dasd
22 December 2009 at 18:23
In case of a firm which is not subject to audit whether amt recd as loan or paid as loan repayment in cash is wrong.
eg "A" is a propertership in which she has accepted some loan from her relatives in cash (but less than Rs. 20000/-) on 1/4/08 & then again on 19/5/08 (but less than Rs. 20000/-) then made repayment on 15/6/08 in cash amting to rs 15000/-.Is the party violating any provision of income tax act.thisloan is for the purpose of business
dasd
22 December 2009 at 18:22
if a person accepts loan in cash in this manner
1/4/07 15900
20/4/07 15800
3/9/07 15800
then whether he is liable u/s 269S & 269T IF IT IS
(A) AUDIT FIRM
(B) NON AUDIT FIRM
If that firm comes U/S 44AD or 44AF or 44AE?
what is the penalty for violating sec 269ss or 269T
dasd
22 December 2009 at 18:11
Whether rectification possible U/s 260A(HC))? If after giving decision HC or any lower authority find any mistake apparent from record then whether such lower authority inform HCt o make rectification
Whether rectification possible U/s 262 (SC)? If after giving decision HC/SC or any lower authority find any mistake apparent from record then whether such lower authority inform SC to make rectification?
pls specify if any concept is wrong in question?
dasd
22 December 2009 at 18:06
there is no separate section in IT act for Show cause notice . only it is pecified u/s 144
"Provided that such opportunity shall be given by the Assessing Officer by
serving a notice calling upon the assessee to show cause, on a date and time to
be specified in the notice, why the assessment should not be completed to the best of his judgment"
what will be the T/L for issuing such notice?
whether it wil be as per sec 153(1)--(i.e. Time limit for making AO u/s 144)?pls answer urgently
dasd
22 December 2009 at 18:05
if the parents alive & income is earned by minor on a/c of skill /talent then income will not be clubbed in hands of parents .minor will file the return +sign the reurn ?
my ? is since minor is not a party to contract then whether minor is able to sign or some other person is liable to sign b/c in return we have to acknowledge that information given above is correct. (if parents alive then parents or if parents dead then legal guardian has to obtain power of attorney)
dasd
22 December 2009 at 17:58
just like bonus+right share stripping whether there is any right share stripping?
dasd
22 December 2009 at 17:43
as per sec 3 of WT act it is specified that trust is assessable as an individual ?
whether income tax act also follow the same treatment if yes what is the section for that? As per sec 2(31) there is no person specified as "trust " among 7 persons?
dasd
22 December 2009 at 17:39
whether ausit of trust is reqd under any other law other than IT act (sec 139(4A)
dasd
22 December 2009 at 17:33
K
assessee (Mr A) has 5 business i.e. sorce of income
1. manufacturing cigrattes--35 lac
2. manufacturing toys---15 lac
3. retailer------40 lac
4. profession----38 lac
5. services (supporting)--4 lac
for calculating limit of 40 lacs whether all should be clubbed or only business of same nature should be clubbed & 3 audit reports should be prepared (1 for 2 manufacturing bs+1 for retail+1 for professon+servics)+(1 computation for all)?????????????????
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capital assets
whether brokerage on sale of capital asset can be paid through cash?whether it can exceed 20000/- ?