fulltrottlle
10 September 2009 at 15:35
respected sir/madame,
my company has been served the notice for scrutiny u/s 143(1)for AY 07-08. in the proceedings, the ITO is asking us to furnish certains insurance claims related details for the year previous to this.upon our objections, he has demanded the same details saying this is required as the details are mentioned in P/L a/c. our p/l account always show previous years details in comparision with current years. also he is asking for opening in closing stock details for AY 06-07. his reasons being this is the only way he can assess the stocks !
q:does he have powers to ask details as mentioned ? how do i safe guard my company ?
riven
hussain
10 September 2009 at 11:22
sir,
The private company as received share application money in cash not in one transaction during the year means partly Like (10000/,15000/,20000/=)from 46 person and all is cash so there any chance to escape from IT act.riven
hussain
10 September 2009 at 11:16
Sir,
The company as given loan to directors in financial year 2005-06 and it was recoverd by deducting from remunaration in the finacial year 2006-07.for that the ITO says that the company is closely a private company and in that year the profit is about 15lac and the director holds 79% share in the company so as per ITO provision of sec 2 (22) (e) of the act the above loan is ti be treated as deemed divided.
so there any hope to save from tax.riven
hussain
09 September 2009 at 15:20
Sir,
A private company as received share application money in cash during the year in bulk amount and returned same amount through bank (some bearer cheques and some A/c payee)there any rule which explian this problem.riven
hussain
09 September 2009 at 14:49
Sir,
as per incometax disallowed the loan as per provision of sec (2)22 (e)of the act says that is to be treated as deemed dividend.
riven
hussain
08 September 2009 at 14:48
Sir,
Thanks once again for given suggestion.riven
pankaj Kumar
07 September 2009 at 17:10
What is municipal corporation of Navi Mumbai cess and where is applicabale?riven
hussain
07 September 2009 at 16:50
Sir,
Show as per Section 295 (2) of the companies Act 1956 there is no restriction to give loan to the directors.
thanks for your suggestion it will help me thanks once again.riven
hussain
07 September 2009 at 14:33
sir,
But as per law the private company can't give loan to directors.so the income tax department claim that is divided and disallowed the loan.riven
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share application money
sir,
i have asked the query of share application money on 10/09/09 but still i have not received any message.
the query was that the company as received share application money in bulk amount in the foam of cash.and the same amount was refunded in the next financial year through bearer cheques.and this case as been gone in secrutini.so please give suggestion how to keep this typr of case in fornt of ITo.riven