREST EXEMPTION AGAINST HOME LOAN UNDER IT RULE OF HOME FINANCE AND FURTHER AMOUNT OF LOAN INTEREST THAT IS ISSUED TO ME IN COMPANY NAME, I CAN SHOW ITS INTEREST EXPENSES AS COMPANY EXPENSES, PLEASE ADVISE. PRAMOD

CA Abhishek Pal says : Sir Please resolve my query
Experts please help me out... Actually we are a construction company and the audit of F.Y. 2012-13 has been done. And we paid lots of commission to parties to our but we duduct TDS on year end 31st March 2013 and it is also wrong deduct. Suppose we make payment to our Commission Agent amounted Rs. 50 lacs on F.Y. 2012-13. Then we didnt deduct tds on time of payment. But deduct tds separetly as 10% of Rs 50 Lacs(5,00,000/-)at year end by making journal entry and make payment of TDS on 31st March along with interest on late payment only. But i think correct TDS deduction should be 5000000/.9 X 10% (Rs.5555555.55 x 10%) i.e. Rs.555555.55...Please advice me how should i correct this matter by filing of REvised Return, bcz if i Revised then my Commission Expense will also change. Read more at: http://www.caclubindia.com/experts/modify_message.asp?entry_id=797730

HARSH KUMAR BHARDWAJ says : Termination of Articleship
My friend Is doing CA Articleship in Chandigarh and lives in PG on rent of Rs.7000 (including conveyance and food and all necessities) in Chandigarh but his actual residence is in Gobindgarh which at a distance of about 53 or 54 km from Chandigarh. His father has a shop of confectionery but now from the past few months the income of his father is converted to loss. He and his family are now suffering financial crises due to which he is now unable to pay his rent of PG. His is on stipend and his family is paying all his expenses. Now he wants to take termination and to do some job so that he can makes himself and his family financially stable. Is there any provision in ICAI for this situation so that he can overcome from this situation?

Vimlesh kumar verma says : Regarding Article ship termination after 1 year
i have financial problem and i am i 2nd year article ship Period. plz suggest me how can i take transfer. my CA is ready for giving transfer then approval from Institute is necessary........Plz sie help me