FACTS:
A Firm of Chartered Accountants is maintaining its accounts on cash basis and filed its Return of Income for the financial year 2008-09 with in the prescribed time on 30.6.2009.

During the current financial year 2009-10, the said Firm received an audit fees on completion of the audit of a company for the financial year 2008-09 after deduction of TDS on 20.8.2009 and passed the following entry in its books of accounts:
Dr. Bank A/ 18000
Dr. TDS A/ 2000
Cr Prof. Fees 20000

As the accounts are being maintained on cash basis, it has shown Rs. 20000/- as income for the financial year 2009-10. So far as TDS of Rs. 2000/- is concerned, it will be claimed as deduction from tax payable or will be claimed as refund as the case may be when the said Firm will file its Return of Income for the financial year 2009-10. This is the practice which is being followed by the CA Firm for the last so many years.

QUESTION:
1 Whether the TDS of Rs. 2000/- should have been claimed in the Return of Income for the financial year 2008-09 ? And if not, whether a revised Return is to be filed ?
2 Whether the said TDS of Rs. 2000/- can be claimed in the financial year 2009-10 in which the fees has actually been received by the Firm after filing the previous years Return.
3 If the said TDS is to be claimed in the Return of the previous financial year 2008-09 (Asst. Yr. 2009-10), then what will be the entry in the books of CA Firm as on 31.3.2009 ?
4 Whether it would be correct to account for part income (TDS Rs.2000/-) in previous accounting year and part (Balance Fees Rs.18000/-) in the next financial year ?
5 What is the general practice adopted by CA Firms in this regard ?

I have studied the definition of GDR from module but could not understand it nicely.

Please explain its meaning nicely.

I am non farmer having business of cultivation and distillation of Aromatic and medicinal plants. from which i have agriculture incom which is taxable or free?

Thanks
Ritesh

1. If the property is in the name of the parents and the loan has been taken by their son, then is the deduction of Interest on the loan available for the son under the head house property.

2. If the Intt. deduction is not available to the son then can the parents claim it. But, they have not taken the loan, their son has.

Please answer this query ASAP.

DEAR SIRS,
I AM HAVING A BLACK BUSINESS OF MY MOTHER WHERE SHE DESIGNS CLOTHES FOR WHICH SHE MAY HAVE TO BUY ALL TYPE OF STONES, AND OTHER MATERIALS. SO IF I START ISSUING BILLS AND CREATE A FIRM ON MY NAME WHERE I CAN ISSUE BILLS AND SHOW IT AS MY BUSINESS INCOME. WHAT TYPES OF TAXES WOULD I NEED TO PAY MEANS DO I HAVE TO GET REGISTER FOR VAT/SERVICE TAX.... I DONT DEAL IN CLOTHES.... BUT JUST SHOW HOW TO DESIGN A DRESS. I DONT STITCH IT AT ALL. SO PLZ GUIDE ME THE ISSUE

Dear All,

Have received a freight bill for our company. The amount of Bill is Rs.6191/-. I wnat to know whether tds have to be deducted for this bill. And pls let me know how will be the TDS calculate for freight bills . And whats the percentage .


Please revert back.


Regards
yesodha

in financial year MAT 115JB rate is 10% surcharge is charge or not

Dear Sir,

Suppose the Bill date is march 09, & the payment made to party in April 2009 & the TDS amount is deducted in April month & deposited in April month, Then my query is that in which Quarter it is to be shown whether Jan – March or in April – June.

Bill date is only March month & party payment & TDS payment made in April month.

Regards
Amol

My friend's refund is prending for the AY 2007-08. He has been visiting the dept since the last 4 months/ The refund cheque is ready and has also been shown to him. But they are asking more & more details & photocopies of his tax returns. He was an expat (NRI) for that AY and the refund amount is huge.He gave them the photocopies etc . Today( i.e after 15-20 visits to the IT dept ) they tell him he is not obligated to come but his company should come to claim the refund.He got wild & blasted the ACIT.He has quit that companu two yrs back so obviously he cannot ask them to come.I want to know the foll things.
1. Can i represent him in front of the ACIT(I have completed my CA inter)
2. if yes what documents should i submit
3. can i approach the Commissioner directly?
4. Can u give me some suggestions to claim the refund back now that he & he ACIT have fought.

Dear Sir,

I would like to know that if any body making online payment of direct tax thru internet banking, makes any mistake while filing any field, can he make correction after final payment.

If there is any other way to get it correct thru NSDL.