A compot lottery shop whose turunover is of 30,000/day but his margin is of flat 3% of on sales. Description of one transaction:
If and if cleint comes then shop owner purchases the lottery and sells instantly and the profit or loss for the purchaser is declared in one hr. Futher, he does not keep any stock for the day of lotteries. Its pure purchase and sale transaction and margin for the shop owner is margin only.

Will in the above case Tax Audit will be applicable? as the T/O for the year wil for sure exceed 40lacs? or should i consider only margin as his turn over and thus no tax sudit?

To inflate the turnover one has added excise duty in sales figure and to nullify the same excise duty is debited to trading account. (it has been done for the purpose of cc limit bank requirement.

What are the consequences?

What are the doucments required for trust to claim exemption in Income Tax?

2.The Relevant provisions applicable to a trust?

what steps should be followed in audit of stores & records ........ans me soon plz......

What all kind of insurance policies a manufacturing unit must take.

What should be basis for insurance coverage value.

Please, can anyone explain the meaning of the term "Turnover" in Income Tax Act, 1961????????????

Hi

I have a client who has got retail business.

He never exceeds Rs.40 Lakhs Turnover from his direct retail business. But, in case i consider the other income and commission(all other indirect incomes) for the turnover calculation, the turnover limit(u/s44AB) exceeds.

So, can anyone of you help me to sort it out whether this specified assessee will come under tax audit??????

Good afternoon friends,

Please guide me, how to calculate depreciation on assets of college run by a trust. Income tax is exempted to this trust. My doubts:
1. Depreciation to be calculated as per company law or income tax act or both.

Praveen

hi every1

please solve my query
one of our cleint, which is a co.
has paid to another co. Rs. 10 lacs as a payment to install a lift system in his under repair bunglow. such payment is made from the account of Co. also the three directors of co. lives in that bunglow as a memeber of joint family.
i think it is not valid

please guide me
also tell me ground from invalidity or validity ground

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)?????????????????