In Sec.44AD, we tax 8% profit on turnover and if we have to show less than, then accounts should be audited u/s 44AB provided t/o is less than 1crs. in ITR-4S. But if t/o is less than 1crs. and we are showing profit after deducting expenses from income in ITR 4 , and such profit less than 8% of turnover, then accounts need to be audited?

What are stand by assets which are allowed dep even thought not put two use as per CIT V/S SOUTHERN PETROCHEMICALS IND LTD (MADRAS)

In regards to Sec 54 of Income Tax Act, exemption is available if:
a) New Property purchased before 1 year / after 2 years of sale of property., or
b) Constructed withing 3 yrs from sale of property

My query is that, will the exemption be available if a property is constructed before 1 year of sale of property, as section specifies 'Purchase before 1 year'.

I have a query, can a father let his property to his son and son sublets it for commercial purpose to third party and this way both father and son save tax as total rental income gets divided between father and son, please suggest/give openion.

Many thanks,

An individual being salaried taxpayer has made investment in NSC of Rs. 40000/- in name of wife in financial year 2010-11. Now, it got matured in Mar'17 i.e. after six years for Rs. 60000/-.

Now, the wife want to make investment in FD in her name. Whether it is safe to invest Rs. 60000/-. Whether any notice from ITD may be served for being exceeding Rs. 50000/- or she should invest for an amount below Rs. 50000/-.

Please advise for which amount she should proceed for investment.

WHETHER TDS WILL BE DEDUCTED ON PREPAID EXPENSES , IF AMC PAID FOR 2 YEARS IS RS. 3 LAKH. 1.5 LAKH PER YEAR. AND PAID TO PART ALSO.

As per 35D, one fifth is allowed for expenditure incurred for expense on public issue of shares of the company.. However, any expense on public on public issue of shares are not allowed as per recent judgement of Brooke Bond.. Please clarify it..

Dear Sir / Madam, How we can change the Income Tax Jurisdiction against a Individual Pan. Situation is that previously I had pan number with the address of Panipat, now I have change the same with delhi address. But when I have checked in ITR login my address is change but Jurisdiction is remain same. Can you pls confirm is it possible to change the Jurisdiction. Kindly confirm the procedure for the same. Thanks & Regards Kishore

dear experts,

please advise me how to calculate turnover for audit purpose as per given below details :-
1. how to calculate turnover for audit purpose when we purchase and sale shares on same day i.e. future & option.
2. purchase and sale of shares on different day and STT is paid. holding period below 1 year
3. purchase and sale of shares on different day and STT is paid. holding period above 1 year.

please guide me and advise as per serial number.

thanks regards,

rakesh kumar

What is the maximum deduction allowed for professional tax paid in Income tax calculation?