The AO disallowed expenses u/s 43B of the Act.for the assessment year 2006-2007 as they were duly mentioned in the Audit Report that Service Tax and other Taxes were not paid till the finalization of the Audit Report and also not paid till the filing of the return of income.
My queries are-
1) Can the AO levy penalty u/s 271(1(c)as we have a plea that there was no concealment of income or any fact and we had duly mentioned about the facts in our audit report. We have a case law too regarding this issue which is as follows-

It was Held, that as material facts necessary for disallowance were duly disclosed in audit report filed with Return of Income,the assessee’s contention was being genuine, bonafide and innocent mistake was accepted, and that penalty cannot be imposed, as there was no malafide intentions on the part of assessee in the case of-

Akshay Enterprises (P) Ltd. vs. ACIT – (2007) 161 Taxman 168 (Amritsar).

I will like to ask here that will this plea work or not for us and are there any other rulings regarding this issue.

2)How will we be able to claim the expenses in assessment year 2007-2008 if we had paid the expenses in the assessment year 2007-2008. The Dis allowance was for the assessment year 2006-2007 and we have received the assessment order only now and its too late for us to revise our return for the assessment year 2007-2008 now that is in the year when we had made the payment for taxes.Is there any method of rectification of mistake u/s 154 regarding this after we receive the assessment order u/s 143(1) for assessment year 2007-2008 or some other way out.

3)If we dont go for appeal against the order for the assessment year 2006-2007 now and accept the dis allowance made by the AO as it is, will we be able to appeal against the penalty u/s 271(1)(c)later if levied by the AO or we will we lose the strength in our case by not appealing against the assessment order passed by the AO.

4) Will this addition be termed as dis allowance or not as it was not a dis allowance perse but the expense or payment was deferred to next year.

Thanks.

Sir,

We are a IT company. We are having a contracts with a prop. concern for creative designing to be further used for our software products.

Now they are serving us under a proper contract.

While making payment to them should we deduct TDS under 194C or 194J ??

Pl reply soon.

Subhash Jha

Query:
i want to claim the cenvat credit (excise pad by us in input material used for construcion of bldg)

What details i have to provide to the Service tax department along with ST-3. Please provide the link from where i can confirm the rules prescribed if any.

Regards
Suresh Choudhary

Hi all,

I have a question related to capital gain:
What if a father buys a land with in the local limits of delhi/ncr region in his own name but the money is paid by his daughter, Now to whom the capital gain will arise if the property is sold if the registry is in the name of father.

Pls reply asap to richarsharma@gmail.com
Thanks

Please Send me a details regarding Interest Calculation Above

please do the need ful

Is there is any excel chart for this will do for me

HI,

My self is an Accounts Officer working in a MNC dealing with BPO Services. We are having the PF registration and have been deducting the PF according to their Basic salary and depositing the same in SBI and also depositing the monthly returns.

Regarding the same I wanted to know the following:
1. Lets say if aemployee's Break up is Basic Salary = 6500.00, HRA= 3250, Conveyance All = 800, Medical All = 1250 & Spl All = 1200.00 amountind a package of Rs. 13000.00. The his PF deduction will be 780.00 and what is the criteria for ESI deductions???
and
2. If the salary of the employee increases from 13000.00 to 20000.00 then his break up would be Basic salary = 10000.00, HRA=5000, Conveyance=800, Medical all=1250 & Spl All=2950.00. Now my Question is PF will be deducted 780.00 (as it is the maximum level) and the break up is what I have given. IS ir OK or something different?

and
3. what is the eligibility criteria of ESI deductions and what is the procedure and how it can be implemented.

Please give the answers andf I will be highly obliged.

Thanks & Regards
Someshwar Rao
09999009827

Hai to all

Can anyboby help me to know abt the applicability of fbt for following expense.

1.Sponsorship fee for conducting businees meeting.
2.Amt paid to All india Tennis Assocaitaion towards sponsorship fee for commonwealth games.

In Total Services,, one service is of Construction of Commercal or Industrial Complex,, and also there is one service of Works Contract. Please tell me what is the difference between these twos?
My Client is Contractor for Civil Construction,, which one would be applicable on him?

A proprietorship firm providing entertainment services raised 4 bills for fee aggregating rs. 20 lacs and service tax thereon rs. 2.5 lacs (approx.) in F.Y.07-08.Entire 22.5 lacs was realized in F.Y.2007-08 itself. It credited rs. 20 lacs to profit & loss account and showed service tax rs. 2.5 lacs payable on liability side of balance sheet.It failed to pay service tax liability till filing of Income tax return due date i.e. 30th Sept. 2008. my query is
Since service tax is not routed through profit & loss account of the firm ,is the outstanding service tax amount (which is realized but unpaid till return due date )is liable to be added to taxable income u/s 43B.if yes, under what proviso ?

What is the criteria of tax audit in case of a commission agent whose major receipts are by way of commission and turnover used to be in thousands only. It will be covered under sec. 44AB or sec. 44AF. Also, in the last column of tax audit report, how the ratio as to net profit/turnover to be calculated.
Plz ans.
Thanx