On a close scrutiny of the bANK aCCOUNT of one client, it was learn t that he had opened a SB bank account with ICICI Dibrugarh(Assam) after singing that he wasnt a income tax assesse, on around OCT 2008. Later in 5\4\2009, he came to a Delhi and Asked the Cannought Place Branch to update his TAX details and furnished them with with PAN card xerox which had been issued to him in 2001.

Queries:
1) What is the postion from Income TAX point of view? Can he be held responsible for falsification of the fact that he had initially signed to be not a income tax assesse?
2) If yes, what are the penal provisions? Specially, is he liable to criminal proceeding?
3) If No, what is maximum penalty liable to to be paid ?
4) When will the IT department come to know that he had falsified the truth?
5) Similarly, can the bank charge him for any offence under Banking Regulation Act, 1949?
6) The contention of the client was that, he was in URGENT need to open the account. The employee of the Bank had VERBALLY asked him to opt for this procedure, which he did. That point of time he wasnt in a position to give them with a Xerox copy of the PAN. So he opened the account and aftr few months when he was in a position to give the details, he gave it to the bank. Is the aurgument of the client valid?

i am a CA FINAL student (new course). wheather munish bhandari;s handbook & question bank is sufficient for study.
my attempt is in nov.2010.

i have started studing from study material as well but it seems to be not updated with the amendments.

can husband & wife become partners in the same firm?

I am CA Final student.My exam is due in Nov-09.Am I supposed to clear the eligibility Exam.

what will be the date of first agm as per the provision of sections 166 and 210 of the companies act ,1956 if the co. incoporated on 31.03.2008 and if the financial year of the co. is 1st april to 31st march

Dear Sir,
We have deducted TDS on brokerage and paid to govt. The breakup of our TDS is TDS+SURCHARGE+EDUCATION CESS. We should have deducted as TDS+EDUCATION CESS+INTEREST. The amount of TDS is correct but only entered in the wrong columns as mentioned above.This TDS is pertaining to March 2009. How do we rectify our error.
Thank You.
Siddarth.

Can goodwill be more than capital while selling? Please explain.

Sir,

One of my client has purchased imported software in 8000 Euro whcih shall be paid in 36 installments and the ownership will be passed only after paying of all installment.

what will be the treatment like :

a) Recognise the software as Fixed assets and claim depn .
b) Claim as the revenue expenditure as and when we are paying the installments.

Thanking You
CA Shanti Lal Deshwal

To,
Dear Experts,

I want to know that for the students who has attempt in june 09 and nov 09, which auditing standard is applicable to them. AAS or SA.
Pls reply me fast..
thanx..

Which will the rate on refrigerator from the below link given?
http://law.incometaxindia.gov.in/TaxmannDit/DispCitation/ShowCit.aspx?fn=http://law.incometaxindia.gov.in/DitTaxmann/IncomeTaxRules/Rules2009/appendix264