i am a PCC student.i want to ask whether is there any hard and fast rule to remember all the sections.i am not able to remember the sections. so, please help me with some better way to remind the sections.it will help me to save my time as well as my mental stress.

If a trading / manufacturing company has entered into a forward currency contract for realising sales revenue from the bankers, the profit / loss generated from such transactions and how to treat such income or loss either under the head "Business Income" or "Income from Speculation Business"

1.Multiplex is divided 3units Ist units sold & other two units given on rental basis.In which head it is taxable H.P,BP,CG?
2.As per IT Act What benefit are avialable to multiplex?

Suppose an Indian citizen working in indian company went abroad on 1st dec 07 for official work and came back to india on 30th nov 08.

During the stay of outside India he receives living allowance from his company to meet living and housing expendiutres per month.

He manages to save some money out of those allowances received and brings it back to india along with him.

What is taxability of that money in the hands of that resident?
Is it taxable or not? if yes under which section and provision of Income tax Act

If an assesse has not entered into rent agreement but have given residential house property on rent for some amount.How it can be shown to Income Tax officer that rent was acutalof that amount that he recieves?

Dear All,

Please Clarify

A proprietory concern was liable for tax audit for A.Y. 2006-07 and A.Y. 2007-08.

For A.Y. 2008-09, they are not liable for tax audit.Whether he need to deduct TDS for financial year 2008-09. i.e. for A.Y. 2009-10 since in the preceding financial there was no tax audit

We are engaged in manufacturing of goods. We have purchased during the year 2007-08 panesl board for electric installation. Please let me us about rate of depreciation for this itme.

Rate of Depreciation applicable of income tax purpose

what is last date of filing IT returns

what is last date of filing IT returns

Suppose an foreign company bill to its client for the services rendered say $100 and charges the VAT say $10 on those services. Total billed for services $110.

At the time of making payment client deducts withholding tax @ 15% including VAT.

So whether client is required to deduct WHT on the VAT also. if not, then the foreign company will be required to recompute its VAT component and pay since they have received less from the client due to deduction of witholding tax.