Dear Professionals,

Request you to clarify my understanding of Sec 44AB (and 44AD)

Clause (d) of Section 44 AB reads as fallows;

"carrying on the business shall, if the profits and gains from the business are deemed to be the profits and gains of such person under section 44AD and he has claimed such income to be lower than the profits and gains so deemed to be the profits and gains of his business and his INCOME exceeds the maximum amount which is not chargeable to income-tax in any previous year,]"

Here INCOME means total income. So if an assessee is having following income, he need not to get his books of accounts audited despite off declaring less than 8% of turnover as business income;

- Income from business = 2,27,000
- Agriculture Income = 2,00,000 (which do not form part of total income)
- Chapter VI A deduction 30,000 (Again is not a part of total income)

Thank you

sir,

plz me following adjustments

is refunf of last year is taxable in current year

and if interest on refund is taxable in current year

I have US salary income of around Rs. 150000 for FY 2012-2013 and my employer has deducted federal tax, medicare tax, social security tax and state tax accordingly. Also, I do have Salary Income in India for which my employer has deducted tax and issued Form 16. As per recent amendment, one has to disclose foreign income and assets and tax paid in the sheets FSI and TR_FA. But when I fill in US Salary Income in FSI sheet of ITR 2, it states that the declared income should be included in PART B-TI sheet.

My Questions are

i) Where should I declare this US salary income in PART B-TI sheet? Is it
correct to add my US Salary Income to my Indian Salary mentioned in Form 16
by my employer and show it as Salary under Schedule-S? If so, salary mentioned in Sch. S in this sheet would be different than that reported in my Form 16 and would that be a problem?
ii) Do I need to have any document proof if I disclose US Salary income?
iii) Also, when I show US tax amount in TR_FA sheet, can I include Medicare tax and Social Security tax along with Federal and State Tax?
iv) In case I don't disclose this US salary income as the tax deducted in US
is more than what I would pay if I had to show that income in India, would that cause any problems later on?

Any advise on this would be really helpful.

Regards

Sir,
can input be claimed on the service tax paid by the service receiver under reverse charge.

Hi Experts,

I have registered a firm in July 2012. However i was not able to carry out any business. I did not pay VAT or file any returns.

how can i proceed now? Is it necessary to file? as i dont plan to do business .

I have been issued a notice stating to file returns

Thank you

I have cleared my ITT training & orientation training in the month of April,2013.But still i am not getting any article-ship in DOMBIVLI, KALYAN & THANE.So plz will U provide a list of CA FIRMS &THEIR ADDRESSES WHICH HAV VACANCIES???

Dear Friends, Kindly give me contact particulars of CA firms in KALYAN having vacancies for article trainees.
Cell no:-9767737611
Email:-nitin_ms21006@yahoo.com

sirs..
thank you for clearing my previous query. I have some more doubt regarding pf and esi calculation.

1-Employees drawing basic salary over Rs. 6,501per month have an option to get PF deducted from their salary.

So please let me know, is it mandatory for getting declaration from employee mentioning pf not deduct from their salary?

2-which amount i deduct pf and esi, from gross pay or the amount after deducting loss off pay?

3-what to do if employer forgot to deduct the pf and esi from previous month salary?

4-can I deduct the pf and esi from arrear salary?

5- can i deduct the pf and esi from contract/guest lecture/worker who not an employee of an org.?


Kindly give an answers to get a clear idea on my above queries.

I HAVE DOWNLOADED ITR 1 FROM THE INCOME TAX INDIA E-FILING AND WANT TO SHOW HRA EXEMPT U/S 10 BUT I AM NOT GETTING THE COLUMN WHERE I SHOULD SHOW THE SAME AND SIMILARLY FOR CONVEYANCE ALLOWANCE.PLEASE TELL ME WHERE SUCH EXEMPTION IS TO BE SHOWN.

Whether it is mandatory to disclose the interest aspect of FD even if it is not received by the Assessee, as he allows the same to be accrued along with principal ?Any case laws ?