K.K.VISWESWARA RAO
27 April 2011 at 15:10
Dear Friends
Please clarify Private or Public limited Company is required to compute Book Profit u/s 115JB of the I.T.Act even though there is no Book Profit.
Example
Other Income - NIL
Ag Income - 6,00,000
Less : Expenses
( Including Ag Expenses)- 3,00,000
=======
Net Profit as per P&L A/c 3,00,000
=======
The Company has not computed MAT as the profit is exempt u/s 10 of the I.T.Act but the AO is asking for compute the Book Profit by claiming exemption and submit the Audit Report in Form 29B.
If Book Profit is calculated by claiming exemption as per Explanation- 1 of Section 115JB. The Company is required to get Report from the Auditor.
Please let me know exact situation to get the Audit Report in Form 29B.
Thanks in Advance
K.K.VISWESWARA RAO
Tax Advocate.
drk reddy
27 April 2011 at 12:32
Ours is a registered society under AP societies Act and having 12A and 80G exemptions from Income Tax.
We are working for the welfare of animals and providing free medical treatment and free shelter for the disabled and old animals like dogs, cats, cattle, horses, donkeys and wildlife.
query:
1. Shall we treat as NGO under medical relief category.
2. We want to collect medicine cost and fees from the owners of breed dogs. Is it not effect our 12A status. Still we are providing free medical care to the stray ones.
Anonymous
26 April 2011 at 19:35
Please describe sec. 44AD of income tax act.
Section 44AD applicable to LIC Agent(commission income) or not ??
Anonymous
26 April 2011 at 16:32
what is the upvat tax rate iron hording board with printed . uttar pradesh vat tax rate on iron 5% . please give me answer tax rat 5% or 13.5% .
Anonymous
26 April 2011 at 15:13
Hello Friends,
My query is that in Maharashtra a dealer can get full set-off in Bardana Purchase or reduction in purchase amount?
Plz reply as early as possible
Thanx in Advance
Anonymous
26 April 2011 at 13:04
I raised the following query:
Ours is a service industry and registered under Service tax. As a part of providing service we use packing material. To save the packing material cost, we bought one corrugation manufacturing machine and making cartons ourselves by purchasing craft paper. While billing to our customers we do not charge anything separately for packing. Our service charges are inclusive of packing material cost. Hence we did not approach Central Excise department for any registration.
Now there is an objection from Central Excise department stating that it comes under manufacturing and we are supposed to comply with central excise formalities.
Please advice on the above.
Ranjith
25 April 2011 at 16:58
We are distributors of Vodafone dealing in Prepaid sales of recharge tickets and sim cards. Recently BSNL started deducting TDS on the total margin given to the distributors . In the event if Vodafone also stats deducting TDS on the total margin given to us (1.13 % Dist Margin and 4% retailer Margin - totaling 5.13 %) it will come to o.513% which will get deducted from our total margin of 5.13 %.
In this case are we liable to deduct TDs on our sales to the retailers. Presently we are parting 4% of the total margin to the retailers and are not deducting TDS on this margin.
Kindly give us your expert opinion as the case of TDS is in Supreme court by TDS.Since BSNL stated deduction of TDS this will set a precedent and will adversely affect the case of Vodafone in court.
KAPIL
23 April 2011 at 18:06
Sir,
What is limit of SSI and Large Scale Limit in Central Excise.
KAPIL
23 April 2011 at 18:04
Can we adjust service tax as modvate in excise. if yes, please give which bills can be adjusted in manufacturing unit.
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