Dear All,
Proprietor has spends expenses like restaurants, CCD etc(for self and some times for clients) from debit card and volume of transaction also is big approx 20-25 transaction per month. Can it be allowable expenses and can it be charge to profit and loss account and if yes then under which GL head it should be treat or it should charged to Capital Account.

Dear Sir,
An Assesse had Income Tax Demand for A.Y. 2003-04 for mismatch of TDS deducted from
bank's fixed deposit in Form 16A and with IT Deptt. Now in A.Y. 2015-16 he had a refund for a certain sum of money which has been adjusted by the IT Deptt against the outstanding demand for A.Y. 2003-04. The Assesse has approached the ITO of the respective ward because in A.Y. 2003-04 it was a manual filing and the demand raised by the ITO, but the ITO told him that as the Return for A.Y. 2015-16 has been file electronically so the Assesse has to make rectification online for the demand adjusted. My
question to you is how is it possible as their in no mistake in the Return filed for A.Y. 2015-16. Please help me to sort out of the matter. I would be very thankful to you if you suggest me what to do now as TDS deducted for A.Y. 2003-04 was fully reflected in Form 16A given by bank but the IT Deptt says their is a mismatch of TDS in their site.

Thanks,
Abhishek Roy Choudhury.

can we provide for deffered tax asset for the year in which the assessee has incurred a loss from business...???

can anyone tell me the new due dates for filing returns and deposit of tds

MY Client had deposited Rs. 500000 into her wife saving account as gift from his salary saving account . Now she got notice of non filing of IT return and the ITO is demanding GIFT DEED . any of u have solution of this problem ?

Dear experts,
i have paid rs. 20000, 20000 four time to my contractor 20000*4, 80000/- as follow........
20000 on 15/10/2015 ( No TDS)
20000 on 10/1/2016 ( NO TDS)
20000 on 17/2/2016 ( NO TDS)
20000 on 30/3/2016 ( 1% TDS deducted on full 80000/-) query......plz tell me how these said transaction will be disclose in TDS return...... weather this transaction will be disclose as follow.... amt. paid transa. date TDS
20000 15/10/2015 NO
20000 10/1/2016 NO
20000 1/2/2016 NO
20000 30/3/2016 800
like this or it will be disclose combined as paid amt. 80000/- date 30/3/2016 with 800 1% TDS, pls solve my query,
expecting your valuable reply,

Thanx & Regard
Akhil Garg

my father retired last year on march 31 2015. presently he is earning monthly government pension and l interest income from saving bank account and also from Senior citizen saving scheme. kindly advice on tax compliance and provision applicable for assessment in this year. thanks regards

Hello can interest on compensation award by the order of court, taxable ? can assesses claim benefit under section 57 ?

In TDS challan instead of AY 2017-18, it was selected AY 2016-17.
Is there any way to correct it ?

Dear Expat,
I am a senior citizen I filed my Income tax return on 20th July.2014 for the assessment year 2014-2015 wherein my Gross Total income was shown Rs. 26581 ( commission Income form LiCI ) for Tds refund claiming . But at the time of return filing I inadvertently selected the option foreign transaction ( 94A) as yes and actually I had not any such foreign transaction it was a silly mistake. Now I.T department noticed me to disclose regarding foreign transaction and all other income. Then I replied by writing a letter that I had not any such transaction.
and I also honestly declared all the undisclosed Income such my pension income montly Rs. 1284 X 12 = 15408/- and F.D Interest Rs. 19688, S.B Intt. 5330/- and Gratuity rs. 100000/- ( deposited in my pass book ) .
After adding all the come ( commission + pension + F.D interest ) = 26581+15408+19688 = 61677 it is fully non-taxable Income .

(a) Now my question is whether I have to pay 10% of undisclosed income
( 15408+19688 )= 35096 *10/100= 3510 + Intt. as per section 271AAA.

(b) 30% of 35096 = 10528 + Intt. as per section 271AAB ?


(c) S.B. Interest rs 5330/- and gratuity rs. 100000/- will be included in total undisclosed Income ?

I shall remain grate to expat who will contribute his valuable knowledge to me and advice me how handle this situation ?