If one exaggerates his profit by appreciating the closing stock value, Does it amount to any contravention of Income Tax Act and if the case would come under scrutiny, what is the maximum consequence of it ?
Whether any justification can be given.

Hi,

I had bought a property (@ Rs. 9.25 Lakhs)in Jan-2006 by taking home loan & claimed the tax benefit (principal as well as interest amount) for the financial year April 06 to March 07.

Now I have sold the property (@ Rs. 11.25 Lakhs) on 21 july 2007.Please clarify the following :-

Q1. Do I need to refund the tax benefit of the last financial year in this current year i.e. april 07 to March 08.

Q2. Do I need to pay capital gain tax? How it will be calculated?

Q3. If a property is sold after 3 years of buying the same

a. Income tax benefit obtained in these 3 years needs to be refunded back or not ?

b. will it fall under capital gain tax if the profit earned by selling the property is invested again in another property?

Q4. Please suggest a qualified CA in Navi Mumbai, Vashi or Koperkhairane

Hello,

I want to know that whether out of pocket expenses of auditors are liable for FBT

A proprietorship firm have acquired a plot of land The proprietor of the firm is HUF now the karta of the firm wishes to form a company whether such plot of land can be registered in the name of the company the agreement of sale exists in the name of the proprietorship firm only registration process is pending whether registration can be in the name of pvt ltd company whether Income tax attracts to proprietor please reply with relevant section with case laws

Hi,
Having just started with my private general medical consultancy as a recent medical graduate and a gross receipt for the year 2006-2007 amounting below 1.5 lakh,I am in for trouble filling up ITR 4. Falling in the category of "no account case" how should I fill up the columns of sundry debtors/creditors and stock-in-trade in the Part A-BS? As a matter of fact I have no debts and nor does anybody owe me anything. Moreover, how to ascertain stock-in-trade for me? I don't have any organised accounting system in place till now. I just have my case register with its details and a rough balance sheet. Also while mentioning "cash balance" I have to refer to my rough balance sheet, isn't it? Finally if I mention anything in the expenditure column of Part A-PL (no account case), am I supposed to be having all vouchers against them ready at hand?

Dear sir,

We were paid a sum of Rs.10,000/- to an advocate and by mistake our Accountant deduct TDS 20% instead of 5.1% and we paid the same the deducted amount in the Central Govt.A/c with out verification. but now we found the mistake and we are not in a position to issue TDS certificate for the amount,which we deducted. and at the same time we have paid all our dues under the same head for this current year. now my question is whether we can issue TDS certificate including excess amount? or whether we can adjust that excess amount in the subsequent year dues? Plz.. clarify.

I have filed I.T.R of Rs 3.5 Lacs last year (A.Y. 06-07). If file I.T.R. of Rs 1.0 lacs this A.Y. 07-08, is there any chance that my case can be come under scrutiny due to drastic reduction in Income bcoz the business has been shut down inspite of being in reasonable profit because of articleship.(Business is of Trading in 'Share & Security')

My father bought house property i his name, iam paying the interest & principal for loan, father don't have income above taxable limit so he is not claiming, whether i can claim the interest as house property loss and principal as a deduction U/s 80C

Public Charitable instt, running educational instt, Donation received with specific direction towards Corpus Fund of trust, can such fund be used for revenue exp such as salary, conveyance, printing, repair & maintenace, etc.,

Sir,
Do sec 44AD of IT Act is applicable to a Builder who buys plots of land & deploys his own resources (without subcontracting) to construct the buildings & sell it?


Thanks