A firm having annual turnover of RS.50 lacs wants to pay Rs.36000/- p.a as accounting charges to their accountant. Is the firm liable to deduct TDS u/s 194J on accounting charges?

A Company deposited TDS amount through net banking in a sister companies TAN number. Amount is also considerably big. Can we claim this amount to that companies PAN No?, Is there any better alternative - Please Suggest

Mr "A" earned Rs. 15000/- as STC Gain and Rs. 100000/- as LTC Gain on sale of Mutual Fund. My query is that does this gains are Related to Security Tra. Tax and taxed at special rate of 15% (STCG) and TF (LTCG) or these transction are not related to Security Transaction Tax

Please experts let me know how to prepare BRS and the detail procedure involved?

A proprietor of Ladies Dress material has Two Retail Shops in the same area with Two differnt Shop names and Two different VAT Nos.Both the shops are dealing in same type of products.One shop is crossing the T.O. of Rs.40Lakhs and another is below 40laks(showing more than 5% N.P)
my query is, whether the books of second retail shop-which otherwise is covered under the provisions of presumptive tax-are also required to be audited U/S.44AB? or can it be covered under 44AF(4)
Can ITO take a stand that to avoid the provisions of 44AB becoming applicable to the second retail shop the assessee has preferred to split the same business in two units ?

CAN I PAID FBT FOR THE YEAR 2008-09 ONLINE ON SUNDAY?

PLEASE TELL ME ?ITS URGENT!!!!!!!!

Hi,

I am refering to Schedule EI of ITR-4 form.

It mentions of Exempt Income. Point 5 has 'Share in Profit of Firm/AOP'.etc.

My question is:

(1) Does 'Firm' refer to Partnership firm only?

(2) Does it mean that all the income from the Firm/AOP is totally tax free?

I really appreciate you for going through my question and answering it.

Many thanks!

We are a manuf. unit.
Suppose we have availed credit on purchase made my us at price 110 for a raw material.Afterwards it was known that price is 100. We raised debit not to the party because of price difference. We availed credit on price 110.
While raising debit not do we need to reverse excess credit availed on 10.

Does the supplier is eligible to claim credit again on the basis of debit not raised by us.

Please explain what treatment to be done.

I,being an individual and a female of 42 yrs. have received a notice u/s 143(1) whereby the returned income & assessed income have been shown as 206000, as against my ITR-2 filed on 10/11/2008 for A/Y 2008-09 having Gross Total Income of 195000/- and claiming Deductions U/s 80C as Rs. 37,000 & u/s 80D as Rs.9,000.

Rs. 1,95,000/- constitutes of Rs. 1,28,600 as Salary, Rs. 8,500/- as Interest Income and Rs. 57,900/- as Short Term Capital Gains U/S 111A. The demand has been raised for Rs. 6,100/- along with Interest U/S 234A/B/C of Rs. 1,350/-.

How should I proceed to get 143(1) revised for Correcting Returned Income as Rs. 195000/- and also getting deduction U/S 80C & 80D of Rs. 46,000/- whereby my Taxable Income would be Rs. 149000/- on which I have already paid tax of Rs. 400/- on 10/11/2008.

Pls. advise what could be the remedial procedure.CanI move application u/s 154 against intimation u/s 143(1). The notice has been served on 25/09/2009 as against order date of 25/05/2009.

Hello Sir,

I am doing tax audit of one hotel.
So I just want clear about depreciation rate for the hotel furniture & fixtures.
Is it 10% or ?

Waiting for ur valuable reply

Thanks & Regards,
Amol Bhosale
Article Assistant