One of my client running a Partnership Firm. The firm has correctly filed its Return of Income upto A.Y.2014-15. Husband and wife were partners in this firm. They have two sons both are minors. In an accident in May 2015, both the partners and one minor son were died. For the financial year 2014-15 respective A.Y.2015-16, the turnover is above 3 crores. Now how the Income tax return for the A.Y.2015-16 should be filed as its a TAX AUDIT CASE and also VAT Form WW Return for the financial year 2014-15 as the Turnover exceed 1 crore..

IF A FIRM GIVES LOAN & ADVANCES TO ITS PARTNERS OR SISTER CONCERNS,FROM BORROWED CAPITAL CAN THE FIRM CLAIM ITS INTEREST AS EXPENCE UNDER SECTION 14A OF I.T.ACT

My firm is proprietor & working as civil engineers & contractors. most probably i am doing all types of civil construction works. i got a job for construction of building in the accounting year 01.04.11 to 31.03.2015 and completed the same in f.y. 14-15 till date my pending amt. due from debtor of rs. 3,07,95,299 from total work rs. 56989103 during the year last payment rs. 500000 on 12.08.2013 then after employer could not pay any more i also submit litigation in court for same amt.rs. 30795299/- now current financial year 01.04.2015 to 31.03.2016 my net profit should approximate 6000000/ 7% of total turn over , my due amt of the same employer of rs. 30795299/- should i booked lose for the current .f.y year and balance of loss carry forwards for the next f.y.
please advise me for the above reason

There is a govt. employee who has not claim deduction of 80ccd for retirement benefit plan contribution for past few years. then now can he take deduction for those years in recent years

I have taken possession of a flat in Mumbai after redevelopment in May 2014. This flat was in my mothers name originally and through WILL, I received possession.
My questions are
a) What will be acquisition price ?
b) When can I sell to claim long term capital gain.
c) Will this flat considered as second flat for IT purpose ?

Pl help
Harshad Khona

In case of conversion from Private Ltd. Co. to Limited Liability Partnership during the year, what is the treatment of depreciation in case of both assessees aforementioned?

My client received notice from ITD for non filling of return of FY12-13 & 13-14. no section is on notice. Under "Submit Compliance Form" I have to submit the details. No taxable income that's why I filled income exempt from tax. but It also ask one more information under the same option as below:
S.No- FY- Information Code- Information description-
1- 12-13- CIB-403- Time Deposit exceeding Rs. 2,00,000/- with a Banking Company-
2- 12-13- CIB-410- Deposit In Cash aggregating Rs. 2,00,000/- or more, with a banking company-

I can't understand above two option. kindly help me out as my client said there was no any taxable income during FY 12-13, then why ITD asks for above details.

Hi Everyone,
Pls help:

My company has signed consultancy agreement, another one for technical services. My question is whether payment made under such agreement will be covered under 194J @ 10% TDS or under 194C @2% TDS.
Though it is a contract, so it should be covered under 194C, but nature of service is technical and professional service, so it should be covered under 194J.
I am bit confused.
Kindly help.
What if i deduct TDS @ 10% on safer side u/s 194J?

Can anyone please tell that if the income received outside India by the resident (ROR) would be taxable or not. If the same is taxable, please mention under which section it would be taxable as section 5(1) does not specify about it.

WHAT IS A FORM 26K IN TDS? WHY AND FOR WHAT IT IS REQUIRED?

REPLY PLEASE