Hi,

I have income from
a. Salary,
b. Bank Interest (SB a/c and ICICI Bank Bonds)
c. STCG (Equity and ESOPs)

I want to know:
1. 10% surcharge on income tax is applicable when total income exceeds 10Lacs? Is this correct?

2. Total income will contain a,b and c above less rent paid as HRA, conveyance allowance and any other deductionf from section 10. Is this correct?

Thanks,
Abhishek

Facts of the Case:

Status of Assessee : Individual
Profession : Doctor
Gross Receipts
from profession : Rs.9,75,000/-
Net Income from
Profession : Rs. 4,76,000/-

Assessee also deals in sale and purchase of shares on NSE & BSE through a broker on daily basis i.e. intraday and inter day transactions on which STT is deducted broker also charges interest on late payments.Total transactions in the year 2007-08 exceeds Rs. 60,00,000/-. Assessee incured a loss of Rs. 3,79,000/-.


Query:
1). Whether loss on NSE and BSE transactions be treated as Capital loss or Business loss.

2). Whether loss can be carried forward?

2). Whether Tax Audit is applicable?

3). If Tax audit is applicable than in which form audit report is to be given?

4). What will be the status if Receipts from profession is Rs. 11,00,000/-?


Please resolve the query

Reply to : camksolan@yahoo.co.in

Dear Sir,

Here with I am requesting your valuable suggestion that we have got the service tax Registration No. In the name of Company A Corporation Ltd ( Dated 6th, January 2005).



On August 8th 2005 Company –A Corporation Ltd has become a DIV. of Company –B Ltd. (Through merger), After merged with Company-B Ltd, Company-A name has become Company A Div of Company B Ltd, still now Company-A is working as separate division and failing all the relevant returns separately by using service tax Registration No. Of Company A Corporation Ltd in place of Company B Ltd



Which service tax Registration No. we suppose to use ,

Whether what we have used is it correct or wrong,

If it is wrong what is the procedure

should i do bcom regular or corr

should i do bcom regular or corr

Hi friends
Ples tell me What is the duration of CPA course?
and What is the Qualification & fee

The firm is engaged in construction business.

The WIP of the firm Exceeds 40lacs.

The firm doesnt have any purchase, sales and gross receipts.

Whether firm is liable for tax Audit.

Facts : A - State Govt.
B - Govt. Company
Purpose of B - Upliftment of the Horticulture and Agro based industries in state.

Transactions by A - Give non refundable funds to B for assisst the industies in state.

Transactions by B - Invest in agro based new projects in state as equity by holding as 26% shares which was buy back by promoters after 5 years with interest.

Income by B - Invest in FDR from the unused funds.

Q :
1. Whether interest income earned by B is the income of A or of B and whether it is taxable under Income Tax Act?
2. Whether these unused funds are to be shown as liablity in the books of B or not?
3. If this interest is also payable to State Govt. then who pay the tax on the same?

Is RBI approval required for the receipt of money from a foreign entity apart from getting Foreign Inward Remittance Certificate (FIRC) from the bank..

hi friends!!! i cleared ca final in this july 2008.My aritcleship gets over by september 2008. now can i attend campus interview with out attending GMCS.