Monday, March 2, 2009

TDS on Hire-purchase/Interest Charges

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Hi Balu, Jaysukh, Madhu and Rajendra, Theoretically, you guys are correct. But I am looking at thesubstance of the transaction rather than i...

Exemption u/s 54F--Possession Letter Date or Date of Payment?

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Hi Nareshji, Suppose it'd been the other way round: your client had made thepayments within 2 years AFTER the transfer of the asset but ...

TDS on Interest on car loan from Maruti Countrywide

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Hi Mr Mohan, Madhu and Gowdhaman, In my opinion, TDS would be deductible u/s 194A. This is becauseMaruti Countrywide is neither a banking co...

Section 50C--FMV vs Stamp valuation figure

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Hi Moiz, What you should do now is claim, in terms of the right given to youu/s 50C(2), before the AO that the value adopted by the stampval...

More on write-back of Loans and Section 41(1)

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Dear Pramod Ji, That's one way to look at it. I had thought along these lines too,but couldn't bring myself to conclude that a worki...

Write-back of Loans and Section 41(1)

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Dear Pramodji, First of all, we write OFF a debit balance in an account; but ifit's a credit balance that's no longer payable, we wr...

No Ownership of Asset--No Allowance of expenses?

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Hi Mr A K Singh, What is meant by the word "owned" within the context of Section 32of the I T Act is commercial ownership. The wor...

TDS on Car Repair--Amt borne by Insurance Co.

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Hi Jagdeesan and Anoop, An important word to note in Section 194C is "responsible". TDS isto be made by the person who's respo...

TDS on foreign artists in India

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Hi Naresh, If we refer to the Income tax Act alone, it'd seem the income of aforeign artist performing in India is taxable here. But we ...

Excess Deposit of TDS--The Remedy

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Hi Subodh, Clearly, an additional Zero was added whilst depositing the TDS onthe net, the client ending up paying 10 times the amount he was...

Mr Capital Asset--How old are you?

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Hi Mr Madhu and everyone, I am more inclined towards the majority opinion here. Theword "month" hasn't been defined in the Inc...

Going Concern going downhill

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Hi Syam, The Going Concern assumption clearly got rebutted the moment thecompany decided to wind up its business. Has the company passed are...

Going Concern going downhill

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Hi Syam, The Going Concern assumption clearly got rebutted the moment thecompany decided to wind up its business. Has the company passed are...

Query on Private trust

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Hi Anoop, This is quite a settled issue. I had answered a similar query about a year back. You may go through Message No 22767. The income o...

Service Tax refund to exporters

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Hi Rajeev, 41/2007 dated 06 Oct 2007 is the Mother Notification for the refundof service tax to the exporters. A number of notifications hav...

More on Share Warrants, Share Certificates and Capital gains

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Dear Pramodji, Mea culpa! :(Actually my understanding of Share warrant was a hangover from my CAIntermediate days! I failed to apply my mind...

Of Share Warrants, Share Certificates and Capital gains

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Hi MKK, Since a Share Warrant is a creature of the Company law, I think weneed to examine the meaning of a Share Warrant in the context of t...

TDS on Audit fee--Who's the Payee?

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Dear Pradeep, Interesting Question. So the company makes provision for audit feeat the end of the year; withholds and deposits tax on it; ...