IN THE EVENT AN INCOME TAX OFFICER ADDS BACK A PORTION OF GENUINE EXPENSES INCURRED BY AN ASSESSEE TO HIS TAXABLE INCOME WILL PENAL PROVISIONS UNDER SECTION 271 BE EFFECTED?

Dear All,
This is the last attempt of CA final in old scheme. I like to know whether by default we will be changed for new scheme or should we apply for it with ICAI.
Thanks
Elton

Where any unit is producing excisable intermediate product all of which is being used (Captively Consumed) in manufacture of excisable finished goods within the same factory, what will be treatment of intermediate product for excise purpose? Will the assessee be required to maintain captive consumption invoices? Also tell if benefit of notification no. 67/95 will be available to assessee or not? If available then intermediate products are exempt then also will the assessee be required to issue invoices for material captively consumed(which is exempted as per notification)?

if the a person provides copy of bank passbook, income tax return and confirmed copies of account of the assessee is it enough to prove the identity, creditworthiness and genuuiness of the transacions.

assessee has purchased machinery which includes delievery and transportation charges also but the tds was not deducted u/s 194C on the contractual payment made to the transport agency. whether the proportionate depreciation can be disallowed on the transportation charges capitalised to the cost of the machinery.

Sir, Search was conducted and notice u/s 153 is issued to file returns for the prior six assessment years. Should these returns contain same income and expenditure & assets and liabilies with respect to tha returns filed u/s 139 earlier or we can alter?

What is the position if the earlier years the assessee was liable for tax audit? Can we alter those returns also? what may be the consquences if we alter now

hi sir
i wld like to ask u that is nov 2009 is the last attempt for those appearing in the old syllabus of final.if yes do we have to study the new syllabus.i had been appearing for ca exams since may 2008 and i am left with still 3 papers to clear.kindly help by replying


what will happen if i don't clear my exams in this attempt.........
will i have to prepare for the new syllabus???
i wud be thankful if you rply to my queries in detail....

Hi,
i want to know procedure of e-filing of income tax return with digital signature
Can anyone help?

My cousin (14 yr. old) earns Rs. 2 lacs per year from bank interest. The bank deducts a huge amount as TDS. Since her parents are dead, can she file Income Tax Return on her own? or her income needs to be clubbed with her guardian.

Hi
what is deferred expenditure and if company spend 200000 on deferred expendture and want to write of with 4 years what would be journal enteries every years. Please tell me

Monia