income tax refund

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puneet sonker (Querist)
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06 January 2011 my assessee has been claimed a income tax refund less which was mentioned in income tax refund. The income tax authority ask me for rectification letter for rest of amount claim. Can anyone send me the format of rectification letter.

CA Sanat Pyne

CA Sanat Pyne (Expert)
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07 January 2011 Format:---

Date:
To
...........,
..............
..............
...............

Dear Sir,

Ref: - Your Intimation U/s 143 (1) dated: ........ for the A.Y ........, Received on ........ (PAN ..........)
Sub: - Rectification of Intimation U/s 154 of the Income Tax Act, 1961.

I have received your above mentioned intimation U/s 143(1) of the Income Tax Act which is showing a demand of Income Tax of Rs. ....../- In this connection i want to bring in to your kind notice that.................................................................................................... ............................................................................................................................................................ ............................................................................................................................................................ ............

I therefore request you to please rectify your above mentioned intimation U/s 154 and issue a rectification order to that effect at the earliest.

Thanking you,
Yours faithfully,

..........

puneet sonker

puneet sonker (Querist)
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07 January 2011 Thanks Mr. Pyne for your kind help. Sir, I have a one more query which i want to share with u.
my client have a proprietorship concern. He took a loan from his freind for sum of Rs. 5,00,000/- on dt. 27.05.10 and he repay his loan on below dates:-
date Amount
23.07.10 100000
05.08.10 100000
27.08.10 100000
29.09.10 35000
30.09.10 65000
17.12.10 100000
Respected sir, my question is what will be the intt on such loan & tds theiron. Do i book the intt in the account on todays date or not. Pls advise me sir.

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CA Sanat Pyne

CA Sanat Pyne (Expert)
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07 January 2011 let me inform the rate of interest.

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puneet sonker

puneet sonker (Querist)
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07 January 2011 Thanks for your reply sir. The rate of Intt. is 12% PA.

CA Sanat Pyne

CA Sanat Pyne (Expert)
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07 January 2011 total interest is 18040/-
if the concern is liable for tax audit, then deduct tds @10%. Otherwise no need tpo deduct tds.
book interest on 17/12/2010.

CA Sanat Pyne

CA Sanat Pyne (Expert)
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07 January 2011 send your mailid to get the calculation in excel file.

puneet sonker

puneet sonker (Querist)
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07 January 2011 thanks for yr reply sir. My email id is puneet80sonker@rediffmail.com

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CA Sanat Pyne

CA Sanat Pyne (Expert)
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07 January 2011 CHECK YOUR MAIL.

puneet sonker

puneet sonker (Querist)
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12 January 2011 thanks Mr. Pyne for yr kind corporation.
My client have sold her land for Rs. 15 lac and against it she received Rs. 10 lac by cheque & remaining Rs. 5 lac by cash. She recd. all sum in white. She also running a proprietorship concern. Can she use the cash for Rs. 5 lac in her concern? Beside this, she is purchasing a new residential plot. Sir my question is that what be the tax incidence on it and if she is using the cash in her concern what will be the effect on her balance sheet and income tax theiron?