Anonymous
26 September 2010 at 20:12
A proprietory firm is wholesaler of cloth.During the year proprietor has done intraday trading,options and futures trading,some deliverybased trading.No accounts are prepared relating to shares transactions and proprietor is maintaining records on basis of stockbroker statements.Proprietor is seeking advice regarding any penalty implications relating to non maintenance of accounts relating to share business and how to avoid it like how to account for?
Also plz explain
how intraday trading,deliverybasedtrading,derivativetrading will be reflected in books>LIKE net profit will be shown.PLZZZZZ answer its really very urgent.
Anonymous
25 September 2010 at 23:22
I was working in Hyderabad in the F.Y. 2007 - 08 and My Family was residing at Ghaziabad. I was a resident of Ghaziabad and filing return of Income in Ghaziabad. In December 2007, I came to Ghaziabad and submitted my return of income for the A.Y. 2007 - 2008 on Saral Form as Saral Form was accepted by Income Tax Department due to stay by Allahabad High Court. After that, I returned back to Hyderabad. Later on, Supreme court vacated the stay of Allahabad High Court and insisted on resubmission of return on new form upto 28.02.2008. I was at Hyderabad and could not submitted return upto 28.02.2008 on new form for A.Y. 2007 - 2008 but later on I submitted return of income for A.Y. 2007 - 2008 on new form on 24.03.2009 which was proccessed u/s 143(1)as informed by income tax assistant but refund order was not issued to me. I argue that return of income submitted on 14.12.2007 was treated as cancelled by the department as I could not submit return on new form upto 28.02.2008. Therefore, Income tax deparment should treat return of income submitted on 24.03.2009 as belated return and issue refund voucher of Rs. 35,000/= but the income tax officer is not treating return submitted on 24.03.2009 as belated return stating that you had submitted return on 14.12.2007 which was cancelled and now you are not eligible to file belated return. I want to know whether return of income submitted by me on 24.03.2009 is belated return?
Ramesh
25 September 2010 at 22:32
Hi,
Just wanted to understand if rebate from tax for Rs 5,00,000/- is provided under 10(C) for people who have opted for exit policy option.
Thanks
Anonymous
25 September 2010 at 08:42
I am running a small lodging house with 13 rooms.I have enroled with Commercial tax of tamilnadu government (laxuary tax).I charce Rs 250 For single room,with 5% tax, Double room Rs 275 + 5% tax. When my guest comes as 1 person,,they ask me to charge Rs 250+5% tax for the DOUBLE ROOM which i allote,,because there is shortage of single room. Is it possible (under laxuary tax law) for me charge Rs250 + 5% tax for the double room.
Raja
24 September 2010 at 23:44
How can use the designation "Tax Consultant" ? What qualification he must have ? Any Registration required ? In India, which law defines this particular issue ? Please add any supporting documents/articles if available.
Anonymous
24 September 2010 at 18:26
Dear Sir,
I have taken some assisgment on contact basic on the name of my company "XYZ".Tds deducted by contractee in the name of Company "XYZ" but mention the Indiviual PAN No (Which is My PAN No) not company PAN No. and given the FORM 16A, In this regard, I would like to ask that how can I get these refund from Income Tax deptt and apart from it where I mention these TDS Amount? is the time of Filling my Company Return or My Induvual Return?
Raja
24 September 2010 at 17:42
What are the events, when a PAN must/can be surrendered ?
Raja
24 September 2010 at 16:57
How to Close/Surrender a PAN Card, after death? What are the provisions available/applicable for Surrender of PAN?
prithwish sengupta
24 September 2010 at 16:28
a school has hired a bus for carrying its school children. all cost of the bus (fuel,driver etc) are borned by the owner of the bus.hiring charges cross rs 120000 p.a. whether tds to be deducted u/s 194I or 194C??
please provide case law if any.
thanking you.
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