Anonymous
11 December 2011 at 10:00
The trust has acquired fixed assets out of bank borrowals. Repayment of bank loan installments has been claimed as application of income by the trust in the earlier years. For the assessment year 2009-10 the assessing officer wants to disallow depreciation in the scrutiny proceedings since the assset has already been deducted as application of income in the earlier years. The escorts case has been distinguished by the Punjab and Haryana High Court in the marketing comittee Pipli case wherein it is held that depreciation is allowable even in respect of assets claimed as application of income. Such being the case, can the AO disallow depreciation because the asset has been acquired out of borrowed funds and repayment of loans has been shown as application of incom
Anonymous
11 December 2011 at 09:37
How income is to be calculated from the business of 1) Dairy Farming 2) Catering?
Anonymous
11 December 2011 at 01:32
Dear Resource persons,
Please guide me.
Thanks
Anonymous
10 December 2011 at 18:39
Dear Sir,
We are semi wholesalers and make sales bills for purchases made from us against cash payment for an amount mostly not more than Rs. 20,000/- sometimes above but under Rs. 100000/- the goods are self collected from the warehouse by the purchaser. The purchaser requests to make a bill in a name with an address.
In our pre made bills we have a box to mention the TIN nos. , but the purchaser does not provide with one, what should we write against box TIN no.
In some cases the purchaser makes payment vide a demand draft of not more than Rs. 50000/- and as above, collects the goods which is delivered only after we receive the credit in the bank after we deposit the draft, similarly a bill is made in a name with address, but no TIn no. is provided by the purchaser, sometimes he may provide us with multiple drafts each not exceeding Rs. 50,000/- and request us to make a single bill and no TIn no. is provided.
My querry is what should we mention against the box. TIN no. in case the same is not provided by the purchaser, considering the above cases do the seller have any obligations towards VAT under the above situations wherein the purchaser does not provide any TIN no. and they are like cash sales the seller cannot verify the addresses etc etc.
Thank you
Harsh
Anonymous
10 December 2011 at 18:24
Dear friends,
pls clarrify me regarding the following.
FACTS OF THE CASE:
E-filing of Income tax return for the asst. year 2011-12 has been filed for one of my client claiming Refund of Rs. 20,000/-. Now the same has been processed by CPC banglore and send a refund order for the same amount what we have claimed.
But the problem is, at time of e-filing we mention wrong bank account number of the assessee by mistake. Now the refund cheuqe has been received with wrong bank account number. The bankers too have objected the assessee for encashing his refund cheque staing the reason "WRONG BANK ACCOUNT NO."
Pls suggest me the proper course of action to be taken for getting the refund order again with correct bank account number.
Regards,
dheeraj.
Anonymous
10 December 2011 at 18:02
As I had some issues with original filing. And rectification request also got rejected with "It was noticed that there is a change in gross total income in the rectification application filed by assessee. This is not a mistake apparent from record as per section 154 of Income Tax Act 1961,hence the rectification request is rejected. Assessee is requested to file Revised Return (instead of Rectification Application) through www.incometaxindiaefiling.gov.in ".
I am trying to file revised ITR-2; with type as 'R' (revised and not 'O'). I am getting following error while uploading the xml file "If your Return filed under section code is 139(1),139(4),142(2),148,153A then your return type should be Original(O). from AY2011-12 onwards. Please rectify the Above error(s) and upload your return again"
Should I change return type to 'O' (original)? Also, if it's original, should I (or can I still have) original ack# and date?
Appreciate your comments.
Regards
Kiran
Anonymous
10 December 2011 at 17:44
There are 2 queries that I have relating to Tax Collected at Source (TCS):
1. In case of scrap sold by a company to another company in November and the payment is received during December, is the company that has sold scrap, liable to pay TCS by the 1st week of December or January?
2. In case the buyer of scrap pays advances during October to the company & the company issues a bill in November for the scrap sold, is the company liable to pay TCS by the 1st week of November or December?
Please clarify
Anonymous
10 December 2011 at 17:21
Why only tuition fees is included for Income-tax
exemption inspite of shools charging various fees
like Development Fees,Additional facility fees,computer fee,Lab fee, magazine fee, Exam fee, activity fee, admission fees etc ?
R_PVK
10 December 2011 at 13:56
Dear sir
my mother acquired a Shares of ITC of her brother thru scuession after his demise the querry related to the subject are as mentioned below
(1) my uncle had purchased the shares 1160 nos with face value 1 on april 1984.
(2) he had got twice bonus share once 2320 & agaqin on last year 3480 thus total share held before sucession was 6960 nos
(3) this total share of 6960 was sold by mother after sucession since he died . the value of that had been around 14 lakhs.
pl give the expert advice as how to calculate the capital gain and its tax which is liable as per slab since i am in confusion whether to take market value at the time of my uncles purchase or the market value when my mother got sucession pl give examples with calculation
Regards
R_PVK
© 2026 LAWyersclubindia.com. Let us grow stronger by mutual exchange of knowledge.
Want help sir
Dear Friends and Sir,
One of my frd doing jewllary exibution business and he filled return but the probllam is he not give the Income tax Return File and we have no paper ............... what i do for this situation????????????????????????