thanks a lot for solving my query.
i mentioned of retailer and as u mentioned i'll have to consider 5% of the total turnover as income if turnover does not 40 lakhs. and also it is not necessary to operated through current a/c.
so finally to start with filling procedure
1. will i'll have to prepare final accounts showing around 5% as income of the total turnover.
and any other compulsory rule to comply with other then filling with the appropriate form u can suggest.
My question is, what will be treatment of 'Notice Pay' paid to earlier employer. Whether it will deduct from the head of salary computation either it is recovered from current employer or not. Infact the notice pay recovered from the current employer has taken in computation of salary and for which period notice pay paid, the employee receive the salary and pay tax on that. In my opinion the ' Notice Pay' Paid should be deduct from salary.
CA. Mahesh Kedia
sir,
my father has acquired a house from my great grandfather only by making part payment of the agreed amount between grandfather and greatgrandfather. My grandfather has expired . Now problem is in which heading immovable property is to be show
Dear sir,
pls kindly tell me about the remedies for quoting invalid tan number un intentionally in tds payment challans.
IF AN INDIVIDUAL WHOSE TURNOVER UPTO LAST YEAR WAS NOT 40 LACS BUT DURING THE CURRENT YEAR AT THE END OF FEB 2008 HIS TURNOVER EXCEEDS MORE THAN 40 LACS. WILL HE REQUIRED TO DEDUCT TDS.
We are a MNC company having 100% foreign share holding. Apart from being 100% shareholding we have to comply with all the indian requirements.
We have regd office at Kolkata and we want to open a branch office in other states, so for opening the branch offices what compliances we have to do.
Respected sir,
If we trade intra day trading in stock market, how the tax responsibility is applicable on its profit ?
Tell me Is there any limititaton of turnover for individual in intra day trading ?
Manish
Dear Friends,
One of my clients belongs to Scheduled Tribe Category and is eligible for the exemption u/s 10(26) of I.T. Act, 1961.
He files his return from Guwahati.
He receives contract payments on account of Contract undertaken in the Schedule Tribe Area.
He has his Bank Account at Guwahati and deosits his contract receipts in this Bank Account.
Whether he can claim the benefit of Section 10(26) of the Incoe Tax Act,
CAclubindia
Form 16A in excel or word format