Can capital losses be set off against business income? is there any new notification which says so?

In share trading, can we treat intraday profit or loss as capital gain.


If we treat this as Business income then how can we calculate the turnover for the purpose of tax audit?

Dear Sir,
i have a doubt about tax audit u/s 44ab if a person engaged only in agriculture activity and his turnover of agriculture business i.e. sales of vagitable/grains which are produce by him exceeds Rs. 40 lacs. is he lible for tax audit u/s sec 44ab of it act 1961? or not?

Sir,
can we adjust TDS which was deducted on advance payment last year i.e. before 31st march 2007 with the Bills raised this year.
do we have to deduct TDS again..

if the income is exempt from tax will FBT be applicable?

As per Section 15 of Bonus Act, if allocable surplus exceeds the amount of maximum bonus payable to the employees in the establishment under section 11. the excess shall, subject to a limit of 20% of the total salary or wages of the employees employed in the establishment in that accounting year , be carried forward for being set-on inthe succedding accounting year .

I want to know that

what means about Total Salary or wages of the employees - whether only basic or total salary including benefits & perquisites.

If company is already paying 20% bonus then also the same amount shall be c/f .

Please tell asap.

Thanks & Regards

CA. B.K.BANSAL

A public sector company has acquired a huge land from the state govt., where the company has set up its plat, staff quarter,recreation club & park,guest house and others. Keeping to the various provision laid down in the income tax act,any body can explain the applicability of wealth tax act for calculation of wealth tax on such industrial land those have already used for staff quarter , guest house and those have remain vacent for future development.

WHAT IS THE ACCOUNTING TREATMENT OF CONVERSION CHARGES AND COMMISSION CHARGED BY BANK FOR CONVERTING THE RUPEES INTO DOLLERfor payment to creditor FORM WHOM WE PURCHASED THE NEW ASSETS FROM OTHER COUNTRY ( IMPORT )

can TDS be deducted on commission agent services provided by a non-resident out-side india ? explain related provisions of Income-tax Act,1961.

Whether TDS should be deducted on Internet lease Line services provided by VSNL.
If deducted under what section it should have been deducted?