13 July 2008
Please inform me about Depreciation rates applicable for accounting year 2007-2008 for the following 1. Computer 2. Ups 3. Water purifier 4. Furnitures & fixtures
14 July 2008
My friend is running a Computer training Institute. It Is a Prop concern. this is the only source of income for him. His gross income from the computer training institute for the accounting year 2007-2008 is Rs5,58,000.00. is it necessery to got audited his books from C.A. as per section 44AB or can he submitt IT return directly that is without audit Pl.clarify the same
14 July 2008
The Gross Receipts are less than the limit of Rs 40 lacs for the purpose of Tax Audit u/s 44AB of the Income Tax Act. Therefore, there is no requirement for a Tax Audit.
14 July 2008
One of my student was trading in shares. asper the form No 10DB issued by Stock broker:- Value of tansaction forthe year 2006-2007 was Rs 21,57,925.04 Toatl STT collected by stock broker Rs 1103.19 The IT paid by my student for the year 2006-2007 is Rs 2032 He suffered heavy loss and discontinued the trading in shares. but he has mot mentioned anything about this in his IT returns for that year. He showed only income from busines(Prop) and paid tax. rs 2032.00 Now can he submit the From 10DB of year 2006-2007 and claim Exemption from paying tax for the year 2007-2008?
14 July 2008
A rebate u/s 88E is available against STT paid if income has been generated from trades on which STT has been paid and included in the taxable income of the year. In the Instant case, student has incurred a net loss from such trade. As such, rebate available would have been NIL. Also, the claim of rebate can not be postponed to next year.
CAclubindia
