Tipsy
07 March 2010 at 17:32
For correction in Pan data , What is the procedure to be adopted a new karta in the event of death of existing karta
Ishan
07 March 2010 at 13:54
Is a person liable to wealth tax for assets held by partnership firm in which he is a partner?
If yes, than how the value is to be determined?
Please Help .....
Anonymous
07 March 2010 at 00:31
Hello,
We have a Limited company in Hong Kong, and I am a resident of India.
You might be knowing, in Hong Kong the income generated from other countries is tax free, most of our income is generated from other countries and we are exempted from tax.
I'd like to ask, how can I bring my money to India from my Hong Kong company by paying minimum tax.
I'll be really glad if you can help us.
Regards
MB
anupam sharma
06 March 2010 at 10:50
is education allowance exempted form tax for school going children only??? is there an age limit for child to claim such exemption??
Sooraj Nair
06 March 2010 at 10:35
Let me know the detailed procedure of Inter Unit Transfer (Excise point of view). I want to transfer the material manufactured in our unit to our subsidiary unit. Let me be aware of the formalities for the same like billing etc.
Sooraj Nair
06 March 2010 at 10:31
Ours is an Excise Unit. Let me know the legal procedure for disposal of Central Excise and other Records older than 8 years.
Anonymous
05 March 2010 at 21:27
the assessee had suffered from Hypertension & Ischaemic Heart Disease and therefore (Angioplasty) PTCA with Stent to LM done. and the assessee claims for amount of Rs. 134820/- towards expenses incurred tor this medical treatement. and he reimbursed such amount from his employer.
Now whether the total amount of Rs. 134820/- is exempt from tax because such amount is incurred for heart deases.
if it is exepmt, under which section?
please give details urgently.
I want to know that whether Medical Rembarsement u/s. 17(2), and as per Income Tax rule 3A-2(d) is exempt ? please advise me urgently
darshan
05 March 2010 at 20:50
Sir, please tell me that, the Sumputary allowance given to judges for incurring expenses on Hospitality is exempt or not? and also washing allowance is exempt or not?
under Income tax Act 1961.
Anonymous
05 March 2010 at 18:11
In this connection, we have to state that our company has purchased 50000 shares of Lava Coated Paper Ltd. for Rs. 1000000 during the financial year 1993-94 i.e. 01-04-1993 to 31-03-1994 and the transfer expenses were Rs. 5000. So the cost of the said 50000 shares in our hands as on 31-03-1995 was Rs. 1005000. But out of 50000 shares only 3000 shares could be transferred in the name of Company and the balance of 47000 shares could not be transferred since signature differed and share certificates were returned to our broker Shri Tushar Bedi.
However, he could not do anything in respect of transfer of said 47000 shares. The cost of which worked out to Rs. 944700 and hence during F.Y. 1997-98 said sum of Rs, 944700 was transferred to the account of said Shri Tushar Bedi and we made claim from him, but ultimately we had to write off the said account as bad debts since we could not recover the said sum from Shri Tushar Bedi. Since he never responded to our claim/request etc. and hence in the F.Y. 2005-06, the account of Shri Tushar Bedi was written off and the sum was claimed as bad debts. All these facts were reflected in accounts of earlier years by way of notes to balance sheet filed with return of income.
In the above said fatual premises, what we feel :
1. As the said sum is not recoverable from said Shri Tushar Bedi, the same being written off as irrecoverable in P & L A/c. the same should be allowed as claimed.
2. Alternatively the same can be considered as capital loss and has to be adjusted against the capital gain as shown in the return of income and income requires to be recomputed accordingly. According to us, it will have no effect on income as per return.
N.B. The shares are shown under the head investement in balancesheet.
Can you guide us on the issue.
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HRA
Can a person employed in a private company claim both HRA on a rented house in which his family stays at Delhi and interest on home loan on aself occupied house at chandigarh where he works??