Bhaskaran Chackrapani Warrier's Expert Profile

Queries Replied : 22307

Graduate of Kerala University.

Fellow member of ICAI.

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Anil MB says : income tax about commission
hello sir This is ANIL From Dharwad.I'm pursuing MBA in finance. i want help in taxation on commission. 5 Different cases are give for management Fast Which is conducting on 10/04/15. From that five cases i have solved 4 and 5th one is income tax (individual). Problem Mr X received Rs 30 crore as commission. 1 Is it legal ? 2 if yes what is the tax rate and other processes ? 3 if no how can i cover this client ?

sameer patel says : Revision of Tax Audit Report and IT Retrun
Respected sir, I am surat base chartered accountant practicing since 2 year. I am asking you this query because it is very urgent to me and needed guidance of an expert in the filed of Audit and Accounts. My question is as below. I have conducted an audit and signed a Tax audit report for the A.Y.2014-15. Now my client who is engaged in the business of the Zinga(crab like edible fish) Farming approached me and request to revise his Tax Audit Report for the A.Y. 2014-15 stating that his accountant has wrongly raised sales bills amounting to 25 lakhs, which are actually not sales but unsecured loans taken from one party. As there is non maintenance of stock in books i could not verify it against stock. As also my client and his accountant ready to give me this fact of their mistake on notarize affidavit and also conformation duly signed by the person from whom unsecured loan was taken. Please ,advice me sir that whether i should accept their request for revision of Tax audit report, And also is there any disciplinary or other action likely to be taken against me.

madhu says : TDS ON SUBCONTRACT PAYMENT
IF INDIAN COMPANY MAKE SUBCONTRACT PAYMENT TO FORIGN COMPANY ,THEN TDS IS APPLICABLE OR NOT IF YES THEN WHICH SECTION & % THANKSSS

madhu says : CAPITAL GAIN
if person has received propert thourgh settlement agreement from his father Rs. 10,00000 on 26 june 2007 then at the time of sale can he consider guideline value given as per registratin department which is higher than actual cost Rs. 10 lacs plase give me your reply on urgent basis

SIVA KUMAR says : Educational Society
Sir, An Educational Societies receipts are lessthan 1Crore. Can it claim sec 10(23C)(iiiad) for FY 2012-13 if it was not registered as per Sec12AA of Income Tax Act? Can the income excess of expenses is not taxable if we claim 10(23C)(iiiad) deduction? Regards Siva Kumar