An assessee (Male - 38yrs) is expected to have following incomes in the FY 2013-14:
Income from HP - Rs 7,60,000
Income from business - Rs 89,000
Income from Other Sources - Rs 42,000

According to his investments, he will be eligible for deductions as under:
80 C - Rs 1,00,000
80 D - Rs 5,500
80 TTA - Rs 10,000

Give some good suggestions on how to minimize his tax liability for AY 2014-15?

i did derviates trading. Total sales value of contract was 7.42 crore and total purhcase value is 7.41.

in whole process just made profit of Rs 50,000.
It needs to be shown as business income, but
Question is
1) How to show in income tax return? ie sales of 7.42 core less purchase of 7.41 crore or/ just profit of Rs 50k in business income.

2) Is tax audit required?

I hav a query about wealth tax implication.

Assesse is already assessing as a wealth tax assessee, owning assets above 30 lakhs including 3 house properties
now he has constructed new house in jan 2013 ie in fy 2012-13 and let it out on rent.
as per wealth tax act a house given on rent for 300 days or more is not included in definition of assets.
Now whether this new house is to be included in wealth or not.

that is the matter,please frnd give ur views/advice and whether there is any law/rule/supporting for that
thanks in advance......

Hello,
I am asking on behalf of my father. My father is a pensioner and has not filed his returns from AY 2009-10 onwards. The reason being he was critically ill in August 2008 and since has been recovering. In financial year 2008-09, he sold his house and the money was invested in Long Term Capital Gains. Subsequently, this amount was partly invested in building a new house. Now, he wants to voluntarily file his returns for AY2009-10, AY 2010-11, AY 2011-12, AY 2012-13 and AY 2013-14. My query is, which ITR form has to be used to file his returns for AY 2009-10 as he wants to show indexation towards the house he sold.
Appreciate a quick reply.
Thank you,
Merv

Respected members,

whether a service provider can charge service tax from rupee 1 and pay it to the CG after he has voluntarily registered with turnover less than 900000.It may be noted that the service provider doesn't want to avail the SSP Exemption. He wants to charge service tax from Rupee 1 from his clients.

Can he do so?

awaiting your response...

Hi My friend is salaried person and he has paid TDS on his salary during last year. He also sold shares and mutual funds and suffered loss in it. Is it necessary to show it in income tax return If yes then How to show it in ITR1? Kindly give me suggestion on it.
Transaction relating sale of mutual funds roported in salary bank account shown & prrson having salaried income need to file ITR 1 then how to show loss of sale in mutual fund in it.

Kindly suggest,

a person is residing in US from last 4 years, and had sent money from there to india, is he liable to pay tax in india, while the money sent is after paying tax to US govt?

respected sir,
cst on purchase should be added in basic purchase price or it should be charged separetely

Sir,

As u know that dvat-16 return form has been changed and it take value automatically..I want to ask that when I enter value of CST in R9.1 column where we adjust CST against DVAT..why value does not enter in this column...

Excise duty is included in value of closing stock if yes why give the detail reason and effect If no why provide detail reason and effect in p&l and balance sheet