An eligible assessee who claims that his profits and gains from the eligible business are lower than the profits and gains specified in sub-section (1) and whose total income exceeds the maximum amount which is not chargeable to income-tax, shall be required to keep and maintain such books of account and other documents as required under sub-section (2) of section 44AA and get them audited and furnish a report of such audit as required under section 44AB.

◊This subsection talks of two cumulative conditions for applicability of 44AA and 44AB: -
i. The Income from eligible business is lower than 8% of Turnover or Gross Receipts,
AND
ii. The “TOTAL INCOME” exceeds the maximum amount not chargeable to tax.

If (ii) condi. not fulfilled then 44aa & 44ab not appli. and assessee will not have to pay tax.
What is total income includes
-only business income OR
-income from all sources after deduction??????

I just want to confirm that is ground rent paid is cover in MCD TAX HEAD in the income from house property
and company earn only rental income and paid ground rent and mcd tax both is this expense is other than 30% deduction

Thanks in advance

Kindly analyze the following and enlighten me on Income tax matters.

A. B, C and D, hindus, are the joint owners of a residential property in Chennai. They have inherited the property from their deceased father who had inherited from his father.
A and B alone have been occupying and maintaining the property for the past 25 years, also enjoying the rental income. For the purpose of A's son's education, A requests the other three members to transfer their shares to himself to facilitate easy borrowing through mortgage. They make an oral agreement that in case of sale of the property, B, C and D to be paid off their shares after taxes. Eventually A sells the property and desires to transfer the due shares to B, C and D. Kindly explain the incidence of tax in the hands of A, B, C and D.

Experts,

One of our client is Sales Tax officer.
In his 26AS 'Status of Booking' 'P' is showing for A.Y. 2011-12.
As per 143(1) also he was not given TDS credit.
Now he received notice from department demanding tax with interest.
He has also recd. Form 16A from gov. show payment of TDS.

I am having loss from future & options transactions during FY 2012-13 AY 2013-14. Will audit of books be compulsory to carry forward loss , even though my turnover is less than 10 lakhs

Dear Sir/Mam,

What is rate of Depreciation on CCTV as per Companies Act?

Suppose A of Delhi has purchased certain goods from B of Mumbai.B has raised an Invoice on A which is as follows-

Goods Value Rs 30000
Excise & Cess(12.36%) Rs 3708
CST (2%) Rs 674
Subtotal Rs 34382
Insurance Rs 20
Freight Advance Rs 2000
Total Rs.36402

Now A will issue C-form to B for which value-
a) 33708
b) 34382
c) 34402
d) 36402

Dear all
Kindly guide me about how to file the 24Q/26Q for government instutions.
or mail me the steps by print screen.

Con: hellowbala@gmail.com
09688067320

Could anyone suggest in which form return has to be filed in online return for exemption u/s 10(26) for contract business and how to fill up for TDS claim.If any one knows, please give me an example.

Dear sir/Madam,

Company rented a Land & Constructed a ware house,

The company has received Rs.17,00,000 + S. tax per month as a rent for the ware house & the conpany paying Rs.1,50,000/-s.tax for the land rent or land lord

The company paying Property tax Rs.3,30,000/- Per annum

Kindly advice cenvat rule can be applicable for this case. if so kindly explain how.

Regards,
Jayaraj