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Recent

Recent Questions

Question added Dec 14, 2014 Income Tax By ishwar , CA

answers

107 views

Q. Investment U/S 54EC - can i invest more than 50 lakhs in a year

Question added Dec 10, 2014 Income Tax By Amit , CA

answers

166 views

Q. RENTAL INCOME FOR NRI - Dear Colleagues,
I have a client who is NRI since last 10-15 years, presently he has 2 properties 1 property was inhereted from his father and second property was purchased by him through his NRE account properties are in Delhi , he has given on rent and the rental income is being credited to his NRO account without TDS deduction from the tenant , annual rent for both is Rs 600,000 now what is the tax implication for this NRI also how we can avoid the tax payable if any .He has never filed his income tax return all these years...

Please help me since I am also an NRI CA working here in Dubai for last 12 years and I am totally out of touch with Indian taxation

thanks and regards

Amit Dhiman

Question added Dec 08, 2014 Income Tax By Jitesh kakkar , Hisar

answers

312 views

Q. Income Tax Return - If a person has preassumptive bussiness income & also having 6000 as exempt income so which income tax return he should file.

Question added Dec 02, 2014 Income Tax By Raj

answers

213 views

Q. ITR 4 - how to show interest free Unsecured loan in PART BS - Dear Experts,

In ITR 4 (AY 2014-15), if we want to show in Person A ITR that he has given interest free unsecured loan to blood relative, then should it come under:

Loans and advances:

1 Advances recoverable in cash or in kind or for value to be received?

2. Deposits, loans, and advances to corporates and others?

Also, where it should be show in Person B ITR 4 (receiver) ?

And, what is the maximum period for which interest free unsecured loan can be given?

Thanks,

Raj

Question added Nov 29, 2014 Income Tax By Rajesh Kuamr , CA , Shahdara

answers

175 views

Q. income tax - Weather self-assessment tax of employee can be paid by the employer for the A.Y. 2014-15

Question added Nov 22, 2014 Income Tax By SURENDRA GUPTA , CA

answers

247 views

Q. income tax - whether subsidy recd. on PMEGP Loan is TAxable under Income TAx

Question added Nov 20, 2014 Income Tax By SUNIL AGRAWAL , CA , Raigarh

answers

276 views

Q. income tax - One of my client written approach us to show my office address in his income tax return for any communication purpose. Because he & his wife is working as an agent. And they are mostly out of time in office address. And due to that his refund order and other income tax paper is returned due to non availability in house. I want to know that whether I could give my office address in his income tax return for communication purpose. Whether it is within the law of ICAI/ Income tax act or not. He also give power of attorney to us. Pls reply urgent.
My Email ID id as under
casunilagrawal@yahoo.com

Question added Nov 20, 2014 Income Tax By ANIL YADAV , CA , Jaipur

answers

238 views

Q. case law - where assessing officer having rejected the books of accounts while determing the income from business should not have relied upon the same books of account for the purpose of making addition towards unexplained credit under the head other sources is sustainable in law.
any case law of rajasthan high court or tribunal

Question added Nov 18, 2014 Income Tax By CA Shraddha Vora , CA , Mumbai

answers

2385 views

Q. Can Practicing CA be a Director/Partner in a Company/Firm ? - Can a Practicing CA also be a Director / Partner in a Company/ Firm(LLP) ? If no, Kindly provide reference of any Rule pertaining to same by ICAI. Thanks & Regards.

Question added Nov 17, 2014 Income Tax By CA Pankaj Garg , CA , Rourkela

answers

183 views

Q. PAN - If any client wants to shift his address from Kolkata to Orissa what is the procvedure

Question added Nov 15, 2014 Income Tax By ashish shah , Delhi

answers

131 views

Q. TAX - can we make payment for an amount exceeding Rs.2000 for statutory dues to govrnment agencies.

Question added Nov 15, 2014 Income Tax By ashish shah , Delhi

answers

179 views

Q. TDS - Why TDS is not deducted when we make payment for air tickets directly to air service provider(Go Air, Air India) ?

Question added Nov 12, 2014 Income Tax By Mustafa , CA , Kota

answers

178 views

Q. Income Tax on Society - I have received demand notice u/s 143(1) for Society (AOP). I want to know whether society formed by the members all of them having income below taxable limit than tax should be charged at 30% or at normal rate considering the proviso of section 164. Please provide reference to relevant sections? Thanks

Question added Nov 10, 2014 Income Tax By Annu , CA , Jaipur

answers

256 views

Q. income tax notice u/s 143(2)/142(1). - Hello members,
i have received I-T notice u/s 143(2)/142(1) for the assessment year 2012-13.
I have submitted my return for the A.Y. 2012-13 on 18/06/2012 and the same was processed by CPC on 21/12/2012.
I got the notice on 24/09/2013 u/s 143(2)/142(1).Then again on 14/10/2014 i received the pending assessment notice in this connection only:-
1)Is it a valid notice considering time frame?
2)Is the ITR once processed by CPC be questioned by assessing officer as in my case?
3)A.O. has asked me to furnish details of all my family members with regard to their occupation and Annual income with source.Can he ask for such details or can i decline to submit such details u/s 143(2)/142(1)?
4)How should i reply to such notice?

Question added Nov 10, 2014 Income Tax By santoosh kumar , Delhi

answers

256 views

Q. income tax - Assessee filed his return for the A.Y 2012-13 on 30.7.2012,he is by mistake claim advance tax 100000 but actual advance tax paid by client rs 200000. further his case was selected for scrutiny and A.O not consider the Excess Advance tax paid. and assessment under 143( 3) is final, now assessee can claim the full advance tax by what manner.

Question added Nov 08, 2014 Income Tax By Mustafa , CA , Kota

answers

233 views

Q. Income Tax - Society register under Rajasthan Society Act and formed by the members whose income is below taxable limit. In this case society will be taxable at maximum marginal rate ? If not ,Please provide reference of relevant section of Income Tax Act.

Question added Nov 06, 2014 Income Tax By Suraj , South Delhi

answers

281 views

Q. INCOME TAX TREATMENT ON STOCK VARIATION IN VAT SURVEY - Dear Sir,

M/s XYZ is a Partnership Firm.

During Previous Year, an Enforcement Survey was done by the Vat Authority.

They found that there was variation in Stock and Cash. The Physical Stock verified by them was lower than the Stock Ledger as per book.

Due to Stock Variation, they took the variance in stock as Undisclosed Sales, and also charged VAT (+Penalty) on the Undisclosed Sales.

They treated it as Sale without Bill and charged Tax accordingly and also 20% Penalty on the Tax Amount. Similarly, they charged VAT (+Penalty) on Variance in Cash.

Now, the problem is regarding Income Tax Treatment of the Stock Variation, VAT & Penalty.

Am I Right? If,I
1. Take Penalty as Revenue Expenditure and Disallowed in 44AB report.
2. Make an entry for Cash Sales for Stock Variation amount.
3. I am afraid, If I show Cash Sales in the Books of Accounts for the Short Stock, Will ITO not Challenge the Books of Accounts.
4. In Sales Tax Quarterly Returns, no effect of VAT Survey has been reflected.

Clarify me Please about the Treatment in XYZ Books for the Above Query for Income Tax Purpose.

Can somebody throw light on my issues that how to treat this concealed Sale and Tax & Penalty in filing Income Tax Return as well as Sale Tax Return.

Thanks in Advance

Question added Nov 06, 2014 Income Tax By MANOJ KUMAR JUNEJA , CA , Ludhiana

answers

211 views

Q. CAPITAL GAIN - Two Brothers purchased some properties when they were under joint family. Some properties were registered in the name of one brother and some on second brother. Later on, they divided their properties under family settlement/arrangement. For capital gain, which will be the date of purchase AND what will be the cost ?

Question added Nov 05, 2014 Income Tax By SHARAD NALAWADE , Solapur

answers

198 views

Q. Capital Gain on sale of Agri.Land - Agreement to sale was made of Agri.Land and it bears a condition that Purchaser will conduct procedure of Non Agri.Seller has to assist and sign application for Non Agri.Part of Consideration received at the time of Agreement to Sale.After N.A.Sale deed will be complete is another clause of Agreement.Sale deed executed as per clauses of Agreement.Whether Seller is liable to taxed for Capital Gain as Sale Deed is of Non Agri.Land

Question added Nov 01, 2014 Income Tax By Shruti Kuchhal , CA , New Delhi

answers

185 views

Q. Taxability of trust without 12A - Dear Experts My Client Trust does not registration under Section 12A of Income tax act also it wants to pay tax. Please suggests me the tax rates at which it will calculated. I am using Computax Software and it is treating it as a AOP and is calculation tax accordingly which i think is wrong. Please guide me in this regard whether i right or wrong Profit of the trust is Rs. 1282638 for the FY 2013-14 and also suggest me whether report under section 10b will be prepared or not and Tax audit report in 3CB and 3CD will be prepared or not
Thanx in advance

Question added Oct 30, 2014 Income Tax By ashish shah , Delhi

answers

209 views

Q. FORM 10BA - Where to file form 10BA?

Question added Oct 28, 2014 Income Tax By JAGDISH AGARWAL , CA , Bikaner

answers

240 views

Q. CAPITAL GAIN EXEMPTION - DEAR SIR

I HAVE A QUERY AS FOLLOWING:

I SOLD A HOUSE BY GAINING A CAPITAL GAIN OF RS. 400000/-. I INVESTED THIS AMOUNT IN CONSTRUCTION OF A NEW HOUSE BUT THE LAND WAS REGISTERED IN NAME OF MY FATHER.

BUILDING CONSTRUCTION WAS PARTIALLY AS INVESTED BY ME AND SOME OF THE AMOUNT WAS INVESTED BY MY FATHER.

PLEASE SOLVE THIS QUERY WITH RELEVANT CASE LAW.

I LOOK FORWARD TO HEAR FROM YOUR SIDE.

Question added Oct 17, 2014 Income Tax By Ashish , Rewari

answers

391 views

Q. deposited 20lakh cash in bank in single transaction but very few cash according to books - my client has deposited 20 lakh cash in his bank A/c by a single Transaction,
But As Per his Books he was not having so much cash as per his books of accounts
Please tell me how to tackle it
Till now the client has not filed IT return in which he deposited cash

Question added Oct 16, 2014 Income Tax By Neha ghulyani , CA , New Delhi

answers

255 views

Q. Percentage of yield on finished products - We are the manufacturer of 8000-9000 items of various types and of different sizes using the raw material as
Copper in kg & sheets,
Silver in kg & sheets,
Brass in kg & sheets,
Stone in size and
Wood in size.
Please suggest that how we can calculate the percentage of item wise yield on finished products and also in case where mix RM has been used for producing the items.

Experts Panelist

Rambabu Senkarasetti

Accounts, Audit, Corporate Law, Finance, Income Tax, Service Tax, Students, VAT

Answers Posted : 409

CA Satuti Mahajan

Accounts, Audit, Corporate Law, Custom, Excise, FEMA, Finance, GST, IFRS, Income Tax, Service Tax, Shares & Stock, Students, VAT

Answers Posted : 291

Vikash Kumar Jha

Accounts, Audit, Banking, Corporate Law, Custom, Excise, FEMA, Finance, GST, IFRS, Income Tax, Service Tax, Shares & Stock, Students, VAT

Answers Posted : 270

Rishabh Upadhyay

Accounts, Audit, Corporate Law, Custom, Excise, FEMA, Finance, IFRS, Income Tax, Service Tax, Shares & Stock, Students, VAT

Answers Posted : 257

Ashish Karundia

Accounts, Audit, Corporate Law, Custom, Excise, FEMA, Finance, Income Tax, Service Tax, Students, VAT

Answers Posted : 257

Mrattunjay

Accounts, Corporate Law, Custom, Excise, FEMA, Finance, GST, IFRS, Income Tax, Service Tax, Shares & Stock, Students, VAT

Answers Posted : 220

PRIYANKA

Accounts, Audit, Corporate Law, Excise, Finance, Income Tax, Service Tax, Shares & Stock, Students, VAT

Answers Posted : 136

CA. SURESH Kr. AGARWAL

Accounts, Audit, Corporate Law, Custom, Excise, FEMA, Finance, GST, IFRS, Income Tax, Service Tax, Shares & Stock, Students, VAT

Answers Posted : 131

Vaneet Gupta

Accounts, Audit, Corporate Law, Custom, Excise, FEMA, Finance, IFRS, Income Tax, Service Tax, Shares & Stock, Students, VAT

Answers Posted : 120

Ketan Samdani

Accounts, Audit, Corporate Law, Excise, Finance, GST, Income Tax, Service Tax, Students, VAT

Answers Posted : 117

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