Kindly enlighten me on provisions of Sec 145A.. emphasis on excise duty part for stock valuation

Sir,

I am a practising Professional. I have a query. Some of my clients will be in a position to obtain the audit reports under section 44 AB before 31-10-2007. But keeping in view the lengthy FORM No. 4 and 5 , they shall not be in a position to furnish the income tax Returns before 31st October 2007.

My query is where my assessee obtains the Tax audit report u/s 44 AB before 31-10-2007 but files his returns in November 2007, i.e after the due date , whether the penalty u/s 271B shal be imposed. This question is relevant , particularly in the light of the latest circular No. 5/2007, where in the audit report is not to be attached with the return of income , nor the same is to be filed separately

Thanking you.

Hello friends,

This is my query.

1. Calculation of IT when total income exeeds basic exemption limit if LTCG (not Exe. u/s 10(38) )& STCG r considered.

2. Calculation of IT when bothn ormal & spl rates r applies. (i.e. Normal Income & Cap Gains )

3. Marginal relief & agricultural income 'situation' applied for above cases.

4. Calculation of Int u/s 234c in above all cases.

Pls explain with an example, for all above situations.

waiting....

dear one,

Arun Dongre

Whether a Co. enjoying the benefit of 80IC need to pay tax liability u/s 115JB

Manish

Due to shifting of its regd. office from city "A" to city "B", a limited company, applied to the Commr. of Income Tax in city "A" for transferring all its files and records to city "B". Both the cities "A" and "B" are situated in different states. The company has no pending cases like special invetigation, seizure, assessments reopened, etc. The company started filing its return in the new place namely city "B" and also completed assessment for some years and obtained refund in one year. One appeal case is also pending before the Dept. in city "B". In this situation, on the return filed in Nov 2006 for the assessment year 2006-07, the assessing officer in original place i.e. city "A", has sent a notice to the co. u/s 143(2) asking the co. representative to attend his office seeking information like documents, accounts, etc., in support of the return filed. Can the co. reply to AO in city "A", stating that since the files are already transferred to city "B", it cannot appear in city "A" as it also involves costs, money and time? Is there is any dept. circular or instruction which can be cited in support of this? If so, how should this be done? I request the experts in the forum to guide. Thanks.

Mr.A maintains his books on mercantile system of accounting

Mr.B maintains his books on cash system of accounting

Mr.A deducts TDS on amount payable to Mr.B in F.Y.2006-07 and issues TDS certificate to Mr.B in F.Y. 2006-07 for A.Y. 2007-08
Mr.A makes payment to Mr.B in f.y.2007-08
for Mr.B tds is deducted on income which he has not yet booked in his books for f.y.2006-07

in such a case for which F.Y. year TDS credit can be claimed by Mr.B

Mr.A maintains his books on mercantile system of accounting

Mr.B maintains his books on cash system of accounting

Mr.A deducts TDS on amount payable to Mr.B in F.Y.2006-07 and issues TDS certificate to Mr.B in F.Y. 2006-07 for A.Y. 2007-08
Mr.A makes payment to Mr.B in f.y.2007-08
for Mr.B tds is deducted on income which he has not yet booked in his books for f.y.2006-07

in such a case for which F.Y. year TDS credit can be claimed by Mr.B

format for calculation of effect under section 145A of income tax act ,1961

private ltd company (hotel industry) paid internet bill for their use whether they are liable to pay fbt and whether one time charges for internet charged in 1st bill also chargable for fbt

Dear Friends,

Please tell me if no tds is deducted from salary or other than salary incomes in any quarter. then is it required to file 24q or 26q respectively in that quarter.


Thanks

Pawan Narang