"A" maintaining books of a/c u/s 44AA, total sales are Rs. 39 Lakhs and purchases are of Rs. 51 Lakhs. Does he require to get his a/cs audited u/s 44AB. please tell me the legal position with any case law. Can Assessing Officer levy penalty for non audit of a/cs u.s 271B, if the audit the a/cs has not been made.

I WANT TO KNOW THAT , a Pvt. ltd. PAYING RS. 32 thousand AS INTEREST TO INDIA BULLS FINANCIAL SERVICES LTD. ON Unsecured Loan.

PLS CONFIRM ME, WHETHER pvt. ltd. WILL DEDUCT TDS ON ABOVE INTEREST.

hi sir,

One of my friends wanted to sell his website. He has got a customer and is ready to pay. But he doesn't know about legal and income tax rules regarding selling his site to a foreigner for a price around five lakhs.He asked a few questions which i have listed below.

please answer :

* Does he need to generate Invoice.
* If Yes, does he need to mention Import-Export CODE (IEC) on the invoice.
* Does he get benefit of D.E.P.B.
* If yes, what are process.
* Is selling website, called selling asset or selling product. ?
* Is income, regular income or capital gain. If it is capital gain, then anyway to get exempted by investing.
* Any requirement of Service Tax or Sales Tax (VAT) ?
* And what about payment ? What should be the medium?

please answer complete formalities.


thanks

Dear Colleagues,

A person has sold flat which was under pagadi system purchased by his grand father 40 years back.has received rs.20 lacs as considearion.
how to calculate capital gains tax?

regards
c.a.paresh zatakia

Dear Sir,

Whether Grace pEriod of 5 days as per CPFC Circular E128(1) 60 - III modified by E11/128 is available for Profession Tax Due date of Maharashtra (21st of next Month)also or not.

Regards
Yogesh D

Hi Guys,

Let me decribe you the case, we r a software co. we have a investor who have funded to our co. initially they were conducted "Due Deligence Audit" of our co. and they paid audit fees to the auditor after deducting appropriate TDS on that, the fee was Rs 2 lac, now our investors want us to "reimburse" them the charges paid by them to auditor, here do we need to deduct TDS from their payment???

Some questions???

1. We have not received services directly from investors to whome we are reimbursing these money, so can we book as audit expenses???

2. This is not going to be revenue of investor as they are just transfering expenses to us their is no mark up any thing, here what TDS provision exactly say???

Requesting you to please give any back up to your response.

waiting for your reply.

Regards,
Nazir

Hi

can any one provide the solutions to the cc papers of cs executive programme and my attempt is dec 2009 .if any one has the solutions please mail me at sriram_8.30@rediffmail.com

Regards
Ram

Effective 1/10/09 every individual has to deduct TDS on payments to contractors.
Are charges debited by banks to our account payment for contracts. Normally banks debit to us charges for following:-
1) For not maintaining minimum balance
2) Transaction charges on usage of debit card or credit card for making online purchase of say tickets used for business or purchase of petrol.
3) Courier charges on collection of documents or cheques.

For the courier charges that are hefty on foreign bills, do we have to consider it as a contract between us and the bank or between us and the various courier companies that banks use. The courier companies issues bill in name of bank and banks debit our account per export bill.

Would the banking service be regarded as a single contract at time of opening account or would each transaction be an individual contract?

Dear Sirs
I want to know if 80C over invested so from Which section we can save tax if income come from Salary ?
Pls tell me sir instead of 80D how we can save the tax ?
and also sir can you tell me about Sec. 88 ?
Waiting for reply

Thank you all for your advice

If an individual issues a bill in the name of a proprietorship concern, can he furnish the PAN of the Individual (same PAN used for filing ITR 4) to the TDS deductor. For purpose of verification, the PAN will be in name of individual and not proprietorship concern. Will that create a problem in getting tax credit. The sections for TDS always classify deductees as Individual / HUF and other entities. Will the proprietorship be classified as Individual.