PARDEEP KUMAR
22 April 2012 at 17:05
For A.Y 2005-06, In respect of a salaried person, declared income of Rs.1,96,000/- taxable Rs.1,20,000/- In scrutiny, ITO, made additions of Rs.1,30,274/- (shown cash expenses) + Rs.36,000/- (presumptive rental income), as undisclosed income under section 69C, raised demand of Rs.56,305/- including interest, also initiated penalty proceedings u/s. 271 of I.T.Act,1961, we made deposit of Rs.5000/- in protest and moved an appeal, meanwhile ITO also withdrew Rs.63000/- from Bank Account of Assesse, around 3 years ago. The ITO has made blunders, like he added Rs.36,000/- as rent but didn’t gave benefit of such addition in cash availability, against declared cash availability of Rs.2,80000/- (last 7 years balance sheets filed), accepted cash in hand as Rs.10,000/- and here too didn’t gave benefit of this cash availability for expenses.
Now, the Appellate Authority, has reduced addition to Rs.68,000/- + Rs.36,000/- i.e. allowed benefit of Rs.10000/- + Rs.36,000/- + Postal cash receipt in cash availability. But refused to accept that am was having cash as declared, and also that I have received cash in lieu of payments made on behalf of brother in law, mother from my bank, on the ground that though confirmation is filed, passbooks showing matching entries is filed, but said brother in law and mother didn’t filed their cash availability evidence to prove that they have returned cash.
It has taken years in above, am being advised, that moving ITAT shall result in fresh initiation of cycle from ITO, fresh expenses in litigation, no surety to succeed, etc., etc., as such, to end woes, accept this order in appeal, and get the proceeding under section 271 cleared.
Please advise, what to do?
surinder singh
21 April 2012 at 17:23
I AM A STUDENT OF LAW,FROM PUNJAB. I ALSO DONE MY PRACTISE WITH MY DAD, ACCOUNTANT. NOW I NEED OF FORM OF PAYMENT OF BUILDING & INSTITUTION TAX WHICH WAS YEARLY PAID. AND ALSO NEED RELATED FORM.
Maheswar Behera
21 April 2012 at 17:21
Which companies are registered by or under central state or provincial Act?
Md Anamul Haque
21 April 2012 at 15:58
What is interest provision for raising of debit notes for differential CST on account of non submission of C form ?
e.g
date of invoice : 28.06.2011
C form not received from purchaser till 31.03.2012 and accordingly debit note raised on 31.03.2012 and amount paid to government on 10.04.2012. How much interest to be paid ?
till what time the differential tax could be paid without any Interest ?
A Haque.
Sangit moy Das
21 April 2012 at 12:52
Sir,
My questions are
1) Can Anyone opt for composite scheme if his turnover cross 1.5Crore because exceeding 1.5Crore need Vat Audit also.
2)If once can choose is he liable to pay purchase tax for Unregistered purchase?
3)Is it the Gross value of CTP on which composite rate is applicable?
Plz help me. This is very urgent
Ashish Singh Narwariya
21 April 2012 at 12:39
DEAR SIR ,I HAVE REGISTERED LAST YEAR WITH MP VAT TAX , BECAUSE I NEED TIN NO FOR APPLICATION FOR TO FOREST DEPARTMENT,AS IT WAS COMPULSORY TO QUOTE TIN NO
I MY TURNOVER IS BELOW EXEMPTION LIMIT OF 10 LACS ,WHETEHER I HAVE TO FILE NIL RETURN OR TAX HAS TO BE PAID QUARTERLY INSPITE OF TURNOVER BELOW EXEMPTION LIMIT.
PLEASE CLEAR MY DOUBT I AM CONFUSED .
RAHUL SAGGI
19 April 2012 at 16:24
Hi,
I am a resident of Kuwait and have been residing here for 5 years now. I have an NRO FD account with ICICI Bank.
Till now all was ok, but then all of a sudden, they are asking for a TRC from the local authorities here in Kuwait.
I checked with the local authorities here (Ministry) as well as with the Indian Embassy and they mentioned that Kuwait does not offer any such thing as the income tax rate here is 0%.
I communicated the same to ICICI, but they said that it is mandatory for the TRC.
Could you please advise,
Sudeep Naik
19 April 2012 at 12:54
Hi,
We want to sell our forefather's property (House) which is in the name of my grandfather who is passed away sometime back. That propert was purchases some 100 years back.
Now if we want to sell that property and buy a new one in different city with the amout received, then what would be our income tax liability.
Thanks
subhash bajpai
19 April 2012 at 11:11
Dear Sir,
A company has received share application money from X. there was search held on X wherein it was found that x was only entry operator and there are some more companies involved in same type of transaction.
now A co. want to surrender all the share application money in its return by revising the same. Question is how should A revise its return and what entries should be passed in the books of A with regards to share application money
pls advise.
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