Income tax issues

Income received or derived from export of goods or services doesnot attract Income Tax

if source received is as income then it will be taxed in India. there is no exemption in IT Act to get exemption on money received in India from overseas. if you do business then exepenses can be claimed against receipt u/s 36 of IT Act

All receipts in your hands whether received in INR or convertible foreign exchange is part of your gross turnover and subject to levy of income-tax on net income earned out of such gross turnover. In case your receipts are not in excess of Rs. 60.00 lacs you can file your return under section 44AD claiming 8% of your total receipts as profit chargeable to tax. You are furtner entitled to deductions under chapter VIA of the Act subject to a maximum of Rs. 1,35,000.00 only (of course on the basis of actual investmens made by you).

I am a taxation lawyer , one of my client has deposited his advance tax  for assessment year  12-13 In the challan he has by mistake deposited his tax under hotal receipt tax head  whic was to be deposited in other taxes head i want to ask that how can this be rectified is there any thing i can do plz help me

You need to file written application with concern Assessing officer in Income Tax Office to get it effected in the correct head of tax.

hi

some one is a steel trader & he is registerd with excise but with limited tarrifs can he deal with that commodity whos tarrif is not enroled in his registration or

if he had deal with it does compose some liablity on him

to over come of that what steps shoul he have to follow

please reply